Telecom
Nigeria’s Web3 Boom: $43M Raised as Stablecoin Volume Hits $48.2M Daily – Hashed Emergent Report

Hashed Emergent, the venture capital firm accelerating Web3 adoption in Africa and other emerging markets has announced the release of the second edition of the “Nigeria Web3 Landscape Report 2025.”

The landmark report reveals a maturing ecosystem that has successfully transitioned from early-stage foundations to a phase of consolidation, marked by a significant investment rebound and Nigeria’s continued dominance as Africa’s leading Web3 developer hub.
Drawing on extensive ecosystem interviews, primary research, and platform data, the 2025 report positions Nigeria as a critical anchor for global Web3 and blockchain adoption. Despite a complex regulatory environment, the nation’s resilient founders and deep talent pool have propelled the ecosystem forward, with on-chain value received rising 56% year-over-year to $92 billion.
“Nigeria’s momentum in Web3 has evolved beyond early adoption into a mature, utility-driven ecosystem, positioning the country as a key force in shaping both local and global web3 economy,” said Tak Lee, CEO and Managing Partner at Hashed Emergent.”
“With strong fundamentals across talent, stablecoin usage, and real-world applications, Nigeria is not only leading Africa’s Web3 growth but is increasingly defining how the continent participates in the global Web3 economy.”
Industry conversations about Web3 in Nigeria can sometimes lean heavily on momentum without fully capturing the structural shifts happening underneath. As the lead researcher of the report, Uchenna Edeoga, Associate, Platform (Africa), Hashed Emergent, stated, “This report aimed to bring more clarity to that picture through research, ecosystem engagement and market insight, highlighting not just the progress being made, but also the opportunities, constraints and signals that matter for the next phase of growth. This will serve as a useful resource for stakeholders looking to understand the ecosystem more deeply and engage it more effectively.”
A Resilient Investment Landscape: Funding More Than Doubles
After a slowdown in 2024, investment activity in Nigeria’s Web3 sector rebounded sharply in 2025. Nigerian founders raised $43 million, more than double the $20 million recorded the previous year. This growth was characterized by a concentration of capital in fewer, high-impact sectors, with scale capital modestly returning at the Series A stage, a clear signal of early ecosystem maturity.
The finance sector emerged as the undisputed leader, capturing 89% of total funding at $38 million, a five-fold increase from 2024. This surge was primarily driven by a wave of stablecoin-focused startups tackling real-world financial problems, including payments, on/off-ramps, and B2B cross-border transactions.
Stablecoins: The New Backbone of Nigerian Finance
Nigeria has solidified its position as a global stablecoin hub. The report highlights a staggering 9,000% growth in stablecoin deposits between 2018 and 2025. In 2025 alone, Nigeria led in 24-hour stablecoin P2P transfer volume on centralized exchanges, reaching $48.2 million.
This shift reflects a broader trend: for many Nigerians, crypto is no longer speculative, it is a practical tool for hedging against inflation and facilitating efficient remittances across regional and global corridors.
Developer Talent: Nigeria’s Competitive Advantage
Nigeria’s developer ecosystem remains its strongest growth signal. The country now accounts for 4% of all global Web3 developers, the highest contribution from any African nation. The talent base is rapidly maturing, recording a 36% year-over-year growth in 2025.
While the ecosystem is expanding, the report notes that 53% of developers have never worked with global teams, highlighting a critical opportunity for better-aligned incentives and international integration to retain top-tier talent.
Regulatory Progress Amidst Implementation Uncertainty
The regulatory landscape in 2025 saw significant milestones, including the SEC Nigeria’s formal recognition of digital assets as securities under the Investment and Securities Act (ISA) 2025. Additionally, a new tax framework has provided much-needed clarity on the treatment of digital assets within the national tax system.
While implementation uncertainty and enforcement gaps remain, the overall trajectory is positive, supported by increasing engagement between Web3 stakeholders and regulators.
Looking Ahead
The Nigeria Web3 Landscape Report 2025 concludes that the nation’s growth trajectory is robust, anchored by technical innovation and entrepreneurial resilience. Hashed Emergent remains committed to backing early-stage founders in Nigeria, providing the capital and strategic mentorship needed to accelerate the nation’s ascent as a global Web3 leader.
The full report was prepared in collaboration with knowledge partners: Quidax, Convexity, Web3bridge, Guild Academy, and Infusion Lawyers.
For more information and to download the full report, visit: https://t.co/iAULsVnATn
Telecom
Relief for SMEs as NACAN Launches Fight Against Expensive Broadband in Nigeria

A new non-profit advocacy group, the National Affordable Connectivity Advocacy Network (NACAN), has launched initiatives aimed at addressing broadband affordability challenges and promoting policy reforms for small and medium-sized enterprises (SMEs) in Nigeria.

Broadband
The launch coincided with the 2026 edition of the International Telecommunication Union (ITU) World Telecommunication and Information Society Day (WTISD), themed: “Digital lifelines: Strengthening resilience in a connected world.”
NACAN said its primary objective is to bridge digital access gaps affecting Nigerian SMEs by reducing broadband costs, advocating regulatory reforms and improving digital capacity for small businesses.
As part of its rollout plans, the organisation unveiled the Southern Connectivity Voucher Pilot, a programme designed to provide subsidised data vouchers to small businesses in major commercial centres in southern Nigeria.
According to the group, the intervention is expected to reduce internet-related operational costs for businesses and improve digital access.
NACAN also announced plans to host the Niger Delta Digital Lifelines Roundtable in Port Harcourt, bringing together state ICT commissioners, internet service providers, telecom stakeholders and civil society groups.
The forum is expected to focus on strengthening resilient last-mile broadband infrastructure across underserved communities.
Speaking at the launch, National Coordinator of NACAN, Uchechukwu Emmanuel Ugochukwu, said internet access had become critical infrastructure for Nigerian businesses.
“In the current economic climate, internet access is no longer a luxury for Nigerian businesses; it is an infrastructure lifeline.
“We are debuting to ensure that high data costs and weak network reliability do not permanently exclude Nigerian SMEs from the global digital economy,” he said.
The organisation also unveiled a policy advocacy agenda targeting reforms on Right-of-Way charges and measures to reduce frequent network outages affecting businesses.
To deepen stakeholder engagement, NACAN said it is collaborating with industry groups including the Nigeria Information Technology Reporters Association (NITRA), the Niger Delta Chamber of Commerce, Industry, Mines and Agriculture (NDCCIMA), and the APC ICT Directorate, alongside private sector partners.
NACAN described itself as a non-profit initiative focused on promoting digital equity for Nigerian SMEs through advocacy for affordable, reliable and secure broadband infrastructure.
The group said its long-term goal is to support the integration of local businesses into the formal digital economy and stimulate inclusive economic growth.
Telecom
GBB Says Cross-border Partnerships Key to Africa’s Digital Transformation

Galaxy Backbone Limited (GBB) has said that sustained collaboration among African countries remains central to the continent’s drive toward digital transformation.

The organisation stressed that building secure, interoperable and inclusive digital systems across Africa cannot be achieved in isolation, calling for stronger regional partnerships to accelerate innovation and shared infrastructure development.
The position was contained in a statement issued on Sunday by the Head of Corporate Communications at Galaxy Backbone, Chidi Okpala.
As it prepares to host a major delegation of policymakers, technology leaders and development partners in Abuja, GBB said the engagement would further highlight the importance of cross-border cooperation in shaping Africa’s digital future.
Okpala explained that the initiative is designed to provide both dialogue and practical exposure to Nigeria’s digital infrastructure ecosystem.
According to him, the visit will allow delegates to better understand how shared ICT systems are supporting governance and service delivery in the country.
“This engagement will provide an opportunity for African stakeholders to not only discuss policy frameworks but also see firsthand how digital public infrastructure is being deployed to improve efficiency, connectivity and innovation in the public sector,” Okpala said.
He added that GBB’s hosting role reflects its growing importance in advancing digital governance and infrastructure development across the continent.
“Galaxy Backbone is increasingly positioned as a key enabler of trusted digital infrastructure, and this engagement reinforces that role within Nigeria and beyond,” he noted.
Speaking ahead of the programme, the Managing Director and Chief Executive Officer of Galaxy Backbone, Professor Ibrahim Adeyanju, said the future of Africa’s digital economy depends on the ability of countries to work together in building resilient systems.
“No single country can achieve the level of transformation required on its own. We must share knowledge, align strategies, and invest in systems that can serve the entire continent,” Adeyanju said.
According to the statement, the engagement will feature a continental dialogue themed “Building Africa’s Digital Foundations Together,” bringing together stakeholders from 11 African countries in Abuja.
The programme is being organised in partnership with Co-Develop, Smart Africa, and MicroSave Consulting, with discussions expected to focus on Digital Public Infrastructure (DPI), digital identity systems, secure connectivity, interoperability frameworks, and inclusive digital ecosystems.
GBB said delegates will also undertake a guided tour of its infrastructure and facilities in Abuja, where they will be exposed to Nigeria’s digital transformation journey and the systems supporting cloud services, cybersecurity, government connectivity, and digital platforms.
The company noted that the tour is intended to demonstrate how shared ICT infrastructure is strengthening governance and enabling more efficient public service delivery.
Participants are expected to explore practical pathways for accelerating the deployment of digital public infrastructure to support economic growth and institutional reforms across Africa.
GBB maintained that the initiative also confirms Nigeria’s position as a regional hub for digital innovation and infrastructure development, while deepening cooperation among African nations.
Telecom
MTN Reinforces Commitment to African Creativity at Star-Studded 12th AMVCA

MTN Nigeria reinforced its commitment to supporting African storytelling and emerging creative talent at the 12th Africa Magic Viewers’ Choice Awards (AMVCA), held on Saturday, May 9, 2026, at Eko Hotels & Suites.

MTN Nigeria
Hosted by Bovi Ugboma and Nomzamo Mbatha, the star-studded event brought together some of the biggest names in African film, television, and entertainment for a night celebrating creativity, culture, and cinematic excellence.
As part of its participation at the Awards Night, MTN Nigeria sponsored the Best Short Film category, one of the standout moments of the evening aimed at recognising and rewarding emerging filmmakers shaping the future of African storytelling.
The award was presented by the General Manager, Enterprise Sales, MTN Nigeria, Febisola Oyeleye, alongside actor Jide Oyegbile.
The winning film, Hussaini, by filmmakers Orire Nwani and Josh Olaoluwa, earned both the prestigious AMVCA recognition and a ₦5 million cash prize sponsored by MTN Nigeria.
Speaking during the presentation of the cash prize to the winners, Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka, reiterated MTN’s commitment to youth empowerment and supporting the creative industry through platforms that spotlight emerging talent.
According to her, the brand remains intentional about supporting young Nigerians who continue to push boundaries through creativity and storytelling. “At MTN, one of the things that we are so committed to is youth empowerment.
We believe that the youth of Nigeria are actually the future of the country. When we see young people being productive and coming out tops in what they do, it speaks to their commitment and ability to move beyond boundaries.
One of the ways we support the creative industry is through the short film category, and we are delighted to see deserving winners who are obviously on their way to great things,” she said.
The filmmakers behind Hussaini also celebrated the win, with one of the creators describing it as a defining moment after multiple nominations in the category.
“This is our last nomination in this category, and I’m excited we finally have it,” he said. “Next year, we are coming for Best Feature Film.”
Beyond the Awards Night, MTN’s presence throughout the AMVCA week extended to initiatives such as Young Filmmakers Day and the #MTNFilmChallenge, both designed to spotlight emerging talent and create opportunities for young creatives to tell authentic Nigerian and African stories through film and digital content.
With its continued investment in platforms that celebrate creativity and empower young storytellers, MTN Nigeria once again highlighted the important role partnerships can play in shaping the future of Africa’s entertainment industry.
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