Nigeria the largest economy in Africa, has been unable to efficiently tackle its increasing unemployment rate- a ticking time bomb if not addressed quickly may further surge higher. In 2020, the frontier market witnessed a rise in it's unemployment rate, due to an ever growing dependent population, reduction in the total output of goods and services and the unprecedented COVID19 pandemic which negatively impacted the economy, and led to job loss for thousands of Nigerians.
Data from the National Bureau of Statistics (NBS) revealed that:
-- Nigeri's unemployment rate as at 2020 Q2 reached 27.1% indicating that about 21,764,614 million Nigerians are unemployed
-- Also 13.9 youths are unemployed such unimpressive economic data can be curbed, if Nigerian regulators and stake holders tap into the potentials inherent in cryptos, to further strengthen the development of Africa's largest economy
Crypto currencies can help tackle the numerous challenges faced in international trade by many Nigerians who don't have a bank account with the help of block chain technology. Many unemployed Nigerians can utilize the tools behind crypto and block chain to generate income as traditional jobs steadily become outdated
Crypto currencies like Bitcoin could also help the unemployed facilitate small scale international trade. Bitcoin enables these parties to sell products in exchange for Bitcoin and a boycott of traditional e-commerce systems, which often Involves having to set up a merchant account with traditional banks coupled with it's attendant charges.
Cryptos, when fully adopted, will have a considerable impact on Nigeria, by increasing financial inclusion of individuals and companies. Particularly by reducing the transaction fees and time cross border payments can be improved. This is beneficial for remittance payments peer to peer lending and international trade.
A significant number of Nigerians and start-ups are quickly adapting to arguably the most disruptive technology ever invented-crypto. Consequently, the increased usage of crypto is pushing Nigeria's economic growth at a time when the COVID19 pandemic has adversely affected Nigeria's export earning product-crude oil.
A few months ago, the Nigerian Security and Exchange Commission (SEC), proposed a new set of rules aimed at regulating crypto-tokens or Crypto-coin investments when the character of an investment qualifies as securities transactions. This further highlight the importance of crypto to the Nigerian economy