- President Tinubu pledged to legalize crypto but recent actions have confused the industry.
- Crackdown on P2P trading, Binance executive’s arrest, and currency manipulation accusations affect the sector.
- Nathaniel Luz remarked that the cryptocurrency business is developing, and the President must determine how to proceed.
Nigeria’s crypto industry is facing uncertainty due to the administration’s actions, which is bewildering the young population. Stakeholders in the sector have expressed hope and concern, stating that President Bola Tinubu’s policies have left the industry without clarity in the past year.
Tinubu’s Campaign Manifesto
On 20 October 2022, Tinubu released an 80-page policy document highlighting an eight-point agenda. National security, the economy, agriculture, power, oil and gas, transportation, and education were all at the top of his priority action plan lists.
After manifesto, he stated about his view on the Nation:
A nation transformed into greatness, the pride of Africa, a role model for all black people worldwide, and respected among all other countries.
The Progress of Crypto During Tinubu’s Administration
Since taking office, President Tinubu has had a unique chance to impact Nigeria’s booming cryptocurrency business, distinguishing his approach from previous presidents’ influence in the banking sector. Nonetheless, recent failures in the cryptocurrency space have eclipsed potential growth.
Actions such as the crackdown on peer-to-peer (P2P) trade have added to this unfavorable image. The controversy surrounding the Binance executive, as well as suspicions of currency manipulation by government authorities, have caused a temporary setback.
Nathaniel Luz Insights on Tinubu’s Leadership
Nathaniel Luz, a local crypto stakeholder, predicts that Nigeria’s crypto ecosystem will witness the emergence of new exchanges to fill the void left by Binance’s exit. He underscored the dynamic nature of the cryptocurrency market and Tinubu’s critical role in shaping its destiny. Luz chastised the present administration’s ineffective attempts and advocated for aggressive steps.
Notable Results of Crypto in Nigeria
Despite unclear restrictions, Nigeria’s thriving crypto ecosystem and vast digital market have attracted various methods. For example, MetaMask, a cryptocurrency wallet and decentralized program, makes purchasing crypto assets easier for Nigerian users. The country’s proactive community recently marked the creation of Africa’s first multilingual Large Language Model (LLM).
