In the ever-evolving landscape of technology, the global buzz around Blockchain and Web3 has captured the imagination of innovators worldwide. This phenomenon isn't just a global trend; it's a force shaping the future of the internet. Now, let's zoom into Nigeria, where the early ripples of Web3 and blockchain adoption are transforming opportunities, especially for the country's dynamic youth.

With Nigeria standing as the fourth most populous nation globally and a staggering 70% of its population falling within the youth demographic, the potential impact of Web3 on this vibrant population is substantial. As we delve deeper into this exploration, you'll discover the synergy between Nigeria's demographic landscape, the hunger for economic opportunities, and the transformative power of blockchain technology.

I AM IYANU

Now, let me introduce myself—I am Iyanu, which translates to "Wonder" in Yoruba. Hailing from the Yoruba tribe in Nigeria, often referred to as the giant of Alkebulan, I choose to call Africa 'Alkebulan' because it signifies "The Cradle of Mankind or The Garden of Eden." In my perspective, Africa is not just a continent; it's a garden of diverse flowers and unique plants, each presenting challenges that inspire extraordinary opportunities.

Professionally, I wear the hat of a Web3 product manager with a robust background in marketing, finance, strategy, entrepreneurship, and team building. My vision extends beyond the conventional—it's about evolving into a business intelligence and financial analyst, crafting growth and data-led strategies on a global scale. My interests are as diverse as the challenges Africa presents, spanning technology, finance, business, beauty, and fashion. Positioned at the intersection of creativity and technology, I am a firm believer in the transformative power of Web3 - not just for individuals, but for entire ecosystems. You can view my Si Her Web3 website and connect with me on Twitter. I’d love to hear from you!

THE AFRICAN WEB3 LANDSCAPE

As we continue our exploration, let's delve into the numbers and trends shaping the tech, startup, and Web3 landscape in Africa. According to Emurgo’s 'The State of Web 3.0' 2023 report, Sub-Saharan Africa, with its 1.17 billion people, reflects a nearly equal gender split- 50.1% are females, 49.9% are males . The evolving demographics spotlight a youthful population, with 97% below the age of 65. The region has made strides in reducing the unbanked population, from 77% in 2011 to 45% in 2021.

The blockchain and crypto revolution are gaining momentum across Africa, with Chainalysis reporting a staggering 1200% surge in Africa's cryptocurrency market between 2020 and 2021. Kenya, Nigeria, South Africa, and Tanzania have secured spots in the global top 20 for crypto adoption. However, the adoption of blockchain technology faces challenges in areas like international remittance, financial inclusion, and land registration.

Anticipating exponential growth, African Fintech revenues are projected to reach $30 billion by 2025. The potential applications for blockchain in Africa span various sectors, from SME financing to education credential verification. However, regulatory hurdles persist, with approximately 20% of Sub-Saharan African countries imposing bans on crypto assets. The bankruptcy of FTX, a global crypto exchange, underscored the need for robust regulatory frameworks, prompting the IMF to call for greater oversight.

Navigating through this landscape, one thing becomes clear: the involvement of government officials and the public is crucial for the widespread acceptance and integration of decentralized technology.

WEB IN NIGERIA

Zooming in on Nigeria, a hotbed of technological innovation, the Web3 landscape is taking shape. Entities like the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) are actively contributing to this evolution. The Central Bank of Nigeria (CBN), in its 'Nigeria Payments Systems Vision 2025' report, acknowledges the growing interest in blockchain technology for remittance solutions.

Source:  https://www.emurgo.africa/emurgo-africa-report-2023

Nigeria has witnessed notable instances of blockchain adoption:

• The National Information Technology Development Agency (NITDA) initiated a 2022 Blockchain Scholarship Scheme, aiming to train 30,000 Nigerians.

• HouseAfrica, a proptech startup, pioneered Africa’s first blockchain-based land and property registry.

• The Nigerian Identity Management Commission collaborated on a blockchain platform for tracking agricultural products.

While the regulatory landscape initially exhibited caution, recent developments including the Blockchain Policy for Nigeria in May 2023, indicate a nuanced approach by the Nigerian government. Over 22 million Nigerians, representing 10.3% of the population, own cryptocurrency, with Bitcoin dominating transactions.

Source: https://www.emurgo.africa/emurgo-africa-report-2023

Despite regulatory uncertainties, Nigeria's crypto transactions reached $56.7 billion between July 2022 and June 2023, reflecting a growing interest. The introduction of a 10% tax on digital asset transactions in the Nigerian Finance Act 2023 marks a step towards complete legalization. Lagos, with its vibrant youth population, remains a prominent hub, hosting 481 active startups, according to The Nigerian Startup Ecosystem Report 2022.

INCLUSION & EQUITY IN WEB3 AFRICA

Diving into the landscape of inclusion in Web3 across Africa, particularly in Nigeria, reveals a mix of strides and challenges. Despite 15.6% of Nigerian tech startups having at least one woman in their founding team, surpassing some African counterparts like South Africa and Egypt, the call for more gender inclusivity is evident. The challenges faced by female-founded startups, especially from the newer generation, emphasize the need to foster broader diversity.

Notable support services, including the impactful Co-Creation Hub (based in Lagos since 2011), contribute significantly to the growth of the startup ecosystem. This support translates into increased participation of Nigerian startups in globally renowned programs like Y Combinator and Techstars.

Nigeria, standing as Africa's most popular investment destination, boasts an impressive track record. From 2015 to 2022, 383 tech startups raised a staggering US$2.2 bln. The financial strength of the ecosystem is evident, with 107 Nigerian startups securing funding in 2022 alone, constituting about a third of the continent's funded startups. The ecosystem's maturity is highlighted by Flutterwave's US$250 mln Series D round earlier in year 2022.

The investment growth is remarkable, from US$49.4 mln in 2015 to US$748 mln by August 2022. The escalation of round sizes, illustrated in the chart below, reflects increasing investor confidence and the maturation of the Nigerian startup ecosystem.

Source: https://disrupt-africa.com/wp-content/uploads/2022/09/The-Nigerian-Startup-Ecosystem-Report-2022.pdf

However, challenges persist. Nigeria trails South Africa and Egypt in startup acquisitions, emphasizing the need for improvement. Regulatory uncertainties, marked by bans on various platforms and services such as bike-hailing platforms, crypto trading, access to Twitter, and social media service regulations, have hindered the sector in latter times. Criticisms of over-regulation by the Central Bank of Nigeria (CBN) add to the challenges faced by startups in navigating the dynamic landscape.

In my journey, the vibrant startup ecosystem has been a source of positivity. However, regulatory uncertainties and gender disparities further emphasize the importance of more inclusive policies and initiatives to foster a diverse and thriving Web3 landscape in Nigeria.

MY JOURNEY THROUGH WEB3

Now, let's shift gears and delve into a personal journey through the world of Web3. My initiation into this transformative realm wasn't a conventional one. In 2020, I embarked on the entrepreneurial venture of Jones & the Jewel, a Unisex Mobile Salon in Nigeria, aiming to bring hairstyling convenience to people's doorsteps. Below is an Image of me styling a client’s hair:

In 2021, while pursuing Economics, I stumbled upon the fascinating world of Web3. The term sounded intriguing, but understanding it felt like navigating through a maze. I was faced with many challenges like working with a malfunctioning phone, information overload, capital shortages, and the absence of a laptop…common hurdles for many young Africans navigating the tech landscape.

Luckily, my friend Isaac Oguntade showed me a course on Web3 and DeFi by Xeus of Nirvana and Sarah Idahosa of Women In DeFi. It was like a light in the dark. With assignments and learning from smart minds like Meeting Joshua and Billionaire Bukunmi, things started making sense. Then came Web3 Delight Lagos in 2022, where I met amazing people like Umeh Chinonye MaryJane, and Teddy Pahagbia. It was like a big brainstorming party.

The turning point came when Sam Opera suggested merging hairstyling with the Metaverse—an unconventional yet intriguing idea that reshaped my salon's vision.

Encouraged by Peace Adegbenga, I joined Web3 Ladies and Women in DeFi, leading me to a training Cohort in August 2022. I picked Product Management making sure things work smoothly. My mentors, Adekanbi Oluwaseun and Ihuoma Chukwuezi from Digital Biz Guru, were like superhero guides, helping me understand and practice what I learned.

By the end of 2022, I completed two courses – Digital Marketing and Product Management. In January 2023, Women in DeFi started a new course, and I finished it by April. I joined some hackathons, teamed up with people, and we're building something called BubbleShare. I also joined Serche, a Real Estate prop-tech solution, as a product manager. In August 2023, I joined Digigirls, learning about cybersecurity and Data Analysis.

Looking ahead, I'm excited about growing my startups and mastering the tech landscape. It's not just about startups; it's a journey of learning, growing, and making a mark in this new Web3 world—a world where possibilities are as diverse as the challenges Africa presents.

WOMEN IN WEB3 AFRICA SPOTLIGHT:

Now, let's shine a spotlight on inspiring women-led web3 companies in Africa, each contributing uniquely to the evolving landscape:

1. Crypto Smart - Nigeria, Africa.

Crypto Smart, founded by Karla Obakpolor, is an Asset Management company with a vision to build sustainable web3 products and processes that provide financial value to their network. The organization started with just nine team members in 2021 and has grown to now 17 team members and 5 core departments of both full-time, part-time and volunteer staff. The company has consistently made progress and established several sub-firms:

B<>rder/ess - A Tech-Not-For profit

Crypto Smart Trading Academy.

CS Tech - A Tech development Outfit

CS Consults - A web3-based business development consulting outfit

Bitsave Protocol - A SaveFi Protocol for web3 finance

Karla Obakpolor, Founder & CEO of CryptoSmart, shares about her vision for her organisation and the crypto landscape in Africa:

“When we started, our value was helping people profit from the crypto Industry. We grew in resources to the point where we could accommodate enterprises and created trading departments. In that experience, we learned that People + Processes = Profits. Today, we've gone on to build our own asset management protocol, Bitsave. Our vision for the future of our organisation and crypto in Africa is to provide financial competencies to our network in different facets, individuals or organisations.”

2. Centiiv - Nigeria, Africa

Centiiv is an innovative African startup dedicated to bridging the gap between Africa and the global market using Blockchain. Their flagship product, Centiiv Pay, is a payment system designed to empower African businesses with seamless, instant, and hassle-free cross-border transactions while boosting customer retention by uniting payments with a loyalty rewards system. Centiiv is reshaping the way businesses connect, transact, and thrive in the global economy.

Founder & CEO of Centiiv Bolarinwa Odupe is an experienced software developer and blockchain consultant with a demonstrated history of working in Management Consulting in the tech industry for five years. She is skilled in blockchain programming, content writing, project management, and web front-end development. She is very passionate about blockchain technology and believes through its use cases it is capable of enhancing social good, and solving global problems

WOMEN-LED WEB3 COMMUNITIES IN AFRICA

Let's now highlight inspiring Web3 communities in Africa, particularly those dedicated to empowering women:

1. Web3 Ladies - Empowering Women in Blockchain

Nigeria's premier blockchain community Web3 Ladies is spearheaded by Oluchi Enebeli, Nigeria's first female blockchain engineer who has played a pivotal role in bridging the gender diversity gap in the Web3 space. Web3 Ladies’ mentorship program, backed by partnerships like the one with Yellow Card, offers intensive boot camps covering core Web3 skills.

Founder of Web3Ladies, Oluchi Enebeli shares:

“Within a year, Web3Ladies has mentored and onboarded over 3,000 women, significantly impacting the Web3 ecosystem in Africa. Our efforts, supported by global sponsors and blockchain projects, have provided essential tools like laptops and stable internet, bolstering women's participation in Web3.

Key initiatives include our partnership with Polygon, training over 200 women in decentralized application development, and the WomenBuildCELO hackathon, which reflects our commitment to advancing women in blockchain technology and related fields.

Our goal remains to position women at the forefront of the Web3 industry, addressing Africa's need for skilled professionals. Web3Ladies is focused on equipping, empowering, and emboldening women to excel in technology, contributing to local startups and international businesses seeking tech talent. We are committed to fostering a future where women lead in tech with confidence, competence, and audacity, ensuring they play a pivotal role in the evolving digital landscape.”

2. Women In DeFi - Empowering Financial Liberation

Led by Sarah Idahosa, Women In DeFi operates as an empowerment movement educating women about Blockchain Technology and financial liberation through Decentralized Finance. With a mission to provide free training for young women interested in Blockchain and Crypto, Women In DeFi establishes community chapters across states in Nigeria. Sarah Idahosa, a Web3 Community Builder and Decentralized Finance researcher leads the initiative, emphasizing the importance of transitioning from Web2 to Web3.

3. AllStars Women Africa Chapter - Championing Diversity and Leadership

Under the leadership of Mfon E. Jackson, the AllStars Women Africa Chapter serves as a Startup Factory providing women-centric leadership mentoring programs, certified masterclasses in blockchain, crypto, and Web3, and a diversity recruitment agency. Committed to supporting companies in their diversity and inclusion strategies, AllStars Women offers consultancy and advisory services, aiming to create equal representation and healthy, efficient work environments.

4. W3A Emerging Technology & Global Talent Network - Fostering Collaboration and Innovation

W3A, a community for emerging technology founders, builders, and practitioners, operates with a results-driven approach. Believing in the power of community to open invisible doors, W3A fosters collaboration, innovation, and meaningful partnerships. The community, curated for quality contacts, content, and events, operates as a community-as-a-service (CaaS).

5. Web3 Afrika - Accelerating Web3 Education and Opportunities

Dedicated to onboarding, educating, and supporting Web3 builders, Web3 Afrika accelerates education and opportunities for a new wave of builders, bringing diversity into global Web3 conversations. With a commitment to transparency, diversity, inclusion, responsibility, kindness, and empathy, Web3 Afrika aims to create a safe space for members regardless of differences.

Other notable women-focused Web3 communities include Web 3 Club Africa, GenZ Techies, and For the Love of Defi, among others.

Now, let's shine a spotlight on some inspiring Web3 companies in Africa, each contributing uniquely to the evolving landscape.

1. Cassava Network (Blockchain Reward Protocol)

Founded by Sanoh Mouloukou, Cassava Network is a revolutionary blockchain reward protocol poised to bring the benefits of crypto to Africa. Operating on the Flow blockchain, Cassava transforms any online application into a crypto-enabled platform, rewarding users with $CSV tokens for engagement. The platform, equipped with a multi-function app and wallet, offers NFTs, a marketplace, in-app swaps, staking pools, DeFi protocols, and Web3 platforms. Inspired by the resilient cassava root, Cassava Network aims to establish a sustainable income source, creating a powerful crypto ecosystem for Africans entering the Web3 era.

2. Afri-Guild  (Decentralized Autonomous Organization (DAO)

Founded by Toyosi Abolarin, Tomiwa Olajide, and Francis Vesta, AfriGuild is a DAO dedicated to democratising opportunities in Web 3.0 through gaming, education, and community building. The organisation empowers individuals to actively participate in the global Web 3.0 revolution, making its possibilities accessible to everyone. With an undisclosed investment from Adaverse in 2022, AfriGuild has grown to 3k members on its Discord platform, expanding across nine Nigerian cities and planning further outreach to four countries.

3. HashGreed (NFT Marketplace)

Efosa Ighodaro founded HashGreed, Africa's premier NFT Marketplace, focusing on creative, commerce, and asset tokenization. Pioneering the use of IPFS technology, HashGreed provides a comprehensive platform hosting NFT’s, DeFi, and WorkFi solutions. As the first African super DApp, HashGreed aims to redefine digital asset tokenization, bringing decentralized finance and payment solutions to the forefront.

4. Play2Learn (Blockchain Edutainment)

Founded by Temitope Gideon and David Onyilimba, Play2Learn is on a mission to educate and increase blockchain adoption among kids, teenagers, and adults in Africa and the diaspora. Creating engaging tabletop and card games, Play2Learn has become a leading provider of blockchain-based educational games. The brand actively contributes to blockchain education, with partnerships established with over 10 schools in Nigeria. Ajao Babatunde Khalid serves as the Chief Financial Officer and Oyindamola Awosanya leads the brand's strong community.

Closing Thoughts:

In conclusion, our journey through the Web3 landscape in Nigeria unveils a critical need for the growth and nurturing of communities for both men and women in Web3 technology. This necessity extends beyond Lagos State, where the scarcity of such communities impedes the establishment of meaningful relationships and connections within the Web3 ecosystem.

Crucially, decentralized communities require support not only from Web3 professionals but from every practitioner in the industry. The responsibility to drive the change that Web3 technology can bring lies with each individual involved.

Nigeria's startup ecosystem, unlike other leading African counterparts, struggles with limited support from its Federal Government and unpredictable regulatory terrain. This challenging environment prompts migration to countries with more supportive startup climates. The startup climate in Nigeria is marked by tension, toughness, and overwhelming challenges, fueled by unfavorable government policies and over-regulation.

Acknowledging these hurdles, it's vital to recognize the importance of Web3 startups in Nigeria, even if not statistically accounted for. These startups offer viable solutions to address gaps in the Nigerian economy, particularly in sectors flooded with similar Fintech solutions. Founders in the Web3 space must amplify their voices, promoting their products and demonstrating their value to Nigerians.

This realization, impacting the writer of this piece, unveils the significant work required in Lagos State and Nigeria at large. The vision for the future is clear – a landscape where communities flourish, startups thrive, and individuals actively represent the Web3 economy. Advocacy and education around decentralized technology should spread far and wide, encouraging adoption.

My commitment for the next five years is resolute – to play a substantial role as a thought leader, expand knowledge in the Web3 technological world, actualize startup ideas, and create mentorship opportunities. The goal is not just to witness but to catalyze the building of the new economy of Web3 Solution banks in Nigeria and Alkebulan as a whole. Expectantly, these collective efforts will usher in a new era of innovation and progress in the Nigerian Web3 landscape.

This blog piece has been written by Iyanuayo Olajide and edited by Bio Francis.

To discover more about Iyanu, Bio and the web3 ecosystem in Africa, join Si Her’s Si Her DeFi: Africa livestream event on December 20th at www.si-her.live (available for replay).