Nigerian crypto foreign investment is at a record low: Study

[Charles-Tim]

Sorry, this is not that related to this thread, but I want to know if there is anyone on this local board that brought this up: Lagos State unveils plans for crypto industry. It is about Lagos state unveiling plan towards crypto adoption. I think this will be a good move by the Lagos State government.


The main discussion about this thread is about Nigerian crypto foreign investment which is at a record low. Do not get this wrong, this is not about we local crypto lovers, but about foreign investment. Although crypto local investment in Nigeria declined in 2022, but we can see how 2022 was full of bear market. Which means that is normal as it was worldwide.

The National Bureau of Statistics (NBS) reported on Tuesday that foreign direct investment (FDI) in Nigeria, the largest economy in Africa, dropped by 33% last year due to a severe shortage of dollars. The shortage has also discouraged crypto companies from expanding into the country. In 2022, investment declined to $468 million from the previous year’s $698 million. According to the data, FDI has decreased by approximately 90% since its peak of $4.7 billion in 2008.

In my opinion, CBN is the major cause of this, even beyond bitcoin and other cryptocurrencies as it is in the news.

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[Agbe]

Sorry, this is not that related to this thread, but I want to know if there is anyone on this local board that brought this up: Lagos State unveils plans for crypto industry. It is about Lagos state unveiling plan towards crypto adoption. I think this will be a good move by the Lagos State government.

Those who are in Lagos might know about it. This is a very good development base on it that if Lagos State adopt bitcoin and does well in their economy, Port Harcourt will follow suit and other major cities in the country will also follow up the trend. Then before we know Nigeria will a country that has adopted bitcoin.

The main discussion about this thread is about Nigerian crypto foreign investment which is at a record low. Do not get this wrong, this is not about we local crypto lovers, but about foreign investment. Although crypto local investment in Nigeria declined in 2022, but we can see how 2022 was full of bear market. Which means that is normal as it was worldwide.

I am not surprised about the news, because as an investment you need profit and whereby profit is coming in then it affects the business. We all know what happened last year in the market and because of that Investors companies were collapsed while some of them shake their workers. But this Nigerian Crypto Foreign Investors can make gain this year if they persistent.

In my opinion, CBN is the major cause of this, even beyond bitcoin and other cryptocurrencies as it is in the news.

Nigeria economics adversary system is very. Buhari could not pickd the best hands in the economy to work with him but he picked the ones who finished school with third class. If the CBN term was good Nigerian economy would been one of the best in Africa. Buhari acts whatever CBN told him so if the CBN told the benefits of cryptocurrency in Nigeria Buhari would have approved it.

[Mr.suevie]

[ood n author=Charles-Tim link=topic=5447785.msg62043655#msg62043655 date=1680777292]
Sorry, this is not that related to this thread, but I want to know if there is anyone on this local board that brought this up: Lagos State unveils plans for crypto industry. It is about Lagos state unveiling plan towards crypto adoption. I think this will be a good move by the Lagos State government.

Those who are in Lagos might know about it. This is a very good development base on it that if Lagos State adopt bitcoin and does well in their economy, Port Harcourt will follow suit and other major cities in the country will also follow up the trend. Then before we know Nigeria will a country that has adopted bitcoin.

The main discussion about this thread is about Nigerian crypto foreign investment which is at a record low. Do not get this wrong, this is not about we local crypto lovers, but about foreign investment. Although crypto local investment in Nigeria declined in 2022, but we can see how 2022 was full of bear market. Which means that is normal as it was worldwide.

I am not surprised about the news, because as an investment you need profit and whereby profit is coming in then it affects the business. We all know what happened last year in the market and because of that Investors companies were collapsed while some of them shake their workers. But this Nigerian Crypto Foreign Investors can make gain this year if they persistent.

In my opinion, CBN is the major cause of this, even beyond bitcoin and other cryptocurrencies as it is in the news.

Nigeria economics adversary system is very. Buhari could not pickd the best hands in the economy to work with him but he picked the ones who finished school with third class. If the CBN term was good Nigerian economy would been one of the best in Africa. Buhari acts whatever CBN told him so if the CBN told the benefits of cryptocurrency in Nigeria Buhari would have approved it.
[/quote]
At least we are all done with last year bear season and this year looks promising in the crypto as many cryptocurrency have started gaining ahead of a bull season much expected.  As for president making sure their is full adoption of bitcoin and crypto in the nation is not totally dependent on him, I mean in a country where everyone is after their personal interest, I think it can only be possible if the right people to make this work have seen a loop where it could be good for them before such moves will be taken into action. But am glad their is change of government now and hopefully the nation can start exploiting new measure to help the inflation in the country and I think full adoption of crypto can further push more investor to start up something big that can help the nation growth.

[Dr.Bitcoin_Strange]

In my opinion, CBN is the major cause of this, even beyond bitcoin and other cryptocurrencies as it is in the news.

According to the explanation given by the CBN in 2021 regarding the ban of cryptocurrency transactions in Nigeria, it has to do with the contribution that cryptocurrencies make to making money laundering easier. They believed cryptocurrency was greatly contributing to money laundering, but I don't believe their claims. Does it mean that since the ban was placed, money looting has not been going on again in the country? I am not sure though, but I believe that the rate of money laundering crime is higher on the bank naira note than it is in cryptocurrency, and that's because the people involved in the money laundering are really old people in the government offices and they are not well into Blockchain technology, so they do it in the old school way. Probably the reason CBN placed the ban on cryptocurrency was because there were a lot of bank customers who were investing their money into cryptocurrency rather than keeping it in the bank, and since the bank makes its money from our own money, they felt they should not allow the crypto business to continue. So I agree with you, @Charles-Tim, that CBN is the cause.

[CryptopreneurBrainboss]

Sorry, this is not that related to this thread, but I want to know if there is anyone on this local board that brought this up: Lagos State unveils plans for crypto industry. It is about Lagos state unveiling plan towards crypto adoption. I think this will be a good move by the Lagos State government.

I think we dun discuss this kind talk before or something wey relate to am although no be topic on e own but na under that tinubu thread on adoption of blockchain technology, I been see news of the Lagos State government following the footsteps of their boss tinubu, wait make I search for am;

Dem say tinubu na talk and do, so make we dey watch, tinubu himself know say this blockchain adoption go benefit plenty people for him home state Lagos even though dem no vote am and I believe him go try make this happen.

The news wey I d receive be sae the governor of Lagos state Sanwo-Olu don follow em oga on top wey be Tinubu to approve cryptocurrency for youths in few days to election.

Despite the indefinite ban placed on cryptocurrency commercial trading by the Buhari regime and the Central Bank of Nigeria (CBN), Lagos state governor, Babajide Sanwo-Olu, is enticing youths in the state by floating the idea of cryptocurrency approval as he embarks on missions to canvass votes in a bid for re-election.
Link to info: https://gazettengr.com/sanwo-olu-entices-lagos-youths-with-cryptocurrency-approval-few-days-to-election/

So I no surprise if them follow up the matter after election and it wasn't just an election fake promises to get reelected into office, Lagos na better technology hub and if the government knows what's best for them, dem supposed dey welcome blockchain and technology developments since because na wetin dey bring better companies come a city be dat and Lagos need more of that.

In regards to your main topic of discussion, everybody is to be blamed including the federal government abi no be dem frist close borders before CNB begin their own mumu policies, everything works in a cycle and contributes to the interest of foreign investors. As the CBN ban banks from involving in crypto trading, why the federal government no talk sometime. They're all to be blamed for whatever is happening as a result of their decision. This government was just a confused one as I believe dem been just they try and taste to see which one go work without having anybody that can advice them on what to do and that's because they didn't have any intellectual person in their cabinet. Also as you talk, we dun dey bear market so obviously decline go dey for anything wey get to do with cryptocurency.

[Davidvictorson]

I know say this one go happen. While on the one hand, the scarcity of dollar was good for the Naira, on the other hand,e nor come favour crypto foreign direct investment (FDI). One thing wey I know be say until we see more companies and business start to accept  bitcoin and crypto payment the statistics will still remain the same. But for this one to come happen, we government gats remove the "clause" wey dem put for crypto transactions in the country. So we see say no matter how much bitcoin is accepted by the Nigerian people unless government gives some sort of neutral status to it, we are not going anywhere.

In other news I put eyes and ear for ground to watch wetin Lagos government to do as regards the crypto thing. The thing come be like say, both the state and federal government nor dey the same page for the crypto thing. Make we see whether any state to try do any crypto program.

[Agbe]

They believed cryptocurrency was greatly contributing to money laundering, but I don't believe their claims. Does it mean that since the ban was placed...

That won na fault allegation dem used against bitcoin nd cryptocurrency at large. Before di banned how many politicians been dey used Cryptocurrencies? If politicians used bitcoin it was after di banned nd probably it was di influence of some bitcoin influencers. Me I still dey believe sae, na bcoz of di endsars protest dem ban bitcoin in di kwantri, bcoz wen dem traced di sponsoring process dem see sae bitcoin was massively used so dey could not seized plenty money 4rom piple again, though dey seized some accounts but could not get di wons in di blockchain, so di best way 4 dem is 2 ban bitcoin transaction 4rom banks.

[Dr.Bitcoin_Strange]

That won na fault allegation dem used against bitcoin nd cryptocurrency at large. Before di banned how many politicians been dey used Cryptocurrencies? If politicians used bitcoin it was after di banned nd probably it was di influence of some bitcoin influencers. Me I still dey believe sae, na bcoz of di endsars protest dem ban bitcoin in di kwantri, bcoz wen dem traced di sponsoring process dem see sae bitcoin was massively used so dey could not seized plenty money 4rom piple again, though dey seized some accounts but could not get di wons in di blockchain, so di best way 4 dem is 2 ban bitcoin transaction 4rom banks.

Well, in situations where they really can't get hold of any valid reason to do something, they will just look for a different case study to make it look more convincing to a foreigner who reads those reasons. According to the CBN's reason for banning Bitcoin in bank transactions, I have really taken my time to read if there have even been any serious cases of money laundering or drug crimes committed with Bitcoin, but I didn't see anything valid.