Bitcoin ban has opposite effect in Nigeria
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 10 August 2021
⏱️ 17 minutes
🧾️ Download transcript
Summary
Bitcoin’s popularity in Nigeria has exploded – with one of the youngest populations in the world, coupled with a high unemployment rate, its popularity was almost inevitable. Many young Nigerians are attracted to cryptocurrencies as an alternative and quick way to make money. Jude Umeano tells us that he lives his life using only Bitcoin, and that the government ban on funding crypto-based businesses only made him find loopholes. In fact, the government ban was likely the catalyst that increased its popularity, says Idayat Hassan from the Centre of Democracy and Development in Abuja. But there are still common, old fashioned concerns that make crypto investing so popular – and that’s mainly because it’s seen as a more secure and valuable currency in the global markets, says Eke Urum, chief executive of Risevest, one of Nigeria’s many investment platforms, which is still seeing users grow, despite the government ban.
(Image: Bitcoin app in Lagos. Credit: Alexander Sanchez/ Getty images)
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hello, I'm Tamerson Ford. Welcome to Business Daily from the BBC. |
| 0:06.6 | Despite the government ban, cryptocurrencies are massively popular in Nigeria. |
| 0:12.9 | I've been living off crypto since 2017, full-time. |
| 0:17.4 | You rent, food, investment, all everything. It's all on crypto. |
| 0:22.3 | Salary payment to all on crypto. I use it for my day-to-day activities, that would say. But with people forced to trade |
| 0:27.6 | underground, there are calls for the government to keep up with the times. This is not something |
| 0:33.5 | that you can afford to say you will not be a part of considering the fact that |
| 0:39.4 | technology is fast defining the future and that we have one of the youngest population here |
| 0:45.9 | whom you can largely not provide jobs for. |
| 0:49.8 | In today's Business Daily, we explore how cryptocurrencies have become the norm in Nigeria. |
| 1:00.2 | Cryptocurrencies are used in Nigeria more than any other country. |
| 1:04.3 | That's according to a Statister global consumer survey carried out last year. |
| 1:09.7 | Three in ten Nigerians said they either use or trade |
| 1:14.0 | some form of virtual currency. Judeo Mano is one of them. Well, I've been living off crypto since |
| 1:21.2 | 2017, full time. So, yeah, I use it for my day-to-day activities that would say, I've been running my life |
| 1:30.4 | with this. I actually launch an office now with about 10 persons that I paid every month, all on |
| 1:36.4 | crypto. I'm actually providing employment to either Nigerians considering the, how the economy is |
| 1:42.5 | right now. So it's for my day-to-day activities. |
| 1:46.9 | You're running food, investment, all everything. It's all on crypto. Salary payment to all on |
| 1:52.5 | crypto. And do you know many people who are also living entirely on crypto like you? |
| 1:58.3 | Yes. There's a lot, a lot of people. |
| 2:01.8 | A lot of people. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.