Web3, the next generation of the internet, is transforming the way we interact online. Built on blockchain technology, Web3 promises a decentralized, secure, and transparent digital landscape. At the core of Web3 is a thriving developer ecosystem, where innovators and entrepreneurs are building cutting-edge applications that are redefining industries and empowering users. The Web3 developer ecosystem is driving a new wave of innovation, with Nigeria emerging as a key hub in Africa.
The Nigeria Web3 Landscape Report 2024, published by Hashed Emergent, which was unveiled at the Text to Code meetup in Lagos on 11 April, captures this rapidly evolving space in the country. Web3 developers are pushing the boundaries of what’s possible, creating a more inclusive and decentralized digital space for all.
Nigeria’s Web3 developer community accounts for 3% of the global total.
Nigeria’s developer community has witnessed a remarkable surge, growing to 1.1 million in 2024, a 28% increase from the previous year. This growth is expected to continue, with forecasts predicting a steady 7.6% growth rate through 2030.
The country’s web3 developer community now accounts for 3% of the global total, with Nigerian developers contributing 4% of the world’s new web3 talent in 2024. This surpasses those of other African countries.
Read also: Crypto, Web3 adoption and ownership in Africa: Nigeria, South Africa leading
A Young, Dynamic Talent Pool; Developers Turn Founders, driven by Entrepreneurship
The Nigeria Landscape Report 2024 reveals that Nigeria’s 800-strong web3 developer workforce is exceptionally young, with 86% of developers aged between 18 and 27. Nearly half of these developers are between 18 and 22 years old, highlighting the country’s potential to become a hub for innovative and dynamic talent.
According to the Report, 53% of developers joined the web3 space within the last year, indicating a wave of fresh entrants into the industry. Also, nearly half of Nigeria’s web3 developers are reportedly students, while 27% work as freelancers or are employed in the industry. A notable 21% of developers specialize exclusively in writing smart contracts, highlighting the ecosystem’s growing expertise in this area.
The Nigeria web3 community is also witnessing a surge in entrepreneurial spirit, with 6% of respondents identifying as founders—a 35% increase from previous years.
This trend suggests that more developers are embracing innovation and launching their own web3 startups, thanks in part to the engagement of Layer 1 and Layer 2 ecosystems and the builder-founder network in Nigeria.
Read also: Beyond the Hype: Improving Usability of Web3 Applications Through Good UX Design
Diverse Skill Sets and Project Focus; Focus on both Web2 and Web3 Projects
The developer ecosystem is characterized by a diverse range of skill sets, with 41% of respondents working as employees or freelancers on projects for both local and international clients.
In terms of specialization, 16% of developers focus on smart contract development, while others work on frontend, full-stack, and backend projects.
Interestingly, 62% of surveyed developers work on both web2 and web3 projects, indicating a growing interest in web3 technologies. Meanwhile, 27% of developers focus exclusively on web3 projects, showcasing the ecosystem’s specialized talent and potential for further growth and innovation.
Conclusion
Nigeria’s web3 developer ecosystem is a thriving hub of innovation, driven by a youthful population, growing expertise, and a surge in entrepreneurial spirit. With a diverse range of skill sets and a strong focus on both web2 and web3 projects, the ecosystem is poised for further growth and innovation, solidifying Nigeria’s position as a leading player in the global web3 landscape.
The Nigeria Web3 Landscape Report, the first of its kind in the country, is an initiative of Hashed Emergent. Hashed Emergent is the venture capital arm of Hashed, focused on supporting early-stage web3 startups in India and other emerging markets. The firm provides capital, strategic guidance, and access to a global network, driving ecosystem growth through targeted initiatives from key hubs like Bangalore, Seoul, Singapore, Lagos, and Dubai.
The Report was put together in collaboration with its knowledge partners: Convexity, Infusion Lawyers, Quidax, and Web3bridge. The full report is available here.
Read also: What is Web3? Understanding Its Ecosystem and Pros and Cons
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