Adewole Adebayo, one of the leading candidates to become the next Nigerian president, has vowed to use blockchain technology and cryptocurrencies to create up to 30 million jobs for locals.
The unemployment rate is one of the country’s main problems, peaking at nearly 10% this year.
Crypto to the rescue
In a recent television appearance, Nigerian Social Democratic Party (SDP) presidential candidate Adewole Adebayo vowed to solve the nation’s unemployment problems by deploying various technologies, including blockchain and digital currencies.
The 50-year-old lawyer said he had discussed the idea with the US Black Chamber of Commerce and the National Chamber of Commerce. He has worked as a broad advisor to the people who are part of these organizations, ensuring that they have created numerous jobs around the world in recent years:
“I told them, ‘Look, you know we’ve done these things before in many countries, and I’ve been your adviser, and we’ve done all these things. In my country, I know the objective conditions that we can create for you to come to Nigeria and we can create jobs”.
Nigeria’s unemployment rate has risen gradually over the past decade, reaching nearly 10% by 2022. Adebayo believes his eventual administration could join forces with 2,000 national crypto companies and significantly reduce those numbers:
“We found that we can create between 10 and 30 million jobs, using 2,000 companies and bringing the production they are making to the country.”
Nigerian cryptocurrency enthusiasts
Adebayo’s interaction with the cryptocurrency sector could earn him additional votes as locals have already shown sympathy for the asset class.
A KuCoin study in April estimated that 33.4 million Nigerians (35% of those aged 18-60) have owned or traded digital assets in the previous six months. According to the research, the main reason for the considerable adoption is the lack of suitable fiat-based opportunities in many parts of the country.
The current inflation rate in the nation exceeded 20%, reaching a 17-year high. Hostile macroeconomic conditions, combined with the falling Nigerian naira, caused many locals to invest in bitcoin and stablecoins in an attempt to preserve some of their wealth.
Another recent survey found that Nigeria is the most crypto-curious country in the world. Local residents are more inclined to type “buy crypto”, “invest in crypto”, and “buy dip” phases into Google.
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