Nigeria is a unique country in West Africa, geographically situated between the Sahel to the north and the Gulf of Guinea to the south in the Atlantic Ocean. Inflation is currently over 18%[1], and money debasement is sometimes a daily occurrence. If you’ve never had a backpack full of useless naira, you wouldn’t understand.
In places like Accra, Ghana[2], the cost of living is among the highest in any African country. But Bitcoin can remove the trust factor of money from the hands of nefarious governments and broken monetary policy, which drive inflation and high costs of living across Africa.
A recent KuCoin report found that[3], of the 51% of Nigerians who have access to the internet, 86% are familiar with cryptocurrency as an investment vehicle. And a country like Nigeria, with boundless talent, full of entrepreneurs and developers looking for ways to solve the country’s numerous economic problems through the Bitcoin protocol, will have profound impact.
Breaking Ground With Bitcoin
For instance, a circular Bitcoin economy, similar to El Salvador’s infamous Bitcoin Beach[4], is being built there, and it could be just as significant and world-changing as its Latin American counterpart. The time is now to make Nigeria a place of tourism for Bitcoiners worldwide.
Satoshis Journal founders Jeremy Garcia and Oluwasegun Kosemani of Satoshis Journal[5] are working to build the first-ever Bitcoin Village[6] in Lagos, Nigeria. They plan to power it with solar energy, mine Bitcoin onsite, educate the local community on Bitcoin and create a synergy of Bitcoin Core development with a STEM lab.
This won’t be the typical village that you see in Africa, entrenched in steamy jungles with no internet connection — this place is going
