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Nigeria’s opposition leader and former vice president, Atiku Abubakar, now promised that he would support blockchain technology and crypto currencies if elected. In a letter about his political vision for the country’s future, he stated that things like blockchain and digital coins should be taught from primary school onwards.

Comprehensive policy

More than 50 candidates want to replace the incumbent president Muhammadu Buhari after the election in February. One of them is Atiku Abubakar of the Democratic People’s Party. From 1999 to 2007, the successful entrepreneur was able to gain political experience as deputy president.

In a letter in which he stated his political goals, he also addressed crypto currencies and the underlying technology. If elected president, he would “establish comprehensive guidelines for blockchain technology and crypto currencies. He also wanted to increase understanding of the technology. The best way to achieve this would be to address the issue in primary school. Abubakar wrote:

“My job is to ensure that the Nigerian economy meets the challenges of the knowledge economy of the 21st century by following the amazingly dynamic pace of technology.

Vision still a long way off

The current Nigerian government is not so positive about crypto currency. Godwin Emifiele, governor of the central bank, described crypto currencies as a game of chance.

However, the Nigerian population appreciates digital currencies like Bitcoin because payments to or from abroad can be processed quickly. In addition, crypto currencies offer protection against inflation and exchange rate losses of the state currency, the naira. Citigroup reported that Nigerians have the world’s third largest share of Bitcoin gross domestic product after Russia and New Zealand.

The government has therefore ordered a study to analyse the advantages and disadvantages of digital coins as a payment method. Startups in the industry have been demanding clarity for some time now. Guidelines would help companies to settle in Nigeria instead of in neighbouring countries.

About Nigeria

Nigeria [niˈgeːri̯a] (Officially in English: Federal Republic of Nigeria [naɪˈdʒɪərɪə]) is a state in West Africa bordering Benin, Niger, Chad and Cameroon. It is by far the most populous country in Africa and, after years of military dictatorship, is attempting to democratise and develop its economy. Nigeria has not yet been able to use its rich oil reserves to successfully combat poverty. Corruption, violence and ethnic conflicts between the Muslim north and the Christian-animistic south are the main obstacles to a better life for Nigeria’s population.


  • Alternating humidity tropical climate. The coast in the south has humid hot climate with very high precipitation (3000mm). To the north the rainy seasons decrease in duration and intensity.
  • In the extreme north the dry climate of the Sahel zone prevails with an eight-month dry period which can have devastating effects.
  • During the dry season, the hot Sahara wind Harmattan (north-eastern trade wind) blows in the north.
  • The average temperatures are 26ºC on the coast and 29ºC in the north.
  • Climate classification according to Troll: from north to south 12 to 15

Origin of the name

The name Nigeria originated in Great Britain, where at the turn of the century it was used as a designation for the possessions of Great Britain in West Africa.