A new report has opined that Nigeria’s restrictions on cryptocurrency transactions and the ban of Twitter crippled foreign direct investment in the fin‑tech industry.
The bans also adversely impacted millions of young Nigerians earning a living from the sector.
The report was titled ‘Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities’.
It was published under the responsibility of the Secretary-General of the Organisation for Economic Co‑ Operation and Development and the Secretary-General of the United Nations, with support from the African Development Bank.
According to the report, young people engage in jobs in the tech sector to survive but this can be adversely affected by varying government policies.
The report read in part, “Jobs in the tech sector range from creating apps, trading digital currencies, operating in social media marketplaces, to freelancing and gig work. By doing this, many young people can plug into the global economy and make enough to get by. However, this involves the expense of data and devices, and can be frustrating when arbitrary government policies are enacted.”
It added, “The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector. Many have found a way, however, to lawfully bypass these restrictions and continue the business, effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”
