Nigeria's Web3 startups raise $43M in 2025, with 89% going to stablecoin products

Nigeria's Web3 startups raised $43 million in 2025, doubling the previous year's figure according to Hashed Emergent's Nigeria Web3 Landscape Report 2025. The funding is heavily concentrated, with 89% ($38 million) going to stablecoin-based fintechs focused on payments and fiat-crypto exchanges. Early-stage deals dominated at $13 million, showing limited growth capital depth, while Series A funding returned modestly with its first deal in two years.

Despite the funding increase, the ecosystem remains tilted toward early-stage bets. Of 82 deals recorded in 2025, 73 were grants with only one Series A round. Infrastructure-first startups raised just $4 million (down from $11 million in 2024), while the entertainment sector declined to $1 million. Stablecoins are driving adoption, with deposits growing 9,000% between 2018-2025 and on-chain transactions reaching $92 billion.

Nigerians recorded an 83% withdrawal-to-deposit ratio on exchanges, showing stablecoins function as payment rails rather than savings. Regulatory progress includes the Investment and Securities Act recognizing digital assets as securities and the creation of Virtual Asset Regulatory Council. With ₦2 billion capital requirements now in place for exchanges and custodians, Nigeria's Web3 ecosystem continues its long walk toward regulatory clarity while seeking deeper capital for scaling.

SOURCE: https://techcabal.com/2026/04/21/nigerias-web3-funding-rebounds/