Nigeria will lead in Bitcoin adoption in Africa

Bitcoin adoption in Africa was being spearheaded by South Africa, Kenya, and Ghana, until recently. In fact, the year 2016 witnessed the upward improvement of Bitcoin penetration in the Federal Republic of Nigeria in an encouraging dimension.

In October 2016, a Nigerian based Exchange BitX announced that their wallet on Google Play Store recorded 100,000 downloads. Besides the increase in volume, the exchange also stated among other things that the price rate was also lucrative. For instance, when Bitcoin price was around $800, Nigerians were buying it at $1000.

Many analysts are confident the drift will keep growing to the extent where Nigeria may overtake countries like Kenya and Ghana. News BTC decided to find out what is driving this positive move in the West African Nation.

E. A. Afolabi, CEO of Exact Group, an Information Technology outfit in Lagos Nigeria is convinced Nigeria will lead in adoption sooner than later. “We are going to be in the lead. We are not good at starting, but we will benefit in anything until it is not existing,” Afolabi stated.

The IT expert explained that Nigerians are making use of Bitcoin to make life easier in so many spheres of life. According to him, Satoshis facilitates activities like MMM, Zarfund, Online Shopping, Forex and cross-border trading for his compatriots.

On the perception of the government on Bitcoin and other Cryptocurrencies, Afolabi is of the view that the government should overcome its inexperience. “The recent Security and Exchange Commission’s warning to Nigerians to beware of Bitcoin and other Cryptocurrencies are uncalled for, and ignorance at best.” He further stated that “The government will do all Nigeria’s an invaluable service by finding out the immense benefits of Bitcoin.”

From Afolabi’s scope, the biggest challenge facing Bitcoin in the Africa’s most populous country is the distrust of online-based activities. “Bitcoin is already in Nigeria, but the fear of online is the challenge most of the illiterates and few scholars are afraid of. Most believe that anything online is fraudulent,” he related. Meanwhile, 59.6% of the total population of the dwellers of the River Niger are Literates.

It is also worth noting that only 32.5 percent of the adult population in Nigeria have access to Bank Accounts. The situation makes Cryptocurrency extremely ideal for adoption.

To have your bank account on your smartphone is exciting for many Nigerians. And Nigeria is awash with Smartphones. Needless to say, this Sub-Sahara African country is one of the most bureaucratic countries in the world.

Refreshingly, all factors indicate that Bitcoin will thrive astonishingly well in Nigeria and the future is radiant. “In the next five years, even in the village, they will be using Bitcoin to buy from China,” Afolabi, concluded excitedly.

Newsbtc

Suicide bomb attack kills professor and child in Nigeria

A professor at the University of Maiduguri and a child were killed and 17 people wounded on Monday in a twin suicide bombing in the city in Nigeria's northeast, officials said.

State emergency agency NEMA said two suicide bombers blew themselves up at different gates to the university in Maiduguri, the capital of Borno state, the former stronghold of Boko Haram Islamist militants, at around 5 a.m..

There was no claim of responsibility but the attacks bore the hallmarks of Boko Haram, which has killed 15,000 people and displaced more than 2 million during a seven-year insurgency to set up an Islamic state in Nigeria's northeast.

The group has stepped up attacks in the past few weeks as the end of the rainy season facilitates movements in the bush.

In early 2015, Boko Haram controlled an area about the size of Belgium. It has been pushed out of most of that territory over the past year by Nigeria's army and troops from neighboring countries.

Last month, President Muhammadu Buhari said Boko Haram fighters had been pushed out of the Sambisa forest, their last stronghold in the northeast.

Security analysts say the group's ability to carry out attacks in neighboring Niger, Cameroon and Chad suggests it has multiple bases.

Reuters

Video - Villages in North East Nigeria rebuild by embracing solar energy

People in Nigeria's northern part of the country are gradually rebuilding their lives, after attacks by Boko Haram two years ago left their homes destroyed and infrastructure ruined. Uche Okoronkwo takes a look at a small village where residents have embraced solar energy in an effort to improve their lives.

Nigeria offers asylum to Gambian President Yahya Jammeh

Nigeria's lower house has voted to offer Gambian President Yahya Jammeh asylum if he steps down, according to Gambian MPs.

The House of Representatives approved a motion on Thursday for President Muhammadu Buhari to offer Jammeh asylum if he hands over power to Adama Barrow, who won The Gambia's December 1 elections.

The motion is not binding on the government and there was no immediate response from Buhari, who is expected to travel to Banjul on Friday for talks.

The MPs said "the clock is ticking fast" for The Gambia and there was a need to step up diplomacy, as the possibility of violence and mass displacement threatened West African stability.

They called on Jammeh to "respect the will of the people" who voted for opposition candidate Adama Barrow in the elections.

Buhari, who is leading the regional diplomatic effort, should "extend Nigeria's readiness to offer ... Jammeh safe haven in Nigeria to live securely as a way of ending the political stalemate in The Gambia", they added.

'Violence should be avoided'

Buhari's foreign minister, Geoffrey Onyeama, said on Tuesday that "violence should be avoided but nothing is ruled out" by regional bloc ECOWAS to ensure The Gambia's constitution is upheld.

Jammeh has taken legal action against the election result and said he will not step down until his complaint is heard.

That has raised the prospect of months of political deadlock because The Gambia lacks Supreme Court judges to handle the case.

Nigeria has previously given asylum to a number of African political leaders, including the Liberian rebel-turned-president Charles Taylor.

Buhari is due to travel with other West African leaders to The Gambia on Friday to try to persuade Jammeh to accept the election results, which he has rejected so far.

Al Jazeera

Video - Nigeria oil union suspends 3 day strike over job cuts at oil companies

Nigeria's National Union of Petroleum and Natural Gas Workers called off its three-day nationwide warning strike on Wednesday at a meeting with Nigeria's Minister of Labour and Employment.

The oil union had announced on Tuesday that they would begin a nationwide shutdown of gas stations, fuel depots and loading bays, over job cuts at oil companies, including local units of Chevron and Exxon Mobil.

Union officials now say that every issue raised has been addressed. Minister of Labour and Employment, Chris Ngige, urged all oil companies that entered into the collective agreement to ensure its implementation.

Nigeria's oil unions have protested against job cuts by oil companies in recent weeks. They suspended a plan to strike just last week at a lubricant facility operated by Total's local unit, after reaching an agreement with the company. The minister gave the oil companies two weeks to resolve all outstanding issues.