The need for government to create an enabling environment for Blockchain technology formed the core of conversations at the just concluded Air Conference 2024 (AirCon 2024), organized by AirDAO, a pioneering layer-one blockchain and Web3 ecosystem governed by a global community through a Decentralized Autonomous Organization (DAO).The Air Conference 2024 (AirCon 2024), organized by AirDAO, brought together industry experts and enthusiasts to discuss the future of blockchain technology in Nigeria.
AirCON, organized with the aim of bridging the gap between onchain and the real world provided a forum for meaningful interactions as well as opportunities for collaborations as well as networking.
Key discussions at AirCon 2024 focused on the opportunities and challenges of blockchain adoption in Nigeria. Speakers highlighted blockchain’s potential to enhance financial inclusion and drive innovations across Africa. The event also addressed the path forward for building sustainable crypto ecosystems in emerging markets.
Wealth and Financial Strategy Expert Bolaji Akinola in his presentation explained that blockchain can improve processes and that however the key problem in Nigeria is regulation. This is says can be resolved with a better understanding of blockchain and the opportunities that it brings.
“Blockchain has the potential to revolutionize various sectors in Nigeria, from improving transparency in government processes to streamlining supply chains and fostering financial innovation. However, we must address challenges such as regulatory uncertainty and lack of infrastructure.”
Held to bridge the gap between onchain innovations and the real world, the conference emphasized the importance of creating an enabling environment for blockchain technology in Nigeria.
“For blockchain to succeed in Nigeria, we need a supportive regulatory framework. Clear and consistent regulations will attract more investments and drive technological advancement.
“By working together, we can harness the full potential of blockchain to drive innovation, enhance financial inclusion, and achieve sustainable economic growth in Nigeria.”
Rising Adoption and Economic Impact
Surveys indicate that around 7% of Nigerians aged 18-36 have used cryptocurrency for various purposes, including savings, international payments, and remittances. In 2023, Nigeria’s cryptocurrency transaction volume grew by 9% year-on-year, reaching $56.7 billion. This surge underscores the growing acceptance and reliance on digital currencies within the country.
The conference also highlighted innovative blockchain solutions emerging across Africa, including applications in land registration, healthcare, and voting systems. These examples demonstrate the technology’s versatility and transformative potential.
Calls for Government Support
A recurring theme throughout AirCon 2024 was the need for a supportive regulatory framework. Speakers urged the Nigerian government to develop policies that foster innovation while ensuring consumer protection and financial stability. They argued that clear and consistent regulations would attract more investments in the blockchain sector, driving economic growth and technological advancement.
Building sustainable crypto ecosystems in emerging markets was another key theme. Speakers stressed the need for technological advancements, regulatory support, educational initiatives, and collaboration among stakeholders.
Looking Ahead
As AirCon 2024 concluded, there was a palpable sense of optimism mixed with calls for action. The conference underscored that while blockchain technology offers immense opportunities, its success in Nigeria hinges on a collaborative effort between the government, private sector, and the broader community. By creating an enabling environment, Nigeria can harness the full potential of blockchain to drive innovation, enhance financial inclusion, and achieve sustainable economic growth.
About AirDAO
AirDAO is a pioneering layer-one blockchain and Web3 ecosystem governed by our global community via a Decentralized Autonomous Organization (DAO). We make accessible Web3 products that unlock financial and social equality, and our collaborative ethos empowers all to participate. AirDAO isn’t just a blockchain — it’s a community where each member’s ideas shape the ecosystem.
