Lagos State is set to become the next crypto capital as the state Governor, Mr. Babajide Sanwo-Olu announced bold proposals for crypto adoption in Lagos, a bustling commercial hub in Nigeria, with a vibrant tech ecosystem and a large population of young, tech-savvy individuals.
The announcement is a significant shift in the political landscape of Nigeria, where cryptocurrency has long been a controversial topic, despite the fact that Cryptocurrency has gained significant traction in the state over the years, with a growing number of individuals and businesses adopting it as a means of payment and investment.
Lagos State alone is home to hundreds of Blockchain and Crypto businesses with over 5 million users.
In a short video, while engaging a group of cryptocurrency enthusiasts
in Lagos, the governor noted that the role of government is to provide an enabling environment where young people can thrive and realise their potential.
“Lagos state has become an enviable state for startups, especially in the technology and innovation sector. Thus, we are committed to working with all stakeholders to promote the growth of the tech and blockchain industry, including cryptocurrency in Lagos State,” he said.
He said the government recognises the potential of crypto in transforming the state’s economy. Thus, the government will continue to create a space where startups and innovators can come together to develop solutions to the challenges facing the society, emphasizing that innovation is the key to unlocking the potential of Lagos and as a governor, he is committed to supporting those willing to take on these challenges.
“We cannot afford to be left behind in the global shift towards digital currencies. Cryptocurrency has the potential to drive economic growth, create jobs, and empower our youth. As leaders, we must embrace innovation and create an environment that encourages its adoption,” Sanwo-Olu, who is seeking a second term in office added.
Some of the initiatives proposed by Sanwo-Olu to boost crypto adoption in Lagos State include the establishment of a dedicated sandbox regulatory framework for cryptocurrency, the creation of a crypto-focused innovation hub and the provision of incentives for businesses that accept crypto payments.