Legal
Bola Tinubu’s emergence as Nigeria’s President could improve the country’s crypto industry. Nigerian netizens hope that by flipping a new page, the nation could discard the current irregularities in the sector. Doing so could usher in a better environment for crypto practitioners.
Irregular frameworks have plagued the Nigerian crypto space. That has hampered the development of the industry in the past years. During the past administration, the Nigerian crypto industry experienced several setbacks in regulatory adjustments. The nature of the industry suggested those in charge of affairs were perhaps ignorant about the industry or reluctant to allow the sector to grow.
Nigeria has a high youth population interested in emerging technologies like blockchain and cryptocurrency. The high unemployment rate among the youth pushed many to seek opportunities on the world wide web. There, blockchain and crypto have become viable tools for them to explore. Unfortunately, most of them decry the past government’s attitude towards youth participation in tech.
With the President set to constitute a new Federal Executive Cabinet (FEC), the youths are watching. They hope Tinubu will choose the right people to manage the technological sector and enable the development of the industry. Practitioners in the Nigerian crypto space hope the government will be inclusive when developing a crypto framework. They believe it is the only way the older leaders can get closer to understanding the industry’s operations.
Tinubu became Nigeria’s 16th President after an inauguration ceremony at the nation’s capital on Monday, May 29, 2023. However, the legitimacy of his position is under contest after a highly controversial election. He remains the elected President unless the Presidential Elections Tribunal (PET) upturns his election at the end of the court case.
