Nigerian City of Lagos Among the World's Top 20 Crypto Hub Cities — Study

According to the findings of a study by Recap, the crypto asset management firm, the Nigerian city of Lagos is ranked among the world’s top 20 crypto hub cities. Besides Lagos, five more African cities, namely the Angolan city of Luanda, Nigeria’s Ibadan, and three South African cities — Cape Town, Johannesburg and Pretoria — feature among the 50 top-ranked crypto hub cities.

Lagos Among Cities With Most People ‘Working in Crypto-Based Jobs’

According to the findings of a recent study by Recap, a crypto asset management firm, the Nigerian city of Lagos is the only African city that features on its list of top 20 crypto hub cities. With a total score of 261.2 points, Lagos is only outranked by 13 major cities out of the over 200 “most populated cities in the world” that were surveyed.

As shown by the study findings, while the city has one of the lowest figures for crypto-related events held or the number of installed bitcoin automated teller machines (ATMs), it nonetheless boasts the highest (45%) proportion of crypto holders relative to the population size. In addition, the data shows that Lagos ranks among cities with the highest numbers of individuals “working in crypto-based jobs.” Only London, Dubai, New York City, Singapore, Los Angeles, and Paris have more people working on such crypto-related jobs.

While Lagos — one of Africa’s most populous cities — is among the top 20 crypto hub cities, Ibadan, a city in southwest Nigeria, is ranked 24th in the world and second in Africa. According to the study data, Ibadan, whose crypto ownership rate is similar to that of Lagos, has a total score of 235.8. This score is over 10 points higher than that of the next highest-ranked African city, Cape Town (ranked 30).

Two more South African cities, namely Pretoria (42) and Johannesburg (46) also feature among the list of top 50 crypto hub cities, while Angola’s Luanda (38) is the sixth African city to feature on the list.

According to the study findings, London is the highest-ranked city with a score of 458.5, and is closely followed by Dubai which scored 447.2. New York City (3) and Los Angeles (5) are the only U.S. cities that feature among the ten top-ranked crypto hub cities while Singapore City (4) and Bangkok (10) are the only Asian cities on the list.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.