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Entrepreneurs In Nigeria are Opting for Bitcoin Over the Naira
It is an unarguable fact that Nigeria’s economy is the largest in Sub Saharan Africa. The only problem is that Nigeria is a one product economy with a heavy dependence on the export of crude oil to other advanced countries.
The dependence on oil has created more problems than a solution for Nigeria which has impacted heavily on her citizens. Although the country generates a lot of foreign exchange from the sale of crude oil, this has not translated to an improved standard of living for her citizens.
Due to this, a lot of people in the country have turned to entrepreneurship as a means of survival. There are several small and medium scale enterprises in the country that provide virtually all types of activity you can think of in the Nigerian economy.
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These businesses range from multinational corporations with thousands of employees to indigenous companies. The surprising thing is that the entrepreneurs who make up small and medium scale enterprises have been able to hold their own in the face of all odds.
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They’ve been able to battle fierce competition from multinationals, decaying and inadequate infrastructure and several other problems that bedevil the Nigerian economy.
The reason people choose to become entrepreneurs in Nigeria is not far fetched. First, to start up a small business does not require huge capital, and it’s quite easy to fill a need in the Nigerian market. Thanks to entrepreneurs who make up small and medium scale businesses, the Nigerian economy has significantly benefited from their contribution. According to financial experts, entrepreneurs in Nigeria are at the forefront of industrial and economic transformation in the country.
Not only are small and medium scale business essential and strategic for speeding up the economic growth of Nigeria, they literally employ close to 80% of the Nigerian workforce. With all these facts in place, it’s no doubt that entrepreneurs in Nigeria must not be toyed with. No matter how little their business is, be it a small phone shop in Ikeja or a big computer store in a mall at Abuja, Nigerian entrepreneurs must be encouraged to flourish.
Challenges of Entrepreneurs in Nigeria
Entrepreneurs in Nigeria face a considerable number of problems that could cripple their business. These problems are typical of what can be found in 3rd world countries. Some of these problems are unfavorable government policies, inadequate infrastructure, security, access to credit forex and lots more.
Most entrepreneurs have found a way to solve most of these problems affecting them, but one major problem they face is getting the required forex to purchase goods from manufacturers abroad. Due to a ban placed on several items by the CBN and the bureaucratic bottlenecks involved in getting foreign exchange, entrepreneurs and also teenpreneurs have been forced to seek refuge in cryptocurrencies.
You might be wondering how possible this is. One thing that entrepreneurs would love to avoid is the volatility and loss of value associated with the Nigerian currency, the Naira. In the last 5 years, the Naira has lost more than half its value thanks to the constant devaluation by the CBN.
On the other hand, cryptocurrencies especially Bitcoin have increased in price and value in the last 5 years. Smart Nigerian entrepreneurs who took advantage of this rise by buying cryptocurrency have been smiling to the bank while those who didn’t have been left to rue their choice.
The entrepreneurs who have seen all the benefits cryptocurrencies have to offer have also been using it to pay for goods abroad rather than having to go through the stress of applying for forex with the CBN or buying it at exorbitant prices at the black market.
The question now is, are you willing to join the smart entrepreneurs in Nigeria or not? If your answer is yes, buying Bitcoin in Nigeria is as easy as drinking water. Coincola offers you a safe and secure platform to buy Bitcoin online and other cryptocurrencies of your choice without stress.
To make things easier, Coincola offers various options with which you can buy Bitcoin in Nigeria. You can buy Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash, XRP and USDT with a bank transfer, cash deposit, PayPal and foreign currencies like the British Pound, Euro or the US Dollar. In addition, you can even buy Bitcoin with iTunes gift cards, Amazon gift cards, Google Play gift cards, etc.
This is an opportunity most Nigerian entrepreneurs cannot afford to miss. Cryptocurrencies have come to stay and in the near future it will be the primary source of payment, why not join the moving train now?
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