Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade

Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade

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More cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports.

Tola Fadugbagbe recalls moving to Lagos from his small south-western town 10 years ago with dreams of brighter prospects.

Instead, the 34-year-old ended up in a series of odd jobs earning the minimum wage to survive - a typical story for many young Nigerians who are just trying to get by.

It was not until 2016 that online adverts for Bitcoin piqued his interest and he began his cryptocurrency journey.

"I started intensive research," Mr Fadugbagbe told the BBC.

"I was spending hours every day watching videos on YouTube and reading articles about Bitcoin. I didn't have much money so I started with $100 to $200."

It was a decision that transformed his life.







Tola Fadugbagbe

No Nigerian comes to cryptocurrency and wants to look back. It's a big opportunity."

At the time that we spoke, Mr Fadugbagbe, who now trades full time and teaches budding investors, said he had cryptocurrency worth more than $200,000 (£140,000) in his possession.

"I'll soon be moving into my own house, which I'm building. I