By Philip Nwosu
A major driver for career seekers in the Nigerian crypto industry is the rising unemployment in the country. Nigeria recorded 27.1 per cent growth in unemployment in the second quarter of 2020 compared to the 23 percent in the third quarter of 2018, data from the National Bureau of Statistics (NBS) showed. Youth unemployment makes up a huge chunk of that number.
Nearly 14 million young people are out of work in Nigeria, which has one of the world’s largest youth populations, with more than a third of its 200 million people aged 24 or under, according to United Nations’ data.
Nigeria slipped into its worst recession in over three decades last year and now faces a record sixth straight year of declining average incomes, with most forecasts pointing at less than two per cent growth in 2021.
Economists forecast the rate of unemployment may rise further to 30 percent on the back of the COVID-19 pandemic-induced job losses.
Job opportunities in the cryptocurrency market have continued to grow on a yearly basis as more investors pour into the market bringing funds and new companies along.
A report by Glassdoor showed a growing demand for talent in the cryptocurrency industry, with job openings in the US rising by 300 percent year-on-year.
Another report by Indeed.com showed that between December 2016 and December 2017, there was a 207 percent increase in job postings for blockchain positions.
The share of cryptocurrency job postings per million grew by 26 percent in 2018. In addition, the share of these roles per million increased by 1,457 percent between 2015 and 2019.
In Nigeria where employment opportunities are harder to find, the cryptocurrency market has become an oasis for many young people.
In a number of the local and global brands in the industry, Nigerians are chief executive officers (CEOs), chief technology officers (CTOs), country directors, marketing managers, community managers, legal and compliance officers, etc., said the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
Local blockchain and crypto authors, educators, forensic experts, journalists, lawyers, presenters, programmers, reporters, researchers, software developers, writers, etc., have also emerged, bringing about an ecosystem of innovation, collaboration, and growth.
“Law firms should be exploring the blockchain and cryptocurrency spaces by now. A lot of opportunities abound for young lawyers and students of law who are looking for career opportunities in that industry,” a Legal Practiner, Sam Adegoke, said.
With interest growing among young people pursuing careers in cryptocurrency, companies like Binance, Bundle, BuyCoins, Luno, and Quidax have stepped up with programs that enable them to deepen their knowledge of the market and become professionals.
Binance has hosted over 400 free events in 2020, getting attendees in more than 40 countries – many in Africa – online and offline. Usually, a crypto masterclass undertaken by any private entity could cost as much as $200 per student.
The first Binance Masterclass went live on January 24, 2020 in Benin, capital of Edo State, Nigeria. The Binance Masterclass for Africa series provides necessary crypto education for over 30,000 confirmed attendees and reaching over 70,000 people via registrations and YouTube views.
The six hours intensive seminar which included a comprehensive crash course into understanding bitcoin, blockchain, trading, etc, was attended by 222 people.
Following the success of the maiden edition, the Binance Africa team on February 4, 2020 launched the Campus Ambassador program with seven ambassadors in seven universities.