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Consensys Reveals Second Annual Global Survey on Crypto and Web3

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Consensys, a leading blockchain and web3 software company, has released its second annual global survey on web3 and crypto, conducted by YouGov.

This was disclosed in a statement released on December 10, 2024.

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As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries across Africa, the Americas, Asia, and Europe.

It provides a global and regional view of perceptions around web3 and its various dimensions: blockchain technology, cryptocurrencies, NFTs, decentralization, the metaverse, and more.

The survey captures people’s perceptions about the present state of the internet, data privacy, and current events including the rapid adoption of AI and crypto’s integration into the traditional finance sector via products like ETFs.

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The first annual Global Survey on Crypto and Web3 was conducted in early 2023 amid a significant downturn in market conditions across the crypto and web3 ecosystem, however the follow-up effort achieved in this 2024 version comes as these conditions shift upwards. The 2024 survey reveals that while still present, barriers to invest in cryptocurrencies are lower than last year and market volatility is still the top barrier cited but is also significantly down from last year.

Two years of global data shows crypto, web3, and blockchain are all being rapidly embraced in key emerging markets like Nigeria, India, and South Africa.
Web3 is a new decentralized, transparent and blockchain-based internet that is not controlled by centralized entities. Web3’s fundamental tenet of decentralization to empower individuals with control over their own data and privacy, offers a solution for people’s frustrations with the current iteration of the internet and its inability to provide this.

READ ALSO: US Blocks Nigerian’s Cryptocurrency Fraud, Imposes $50,000 Fine

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Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said, “The critical role of blockchain and decentralization in enhancing privacy, trust and transparency for how our data is managed cannot be overstated. Our latest survey not only highlights the rising importance of data privacy, with 83% of respondents emphasizing its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.”

“Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web. 2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social and political agency for all people and communities. The recent U.S. presidential election may lead to significant regulatory clarity, for example. As the world embraces the potential of decentralization and crypto, our industry stands ready to support and empower the next wave of users through education and innovation while solving some of our world’s most complex challenges” Lubin added.

The survey results present a compelling picture characterized by widespread awareness of crypto and a strong desire for ownership, coupled with confidence in a crypto-led future for Nigeria:
Overwhelming crypto awareness: 99% have heard about cryptocurrencies in Nigeria, with the country further having the highest level of understanding of crypto across the countries surveyed, at 77%.

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A desire for more ownership: 84% of Nigerian respondents have at least one crypto wallet and 94% of those aware of NFTs plan to acquire them in the next 12 months.

Concerns over Data Privacy: Data privacy is important to 92% of Nigerians and 87% would like to have more control over their identity on the internet.
In favour of Decentralization: Over half of respondents think that decentralization could improve traditional banking and social media platforms. At least 56% of those aware of web3 used a web3 wallet in the past year (up 16 points over 2023 data) and 34% played blockchain-based games (+7).

Crypto ownership in Nigeria and India continues to grow, significantly up from last year’s high levels. Furthermore, Nigerian respondents have the highest level of trust in internet services who use their data at 98%, but they are also likely to want more control over their online identity and to expect a share of the profits generated from their data compared to other countries. Nigerians also understand the concept of decentralization best, with 80% aware of it in Nigeria.

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Decentralization refers to changes, processes or innovations that seek to reverse or guard against centralization. For example, the internet runs on a decentralized system of servers around the world, Bitcoin runs on a distributed, decentralized ledger and community gardens and microgrids are decentralized approaches to food and energy production, respectively.
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OPINION: Nigerian Leaders And The Tragedy Of Sudden Riches

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By Israel Adebiyi

It is my sincere hope that by now, the wives of the 21 local government chairmen of Adamawa State are safely back from their exotic voyage to Istanbul, Turkey, a trip reportedly bankrolled by the local government finances under the umbrella of the Association of Local Governments of Nigeria (ALGON). A journey, we are told, designed to “empower” them with leadership skills. It’s the kind of irony that defines our political culture, an expensive parade of privilege masquerading as governance.

But that is what happens when providence smiles on an ill-prepared man: he loses every sense of decorum, perspective, and sanity.

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I am reminded of a neighbour from nearly two decades ago, a simple man who earned his living as a welder in a bustling corner of Alagbado, in Lagos. One day, fortune smiled on him. The details of how it happened are less important than the aftermath. Overnight, this humble tradesman was thrust into wealth he never imagined. His first response was to remodel his one-room face-me-I-face-you apartment. He then bought crates of beverages for his wife to start a small trade. Nights became movie marathons, days were spent entertaining friends and living large. Within a short while, both the beverages and the money were gone. The family consumed what was meant to be sold, and before long, they were back to where they began, broke and disillusioned.

That, in many ways, mirrors the tragedy of Nigerian leadership. It’s the poverty mindset in leadership.

The story of my neighbour is a microcosm of the Nigerian political elite, particularly at the subnational level. When sudden riches come, wisdom departs. When opportunity presents itself, greed takes over. In the past years, since the removal of fuel subsidy and the subsequent fiscal windfall that followed, all levels of governments, particularly both state and local governments have found themselves with more resources than they have had in over a decade. Yet, rather than invest in ideas that would stimulate production, jobs, and infrastructure, what we have witnessed is an epidemic of frivolities, unnecessary travels, wasteful seminars, inflated projects, and reckless spending.

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Across the country, the story is similar: councils and states spending like drunken sailors. Suddenly, workshops in Dubai, leadership retreats in Turkey, and empowerment programs that empower nobody have become the order of the day. The sad reality is that many of these leaders lack the intellectual depth, managerial capacity, and moral restraint to translate resources into development. Their worldview is transactional, not transformational.

Nigeria’s tragedy is not the absence of resources; it is the misplacement of priorities. Across the states, billions are allocated to vanity projects that contribute little or nothing to the people’s quality of life. Roads are constructed without drainages and collapse at the first rainfall. Hospitals are built without doctors, and schools are renovated without teachers. Governors commission streetlights in communities without power supply. Council chairmen purchase SUVs in towns where people still fetch water from muddy streams. This is not governance; it is pageantry.

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The problem is rooted in a poverty mindset, a mentality that sees power not as a platform for service but as an opportunity for consumption. Like the welder who squandered his windfall, our leaders are more preoccupied with display than development. They seek validation through possessions and patronage. They confuse spending with productivity. After all, these guarantee their re-election and political relevance.

Take for instance, the proliferation of “empowerment” schemes across states and local governments. Millions are spent distributing grinding machines, hair dryers, and tricycles, symbolic gestures that make headlines but solve nothing. In a state where industrial capacity is non-existent and education is underfunded, these programs are nothing but political theatre.

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Part of the reason for this recurring tragedy is the near absence of accountability. At every level of government, public scrutiny has been deliberately weakened. The legislature, which should act as a check on executive excesses, has become a willing accomplice. Most state assemblies now function as mere extensions of the governor’s office. Their loyalty is not to the constitution or the people, but to the whims of the man who controls their allowances. When oversight is dead, impunity thrives.

The same is true at the local government level. The councils, which should be the closest tier of governance to the people, have become mere revenue distribution centres. Their budgets are inflated with cosmetic projects, while core community needs – clean water, rural roads, primary healthcare, and education – remain neglected. In most states, local governments have been stripped of autonomy, no thanks to the governors, and turned into cash dispensers for political godfathers.

A functioning democracy depends on the ability of citizens and institutions to demand explanations from those in power. Unfortunately, Nigeria has normalised a culture of unaccountability. We applaud mediocrity, celebrate looters, and reward failure with re-election.

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Leadership without vision is like a vehicle without direction, fast-moving but going nowhere. Our leaders often mistake motion for progress. A road contract here, a stadium renovation there, a new office complex somewhere, yet the fundamental problems remain untouched.

When a government cannot define its priorities, it becomes reactive, not proactive. It responds to crises rather than preventing them. The consequence is that we keep recycling poverty in the midst of plenty.

Consider the fate of many oil-producing states that have earned hundreds of billions from the 13 percent derivation fund. Despite their enormous earnings, the communities remain among the poorest in the federation. The roads are not just bad but are deathtraps, the schools dilapidated, and the hospitals understaffed. The money vanished into white-elephant projects and political patronage networks.

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Visionary leadership is not about having a title or holding an office; it is about seeing beyond the immediate and investing in the future. It is about building systems that outlive individuals. Sadly, most of our leaders are incapable of such long-term thinking because they are trapped in the psychology of survival, not sustainability.

There is a proverb that says: “The foolish man who finds gold in the morning will be poor again by evening.” That proverb could have been written for Nigeria. Each time fortune presents us with an opportunity, whether through oil booms, debt relief, or global trade openings, we squander it in consumption and corruption.

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The subsidy removal windfall was meant to be a moment of reckoning, a chance to redirect resources to development, improve infrastructure, and alleviate poverty. Instead, it has become another tragic chapter in our national story, a story of squandered wealth and wasted potential.

When money becomes available without the corresponding capacity to manage it, it breeds recklessness. Suddenly, every council wants a new secretariat. Every governor wants to build a new airport or flyovers that lead to nowhere. The tragedy is not in the availability of money but in the absence of vision to channel it productively.

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Nigeria does not lack bright minds; it lacks systems that compel responsibility. What we need is a new civic consciousness that demands accountability from those in power. Citizens must begin to interrogate budgets, question policies, and reject tokenism. Civil society must reclaim its watchdog role. The media must rise above “he said, he said” journalism and focus on investigative and developmental reporting that exposes waste and corruption.

Equally, the legislature must rediscover its purpose. Lawmakers are not meant to be praise singers or contract brokers. They are the custodians of democracy, empowered to question, probe, and restrain executive recklessness. Until they reclaim that role, governance will remain an exercise in futility.

The solution also lies in leadership development. Leadership should no longer be an accident of chance or patronage; it must be a deliberate cultivation of character, competence, and capacity. The tragedy of sudden riches is avoidable if leaders are adequately prepared to handle responsibility.

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Ultimately, the change we seek is not just in policy but in mindset. Nigeria must confront the culture of consumption and replace it with a culture of productivity. We must move from short-term gratification to long-term investment, from vanity projects to value creation, from self-aggrandizement to service.

Every generation has its defining moment. Ours is the opportunity to rethink governance and rebuild trust. The tragedy of sudden riches can become the triumph of sustainable wealth, but only if we learn to manage fortune with foresight.

Until that happens, the Adamawa wives will keep travelling, the chairmen will keep spending, and the people will keep waiting for dividends that never come.

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JUST IN: Court Orders IGP To Arrest Mahmood Yakubu, Ex-INEC Chairman

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Despite his exit as the chairman of the Independent National Electoral Commission, INEC, the Federal High Court sitting in Osogbo, the Osun State capital, has again ordered the Inspector General of Police, Mr Kayode Egbetokun, to arrest the former INEC chairman, Prof Mahmoud Yakubu, for an offence relating to contempt of court.

The Court order came a few hours after Yakubu left office as the INEC chairman.

The Action Alliance, AA, had instituted a case before the court challenging INEC and its former chairman, Prof Yakubu, over their non-compliance with the judgment of the Court delivered by Justice Funmilola Demi-Ajayi in suit number FHC/OS/CS/194/2024.

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In the said judgment, the court ordered INEC to put the names of the National Chairman of the Action Alliance, Adekunle Rufai Omoaje, and other members of the party’s National Executive Committee, NEC, on the INEC portal.

The Court also held that the names of all the state chairmen of the party be uploaded on the INEC portal.

READ ALSO:JUST IN: Tinted Permit Enforcement Placed On Hold Due To Court Order – Police

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The court held that the elective convention of the party held on the 7th of October, 2023 which produced Omoaje as the national chairman of the party and other NEC members of the party was authentic as it was properly monitored and supervised by officials of INEC in accordance with the party’s constitution and the electoral acts.

However, INEC claimed to have complied with the court judgment, but the party disagreed with the commission, as the name of Omoaje was yet to be uploaded on the commission’s website despite the orders of the Court.

Although the names of the state chairmen of the party under the leadership of Omoaje and those of the NEC members are already on the INEC portal, Omoaje’s name is yet to be uploaded as of press time, a development that the court frowned at.

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The court order obtained by our correspondent dated 7th October, 2025, and signed by Mr O.M. Kilani on behalf of the Court Registrar reads in part, “it is hereby ordered that the Inspector General of Police shall cause the arrest and shall charge the defendant/judgment debtors for contempt and committal proceedings within seven days of this ruling.”

The court also awarded a cost of #100,000 against the judgment creditors.

 

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Lagos Closes Adeniji Adele–CMS Lane For Six Weeks Of Repairs

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The Lagos State Government has announced a partial closure of the Adeniji Adele Interchange Junction to CMS for six weeks to allow for rehabilitation works by the Federal Government.

According to a statement issued on Wednesday by the Commissioner for Transportation, Oluwaseun Osiyemi, the repair works will run daily between 11:00 a.m. and 7:00 p.m., starting Sunday, October 12, and ending Sunday, November 23, 2025.

Osiyemi explained that only one lane of the road will be closed during the period, while the remaining lanes will remain open to traffic to minimize disruptions.

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He assured motorists that traffic management officers will be stationed along the corridor to ensure smooth vehicular movement and reduce inconvenience during the rehabilitation.

Motorists are implored to be patient, as the lane diversion is part of the traffic management plan for the rehabilitation of the road by the Federal Ministry of Works,” the commissioner said.

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He also urged drivers to comply with the directives of traffic officials on duty to ensure safety and efficient traffic flow throughout the repair period.

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