Nigeria lacks Blockchain engineers and specialists, which may make it more difficult for the nation to take advantage of the technology’s potential for expansion. Despite Nigeria’s successful National Blockchain Policy and the revolutionary nature of the technology, experts stressed at the Blockchain Conference hosted in Lagos that the absence of qualified professionals may restrict the nation’s share of the global blockchain economy. According to Fure Eviosekwofa of Furex Technologies, entrepreneurs find it difficult to attract talent because most of it is already employed by large enterprises.
Local talent is present, but it confronts obstacles from global companies who are willing to pay more, according to Flincap’s Nathaniel Luz. According to a 2022 research, Nigeria and other countries saw an increase in the number of the technology’s developers. Experts like Chuta Chimezie of BNUG emphasized that more developers from other software domains need to switch to this Technology for these advantages. Businesses such as Quidax have concentrated on developing domestic talent, while foreign corporations continue to pose a serious threat.
Many software professionals are still apprehensive to move into this tech.
The Federal Government has urged on colleges to revise their curricula to integrate blockchain-related capabilities, acknowledging the significance of talent development. According to specific figures and estimates, Nigeria is facing major hurdles even as the demand for blockchain professionals worldwide is rapidly increasing. For example, according to a 2022 estimate by Electric Capital, there were over 23,000 active blockchain developers in the United States, and by 2030, that number is predicted to reach one million worldwide. Unfortunately, Nigeria was not included in this research with precise numbers, which highlights a data gap in determining the precise extent of indigenous talent.
Chuta Chimezie, the founder of the Blockchain Nigeria User Group (BNUG), attributes some of the nation’s success to programs like the “Blockchain 1000” project, which aims to expand this talent. Still, because to its novelty, a lot of experienced software professionals are still apprehensive to move into this technology. One business that has invested in local talent successfully is the Nigerian Cryptocurrency Exchange Quidax. When the company was founded in 2018, there weren’t many developers and they lacked experience, according to CEO Buchi Okoro.
Recommendations have been made by experts to close the skill gap.
By taking the initiative to train developers from the ground up, Quidax was able to steadily increase the pool of available talent by 2023. In a similar vein, the Blockchain Nigeria User Group has led training sessions and accreditation initiatives, which have helped close the talent gap by supplying a Pipeline for future leaders. A number of recommendations, including government and industry partnerships, local talent retention, remote work and global expansion, and targeted training programs, have been made by experts and leaders in the industry to close Nigeria’s blockchain skills gap.
According to Flincap CEO Nathaniel Luz, “we have the qualified people, but they are already exposed to more opportunities,” local businesses are finding it more difficult to retain the technology’s talent due to competition from global firms. Speaking to the difficulties in persuading knowledgeable experts to use blockchain technology, Chuta Chimezie of BNUG said, “It is not easy to win core software developers into this technology.” The global blockchain ecosystem is impacted by Nigeria’s lack of skills, which also hinders local progress.
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Additionally, Nigeria’s limited ability to properly utilize its talent pool may restrict its ability to contribute to blockchain development globally, as more and more African countries are becoming tech Innovation hotspots. Worldwide demand for knowledgeable workers of the technology is rising, and Nigeria runs the risk of slipping behind if it does not produce enough expertise. Furthermore, the varied viewpoints and innovations that Nigerian developers would bring to the table could be lost by businesses in North America, Europe, and Asia, which would slow down its overall adoption and innovation globally. The rising imbalance in the distribution of blockchain developers—which is still dominated by the United States and India—is partly caused by this skill gap.