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A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.”

Foreign Direct Investment ‘Crippled’

A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign direct investment that goes to the fintech industry. The same restrictions, as well as the banning of Twitter, have also adversely affected young Nigerians who were earning money via crypto trading.

The report, which is titled Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).

“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector,” the report concluded.

Nigeria Denied Taxes

However, an excerpt from the report published by Business Insider Africa suggested some Nigerian youths may have found ways to “lawfully bypass these restrictions and continue the business.” This fact is also backed by a News report which stated that peer-to-peer crypto trading in Nigeria had surged shortly after the central bank asked financial institutions to stop facilitating crypto-related transactions.

By switching to alternative yet legal ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”

What are your thoughts on this story? Tell us what you think in the comments section below.

One thought on “Report: Nigerian Crypto Restrictions and Twitter Ban Have ‘Crippled Foreign Direct Investment in the Fintech Industry’

  1. We very often see the “advice” on this sub about not being open about your holdings and what you put your money in. You often say to not tell family and relatives about it and I understand that to an extent. I don't tell my parents, siblings and such about it either because they wouldn't understand and they have their preformed opinions on crypto in general so they will be negative about it.

    BUT I would say to ALWAYS tell your spouse/partner about it, definitely if you live together. Also listen to them and their opinions. If you gain or lose, it's gonna affect both of you, you are both at stake. Keeping them out of the loop is pure disrespect on your part and is gross negligence of the trust your partner instills in you.

    I'm saying this after having read a lot of the stories recently posted on Luna's sub of how people have lost everything and didn't listen to their partners and thought they knew better than their “dumb” partners. It is very easy to think you're gonna go to the moon so it is good to have someone be a little realistic to tell you to cash out because the money you've made is good, and it'd be a shame, sometimes detrimental, to lose it all. I, for one, always keep my gf in the loop, tell her what I've put my money in, led her know how it's going and sometimes she's told me to cash out and I did. Sometimes, sure, I've missed out on more gains but other times I would have lost money had i not listened. Don't be greedy.

    You wouldn't want your partner to go out and gamble all their money away when it's money you could have both benefitted from. Some of you may sit there and think “it's my money, I spend it how I want” but that's where you're wrong, you made an unwritten agreement that you'd take care of each other, and you wasting all your money is not taking care of them.

    If you're playing with pocket change and such, it's fine I guess but when you're betting with big money, money you can't afford to lose, you're a straight asshole for disregarding your partners feelings on it

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