Exposed! Real Reasons Nigerians Still Rushing Into Cryptocurrency, CBI

Exposed! Real Reasons Nigerians Still Rushing Into Cryptocurrency, CBI

According to global cryptocurrency trading platform Paxful, Nigerians are only second to the United States when it comes to Bitcoin exchange. Fuelled by political unrest as witnessed by last year’s #ENDSars movement and a struggling economy, a crackdown from the government has done little to quell the use of Bitcoin in Africa’s largest economy.

In addition to the increasing use of cryptocurrency, there has been a surge in demand for second citizenship as Nigerians begin to look elsewhere for greater freedom. The COVID-19 pandemic has exacerbated pre-existing concerns amongst Nigerians, including corruption, high inflation, lack of opportunities and access to higher quality education and healthcare.

This has led many to reconsider their future in the country. Second citizenship, similarly to cryptocurrency, provides the holder with alternative options of living and conducting business. They both can be utilised to diversify one’s assets whilst offering an insurance policy during times of crisis.

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According to CS Global Partners, a London-headquartered legal advisory, St Kitts and Nevis, a small dual-island nation in the Caribbean, has seen an influx of Nigerian investors enquiring about its Citizenship by Investment (CBI) programme.

Launched in 1984, the programme is one of the longest-standing options on the market and is internationally recognised as a ‘Platinum Standard’ brand for second citizenship. Due to its vast experience in the industry, investors recognise the programme as a trusted product.

“As the world’s first CBI programme, St Kitts and Nevis programme is also first in the industry when it comes to innovation and legislation of its CBI programme from the constant development of new investment opportunities to the passing of key legislation that raises the standards of accountability and investment protection in the entire CBI industry,” highlighted Les Khan, CEO of Citizenship by Investment Unit, for Nigeria’s Business Day.

To become a St Kitts and Nevis citizen, an applicant must make a one-time investment to the Sustainable Growth Fund. The fund option is hailed as the country’s fastest route to second citizenship, and it channels revenue generated into national development projects in many sectors, including healthcare, tourism, and education.

Once applicants successfully pass due diligence checks, they gain travel prospects to nearly 160 destinations, the right to live, work and study in the nation, along with the ability to pass citizenship down to future generations. St Kitts and Nevis also has a limited time offer that grants citizenship to a family of up to four for $150,000 rather than $195,000.