Nigeria witnessed cryptocurrency transactions worth over $50 billion between July 2023 and June 2024, according to the Securities and Exchange Commission (SEC).
The SEC Director-General, Dr. Emomotimi Agama, disclosed this in a statement on Sunday, expressing concern that despite the massive flow of funds through digital assets, only a small fraction of Nigerians are active in the country’s traditional capital market.
Agama revealed that less than four per cent of Nigeria’s adult population currently invests in conventional financial instruments—an issue he described as a “major obstacle to economic growth and capital formation.”
> “This reveals a paradox: an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment,” he said.
He pointed out that while fewer than three million Nigerians are active in the capital market, over 60 million citizens engage in gambling daily, collectively spending around $5.5 million each day.
Dr. Agama also drew attention to the country’s market capitalisation-to-GDP ratio, which stands at about 30 per cent, far below global peers such as South Africa (320 per cent), Malaysia (123 per cent), and India (92 per cent).
He stressed that this disparity underscores the urgent need to broaden financial inclusion and restore investor confidence.
> “Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only ₦1.5 trillion approved in Public Private Partnership bonds. This shows a misalignment between financial innovation and national priorities,” Agama noted.
Calling for what he termed a “reimagined SEC,” the director-general said the Commission must evolve to become not just a regulator but also a facilitator of private-sector-led growth in Nigeria’s financial ecosystem.
