The Securities and Exchange Commission (SEC) has revealed that over $50 billion in cryptocurrency transactions occurred in Nigeria between July 2023 and June 2024, reflecting rising digital investment outside formal markets.
SEC Director-General Dr. Emomotimi Agama said fewer than four percent of adults invest in the capital market, compared to 60 million Nigerians engaged in daily gambling — a sign of strong risk appetite but low investor trust.
He noted that Nigeria’s market capitalization-to-GDP ratio (30%) trails far behind South Africa’s 320%, underscoring the need to rebuild confidence. Reviewing the Capital Market Master Plan (2015–2025), Agama disclosed that less than half of its 108 initiatives were achieved.
He urged a reimagined SEC to tackle challenges such as low participation, weak liquidity, and limited foreign inflows through trust, transparency, and inclusion.
