Nigeria’s crypto transactions hit $50bn in one year says SEC

The Securities and Exchange Commission (SEC) says Nigeria recorded $50 billion worth of cryptocurrency transactions between July 2023 and June 2024. The Director-General of the SEC, Emomotimi Agama, disclosed this while presenting a paper at the Chartered Institute of Stockbrokers’ annual conference.

Agama said the surge in crypto activity contrasts sharply with the low participation in Nigeria’s traditional capital market, where fewer than four percent of adults invest. He described the situation as a paradox, noting that while millions of Nigerians engage in gambling, trust and access remain barriers to formal investment.

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The SEC chief highlighted that Nigeria’s market capitalisation-to-GDP ratio stands at 30 percent, far behind South Africa’s 320 percent and India’s 92 percent. He attributed this to low retail participation, weak investor confidence, and concentration of liquidity in large-cap stocks like MTN, Airtel Africa, and Dangote Cement.

Agama said less than half of the 108 initiatives in the 10-year Capital Market Master Plan were achieved, citing limited alignment and weak ownership. He called for a reimagined SEC that fosters transparency, inclusion, and private-sector-led growth to bridge Nigeria’s $150 billion annual infrastructure deficit.