The Securities and Exchange Commission (SEC) has revealed that Nigeria’s cryptocurrency market is valued at over $400 million, with a significant portion of the population involved in trading and transactions. According to the Director General of the SEC, Emomotimi Agama, the country has emerged as one of the leading nations globally in terms of crypto adoption and transaction volume.
Agama made the disclosure at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, where he emphasized that despite economic challenges, the country’s crypto market is expected to continue growing. He predicted that the market volume will reach $52.5 million by 2028, representing a 12.66% increase from 2024 to 2028.
The SEC director also pointed out that Nigeria’s cryptocurrency transactions reached a significant milestone of $56.7 billion between July 2022 and June 2023, marking a 9% increase from the previous year. This rapid growth has raised concerns about the potential for misuse, regulatory ambiguity, and security threats, as well as the need for improved financial education and awareness among investors.
To address these concerns, Agama emphasized the need for a balanced regulatory approach to harness the benefits of crypto assets while mitigating risks. He stressed that this approach would enable the country to capitalize on the advantages presented by the introduction of cryptocurrencies.
The Chairman of the SEC, Mairiga Katuka, also spoke at the conference, urging stakeholders to work together to chart a course forward for Nigeria’s vibrant financial markets. The introduction of cryptocurrencies presents an opportunity for growth and development, and it is crucial that regulators and market participants work together to ensure a safe and stable environment for all stakeholders.
The conference brought together experts and stakeholders in the financial sector to discuss the implications of crypto assets on Nigeria’s economy and financial markets. The event aimed to provide insights into the current state of the crypto market and explore ways to address the challenges and opportunities presented by its growth.
