The Securities and Exchange Commission (SEC) has disclosed that crypto transactions in Nigeria exceeded $50 billion between July 2023 and June 2024, raising concerns over the low level of participation in the traditional capital market.
SEC Director-General, Emomotimi Agama, said in a statement on Sunday that while millions of Nigerians actively trade in digital assets, fewer than four per cent of the adult population invest in the capital market.
“This reveals a paradox—an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment,” Agama noted.
He described the limited investor participation as a major challenge to economic growth and called for renewed efforts to deepen financial inclusion and rebuild confidence in the market.
Agama also urged for a “reimagined SEC” that would act not just as a regulator but as an enabler of private-sector-led growth, ensuring that crypto transactions in Nigeria contribute meaningfully to national development.