The Securities and Exchange Commission (SEC) revealed that over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, highlighting a strong appetite for digital assets. However, SEC Director-General Dr. Emomotimi Agama pointed to a paradox: while under 4% of Nigeria’s adult population actively invest in the traditional capital market, more than 60 million engage daily in gambling.
With fewer than three million Nigerians registered in the capital market, Agama sees low participation as a major obstacle to economic growth and capital formation. Nigeria’s market capitalization to GDP ratio is about 30%, lagging far behind South Africa’s 320%, Malaysia’s 123%, and India’s 92%.
The SEC chief called for deepened financial inclusion and restoring investor confidence, urging a reimagined SEC to become both regulator and enabler for private-sector-driven growth. He emphasized that Nigeria’s $150 billion infrastructure deficit far exceeds the capital market’s contribution, signalling a misalignment between financial innovation and national priorities.
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