Abuja — Nigeria’s cryptocurrency market has been valued at over $400 million, according to Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC). Agama disclosed this during the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN), held yesterday in Abuja.
The conference, themed “Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation,” gathered experts and stakeholders to discuss the burgeoning crypto sector.
Agama noted that a significant portion of the Nigerian population is actively engaged in cryptocurrency trading and transactions. He projected that the market volume would reach $52.5 million by 2028, reflecting a 12.66 percent increase from 2024 to 2028. This projection underscores the rapid growth and adoption of cryptocurrencies in Nigeria, despite the country’s economic challenges.
“Despite economic headwinds, Nigeria has emerged as a global leader in crypto adoption and transaction volume,” Agama stated. Supporting his remarks, he highlighted reports indicating that Nigeria’s crypto transaction volume hit $56.7 billion between July 2022 and June 2023, marking a nine percent year-over-year growth.
While lauding the market’s growth, Agama also acknowledged the ongoing challenges facing the crypto sector. These include concerns over illicit activities, regulatory uncertainties, security issues, and a need for greater financial literacy among the population. He emphasized the importance of a balanced regulatory framework to leverage the benefits of crypto assets while mitigating associated risks.
Echoing Agama’s sentiments, the Chairman of the Securities and Exchange Commission, Mairiga Katuka, noted that the introduction of cryptocurrencies presents significant advantages for Nigeria’s financial markets. Katuka urged stakeholders to collaboratively forge a path forward for the country’s dynamic financial sector.
