Nigeria recorded more than $50 billion in cryptocurrency transactions between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

Agama said the surge reflects Nigerians’ growing interest in digital assets but lamented that fewer than 4% of adults invest in the capital market. He noted that while under three million people hold market investments, over 60 million Nigerians gamble daily.

Nigeria’s market capitalization currently represents just 30% of GDP, far below countries like South Africa (320%) and India (92%). Agama added that less than half of the initiatives in the Capital Market Master Plan (2015–2025) have been fully implemented.

He called for reforms to rebuild investor confidence, boost participation, and align regulation with innovation.

“We must bridge the gap between innovation and regulation,” Agama said. “The future of Nigeria’s financial system depends on a balanced, technology-driven capital market.”

Analysts warn that while the $50 billion crypto boom shows strong public engagement, it also underscores the need for clearer oversight and investor protection.