Emomotimi Agama, the director-general of the Securities and Exchange Commission (SEC), announced that Nigeria’s cryptocurrency market is valued at over $400 million. Speaking at the 2024 annual conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, Agama highlighted the significant involvement of the Nigerian population in cryptocurrency trading and transactions.
Agama projected that the volume of Nigeria’s cryptocurrency market will reach $52.5 million by 2028, marking a 12.66% increase from 2024. He noted that between July 2022 and June 2023, Nigeria’s crypto transaction volume was $56.7 billion, a 9% year-over-year growth.
Despite economic challenges, Agama stated that Nigeria is a global leader in crypto adoption and transaction volume, with approximately 33.4% of Nigerians owning or using cryptocurrencies. This presents an opportunity to provide financial services to the over 38 million unbanked adults in the country. He also pointed out that many Nigerians without bank accounts still have crypto wallets.
Agama emphasized that cryptocurrencies can offer cheaper and more efficient remittance methods for Nigerians in the diaspora, reducing transaction fees significantly compared to traditional remittance services.
However, Agama warned of challenges such as illicit activities, regulatory uncertainty, and cybersecurity threats, as reported by the Economic and Financial Crimes Commission (EFCC). He stressed the need for a comprehensive regulatory framework to protect investors and encourage innovation.
Agama concluded by calling for collaboration among regulators, industry stakeholders, and the public to develop effective regulations and ensure a secure and innovative financial ecosystem. Mairiga Katuka, chairman of SEC, echoed these sentiments, emphasizing the potential advantages of cryptocurrencies for Nigeria’s financial markets.
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