Crypto and gambling are stealing the spotlight as Nigerians ditch traditional stocks for faster, riskier digital alternatives.
Nigeria’s investment scene is transforming rapidly, with cryptocurrency and gambling now eclipsing traditional stock market participation, according to new data from the Securities and Exchange Commission (SEC).
Between July 2023 and June 2024, crypto transactions in Nigeria hit $50 billion, SEC Director-General Emomotimi Agama revealed. In contrast, fewer than 4% of Nigerian adults invest in the stock market.
Agama, speaking at the Chartered Institute of Stockbrokers (CIS) annual conference, called the shift alarming, warning that capital formation is being undermined as millions pursue high-risk options. Over 60 million Nigerians reportedly gamble daily, spending $5.5 million per day on betting platforms.
He noted that younger investors are drawn to digital assets and online gaming for their ease, speed, and perceived higher returns. With the stock market’s capitalization-to-GDP ratio at just 30%, Agama urged reforms to rebuild trust and make the capital market competitive, saying Nigeria risks losing a generation to unregulated platforms.
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