Nigeria’s SEC says crypto trading hit $50 billion in a year—highlighting investor distrust in traditional capital markets.
The Securities and Exchange Commission (SEC) has revealed that over $50 billion in cryptocurrency transactions occurred in Nigeria between July 2023 and June 2024, reflecting Nigerians’ growing interest in digital assets over traditional investments.
According to SEC Director-General Dr. Emomotimi Agama, fewer than 4% of Nigerian adults invest in the capital market, while over 60 million people gamble daily, spending about $5.5 million each day. “The appetite for risk clearly exists, but not the trust,” he said.
Agama noted Nigeria’s market capitalization-to-GDP ratio stands at 30%, far below South Africa’s 320% and India’s 92%, showing weak investor confidence. Presenting at the Chartered Institute of Stockbrokers’ conference, he urged reforms to address low participation, limited foreign inflows, and underused pension and diaspora capital.
Agama called for a “reimagined SEC” that drives economic growth through trust, transparency, and inclusion, stressing: “Vision without execution is inertia.”
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