Nigeria has a $400 million cryptocurrency market, according to SEC DG

Nigeria’s cryptocurrency market is thought to be “worth over $400 million,” according to a disclosure made yesterday by Emomotimi Agama, the director general of the Securities and Exchange Commission (SEC).

Agama delivered a speech on the topic “Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation” at the Association of Capital Market Academics of Nigeria (ACMAN) 2024 Annual Conference in Abuja.

Agama said a “significant portion of the population is involved in cryptocurrency trading and transactions”, predicting that the market volume “will reach $52.5 million by 2028”, representing “a 12.66 percent increase from 2024 to 2028”.

He noted that despite economic challenges, Nigeria has “emerged as one of the leading countries globally in terms of crypto adoption and volume of transactions”.

He stated further: “Reports indicate that Nigeria’s crypto transaction volume reached $56.7 billion between July 2022 and June 2023, representing a nine percent year-over-year growth.

“The country’s crypto market is estimated to be worth over $400 million, with a significant portion of the population involved in cryptocurrency trading and transactions.”

However, Agama acknowledged that challenges persist, including concerns over illicit activities, regulatory uncertainty, security concerns, and financial literacy.

“A balanced regulatory approach is essential to harness the benefits of crypto assets while mitigating risks,” he emphasized.

In his remarks, Chairman of the Securities and Exchange Commission, Mr. Mairiga Katuka, said the introduction of crypto presents an advantage for the markets and urged all to chart a course forward for Nigeria with its vibrant financial markets.