Nigeria’s Cryptocurrency Market Estimated At Over $400 Million — SEC DG

The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, revealed yesterday that Nigeria’s cryptocurrency market is estimated to be valued at “over $400 million.”

Agama made this disclosure during the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, themed “Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation.”

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

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

Agama further stated: “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 also acknowledged ongoing challenges, including concerns over illicit activities, regulatory uncertainty, security issues, and financial literacy.

He emphasized that a balanced regulatory approach is crucial to benefit from crypto assets while mitigating associated risks.

Chairman of the Securities and Exchange Commission, Mairiga Katuka, remarked that the introduction of crypto presents an advantage for the markets and urged stakeholders to chart a course forward for Nigeria’s vibrant financial markets.