Securities and Exchange Commission (SEC) says over $50 billion worth of cryptocurrency transactions were recorded in Nigeria between July 2023 and June 2024, lamenting low patronage in Nigeris.
The Director-General of SEC, Dr Emomotimi Agama, who disclosed that on Sunday in a statement said, the situation raised concern over the low participation of citizens in the traditional capital market.
He said only four per cent of the country’s adult population were active investors., describing the low participation rate as a major impediment to economic growth and capital formation.
He noted that, while fewer than three million citizens invested in the capital market, more than 60 million engaged daily in gambling activities, spending an estimated $5.5 million every day.
”This reveals a paradox, an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment,” he said.
Agama lamented that Nigeria’s market capitalisation to Gross Domestic Product ratio stood at about 30 per cent, far below South Africa’s 320 per cent, Malaysia’s 123 per cent, and India’s 92 per cent.
He said the disparity highlighted the urgent need to deepen financial inclusion and rebuild investors’ confidence.
”Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only N1.5 trillion approved in Public Private Partnership bonds. This shows a misalignment between financial innovation and national priorities,” he said.
The Director-General called for a ‘reimagined SEC’ that served as both regulator and enabler of private-sector-driven growth
