Nigeria Records Over $50 Billion in Crypto Transactions, Urgent Need for Capital Market Reforms

The Securities and Exchange Commission (SEC) of Nigeria revealed that the country saw over $50 billion in cryptocurrency transactions within a year. Despite this, the traditional capital market suffers from low participation, with less than 4% of the adult population actively investing.

Agama, speaking at a conference, emphasized the need to deepen financial inclusion and rebuild investor confidence to spur economic growth. Nigeria's capital market to GDP ratio stands at 30%, significantly lower than countries like South Africa, Malaysia, and India.

Key challenges include low retail participation, foreign inflows dominance, and underutilized pension assets.