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.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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