Over $50 billion worth of cryptocurrency transactions passed through Nigeria between July 2023 and June 2024, according to Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC). This highlights the sophistication and risk tolerance of investors that the traditional market has not yet been able to match. However, Agama expressed concern about the startlingly low level of Nigerian participation in the traditional capital market in a lead paper titled Evaluating the Nigerian Capital Market Masterplan 2015-2025 that was given at the Chartered Institute of Stockbrokers’ annual conferenceLess than 4% of the nation’s adult population, he disclosed, are active investors. He characterized the low participation rate as a significant barrier to capital generation and economic growth. He pointed out that over 60 million Nigerians gamble everyday, spending an estimated $5.5 million daily, whereas less than three million invest in the capital market.
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