By Ayo Kehinde
Nigeria recorded approximately $96 billion in cryptocurrency and other virtual asset transactions, underscoring the rapid growth of digital finance in the country, according to the Securities and Exchange Commission of Nigeria (SEC).
Director-General of the Commission, Emomotimi Agama, disclosed this during a stakeholders’ engagement session organised by the Federal Ministry of Finance in Abuja, noting that the scale of activity in the digital asset space has become too significant for regulators to ignore.
He emphasised that the volume of transactions highlights the need for stronger regulatory oversight of virtual asset service providers and the broader digital finance ecosystem.
Agama noted that regulatory efforts have been strengthened through the Investment and Securities Act 2025, which empowers the SEC to oversee digital assets and emerging financial technologies, while also reinforcing its role as the apex regulator of Nigeria’s capital market.
Beyond the crypto market, the SEC disclosed that it approved about ₦3.68 trillion in new capital market issues in 2024, spanning both equity and fixed income instruments.
The Commission also highlighted the growing role of the capital market in supporting economic activities, noting that more than 31 banks raised funds through the market during the recent recapitalisation exercise.
According to the SEC, total market capitalisation has risen significantly from about ₦55 trillion in 2024 to approximately ₦127 trillion currently, while the market capitalisation-to-GDP ratio has improved from about 13 percent to 33 percent, reflecting increased market depth.
Agama added that the Commission has intensified investor protection efforts, issuing over 90 advisory notices against fraudulent schemes and working with law enforcement agencies to clamp down on illegal investment operations.
The latest data highlights the growing scale of Nigeria’s digital asset market alongside ongoing efforts by regulators to strengthen oversight, enhance investor protection, and align the financial system with global standards.
