Nigeria’s financial regulator, the Securities and Exchange Commission (SEC), has revealed that more than 33 percent of the country’s population is actively involved in cryptocurrencies and digital assets, a sign of fast-rising adoption in Africa’s biggest economy.
With a population of over 220 million, this figure places Nigeria among the world’s leading markets for crypto usage, second only to India in recent global rankings. Most active users are young adults, reflecting strong interest from a tech-savvy generation exploring new financial tools beyond traditional banking.
SEC Nigeria Director-General Dr. Emomotimi Agama described the adoption trend as a serious economic shift, not a passing fad. He stressed that regulators must recognise the “real opportunity” presented by broad crypto engagement, while also addressing the risks that come with it.
Despite rapid adoption, significant challenges persist. The SEC flagged that Nigerians have lost more than ₦1 trillion (roughly $625 million) to fraudulent schemes, including Ponzi operations and unregistered investment platforms. These losses highlight the need for better investor protection and stronger enforcement against scams.
To improve oversight and protect consumers, the SEC is implementing a clearer regulatory framework under the Investment and Securities Act (ISA) 2025. The new rules define crypto assets under Nigerian securities law, require licensing for Virtual Asset Service Providers (VASPs), and set standards for custody and transparency.
Officials are also working with key agencies such as the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria, and Nigerian Financial Intelligence Unit to strengthen compliance and reduce fraud.
Nigeria’s high rate of crypto engagement reflects broader trends in emerging markets, where digital assets are increasingly used for remittances, savings, and protection against inflation. As adoption grows, balancing innovation with robust regulation will remain a central challenge for policymakers and industry leaders alike.
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