Emomotimi Agama, Nigeria’s Securities and Exchange Commission (SEC) Director General, has forecasted massive growth in the country's cryptocurrency market. Per Agama, Nigeria's crypto market valuation could hit $52.5 million by 2028, and crypto could become a vital option for the unbanked population.
Notably, a local news outlet reported that Agama made the above projection at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, the country's capital. The conference focused on the impact of crypto assets on the Nigerian economy and financial market regulations.
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Crypto As A Vital Option For Unbanked Population
Speaking at the conference, the Director General noted that Nigeria’s cryptocurrency market is worth over $400 million. He attributed this value to the active engagement of Nigerians in the crypto space. According to the SEC boss, more than one-third of the country’s population are owners or users of cryptocurrencies.
Going further, Agama stated that considering digital assets' high penetrance in Nigeria, cryptocurrencies like Bitcoin may benefit the country’s 38 million unbanked population.
Hence, financial transactions between Nigerians living abroad and local inhabitants will become easier and cheaper for the parties involved. Moreover, considering Nigeria's position as one of Africa's largest recipients of remittances, lowering these costs through crypto could significantly aid the economy.
Hope For Crypto Expansion In Nigeria?
Considering his position, Agama's statements could pass as a possible endorsement of digital assets in Nigeria. This contradicts the happenings in other countries where the tension between the SEC and crypto platforms seems heated.
Meanwhile, while Agama acknowledged cryptocurrencies' potential to revolutionize the financial landscape in Nigeria, he also pointed out some challenges. The impedances included regulatory uncertainty, security concerns, and issues bordering on digital assets illiteracy.
Consequently, he stressed the need for a clear regulatory framework to protect investors from fraudulent trading platforms and ensure a secured cryptocurrency marketplace.
