Agama revealed these insights during the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, themed “Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation.” He noted that a substantial segment of the population engages in cryptocurrency trading and transactions, forecasting that the market volume would grow to $52.5 million by 2028, marking a 12.66 percent increase from 2024.
He emphasized Nigeria’s significant role globally in crypto adoption and transaction volume despite economic challenges. Agama cited reports indicating that Nigeria’s crypto transactions totaled $56.7 billion from July 2022 to June 2023, showing a nine percent year-over-year increase.
The country’s cryptocurrency market is valued at over $400 million, reflecting widespread participation in trading and transactions. However, Agama acknowledged existing challenges such as concerns about illicit activities, regulatory ambiguity, security issues, and financial literacy.
He stressed the importance of a balanced regulatory approach to harness the benefits of crypto assets while managing associated risks. Mairiga Katuka, Chairman of the Securities and Exchange Commission, highlighted that crypto introduction offers advantages for the markets and encouraged stakeholders to navigate Nigeria’s dynamic financial landscape effectively.