Nigeria’s crypto market is booming, yet most of its wealth escapes through foreign platforms.
Between July 2023 and June 2024, Nigerians traded $59 billion in crypto, placing the country second only to India.
Nigeria’s Crypto Surge
Meanwhile, more than 22 million Nigerians use crypto by 2025, up from just 0.4% a decade ago.
In particular, stablecoins pegged to the US dollar attract users, offering citizens a hedge against the weakening naira.
Despite soaring adoption, the country struggles to retain benefits.
Experts describe this situation as a modern “digital resource curse.”
Regulatory Roadblocks
Tech entrepreneur Ade Atobatele points out that regulatory misalignment blocks Nigeria from fully profiting from its crypto boom.
He explains, “The SEC wants to mainstream crypto, but the CBN prevents banks from serving crypto businesses.”
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Furthermore, SEC chief Emomotimi Agama has proposed forming a joint committee to harmonise rules and unlock tax and revenue potential.
Analysts warn that Nigeria must build local exchanges, wallets, and tokenised assets to capture wealth domestically.
Building Local Wealth
Nigeria’s crypto volume $400 billion annually exceeds foreign reserves, yet citizens keep very little value in the country.
Additionally, Blockchain.com Nigeria head, Michael Emeeka, urges the government to reform taxes to support revenue and innovation.
Experts also stress the need for public education to help citizens understand crypto beyond speculation and scams.
Finally, one analyst insists, “Crypto must not just pass through Nigeria; it must build Nigeria,” calling for infrastructure investment.
With coordinated regulation, local platforms, and tokenised assets, Nigeria can transform its crypto boom into national growth.
