Nigeria is actively pursuing the expansion of its digital asset market. The Securities and Exchange Commission (SEC) has announced a strategic partnership with the Global Investment Advisory (GIA), a consortium of investment experts, to accelerate cryptocurrency adoption within the country. This initiative aims to attract younger Nigerians and those in the diaspora, offering them viable investment opportunities in naira-denominated digital assets.
This development follows Nigeria’s landmark decision in March to legalize virtual asset trading, a move intended to integrate the burgeoning digital economy into the nation’s financial framework. Nicky Okoye, GIA’s advisor and convener, highlighted the core strategy during a seminar in Lagos: “The strategy includes training of aggregators, young Nigerians who will identify, educate and convert Nigerian prospects for the digital asset market. It will also lure Nigerians in the diaspora to invest $25,000 in the Nigerian digital asset markets.”
A pivotal component of this plan involves organizing international roadshows in New York, Singapore, Geneva, and other key financial hubs. These roadshows will provide select GIA members with firsthand exposure to cryptocurrency and digital asset exchanges, enhancing their expertise and facilitating knowledge transfer.
This initiative marks a stark departure from Nigeria’s previous stance on digital currencies. Until recently, the government maintained a stringent prohibition on cryptocurrency transactions, culminating in regulatory actions against exchanges like Binance and other platforms accused of illicit activities. These actions, which included arrests of executives, necessitated international intervention.
However, the recent enactment of the Investment Act 2025, which incorporates a regulatory framework for virtual assets, blockchain, and crypto investment contracts, signifies a progressive shift. This legislation aims to foster market transparency, strengthen regulatory oversight, and boost investor confidence. The SEC is also committed to ensuring that all legitimate transactions are subject to appropriate taxation, contributing to the government’s revenue generation efforts.
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“Nigeria is positioned to lead digital transformation but needs legislation and policies that guides the industry,” stated Lagos State Governor Babajide Sanwoolu, represented by his commissioner for finance, Abayomi Oluyomi. “The collaboration with asset managers, advisers and regulators will provide insights into the market and guide investors on how to leverage the immense opportunities.”
The GIA comprises a robust network of institutional investors, including Meristem Group, VFD Group, Anabel Capital, Cardinal Stone, and Constant Capital, underscoring the collaborative effort to drive digital asset adoption.
This strategic partnership between the SEC and GIA reflects Nigeria’s determination to harness the potential of digital assets, aiming to empower its youth and diaspora communities while solidifying its position in the global digital economy. As this initiative unfolds, it will be crucial to monitor its impact on Nigeria’s financial landscape and its potential to unlock new avenues for economic growth.
