Nigeria’s capital market watchdog, the Securities and Exchange Commission (SEC), and the Global Investment Advisory (GIA)—a cohort of investment experts—have announced plans to deepen digital asset adoption in Nigeria, where the government in March approved trading in virtual assets for the first time.
The two are partnering to draw the country’s younger generation and Nigerians resident overseas to viable opportunities to invest naira in cryptocurrency and, in so doing, grow their portfolios.
“The strategy includes training of aggregators, young Nigerians who will identify, educate and convert Nigerian prospects for the digital asset market,” Nicky Okoye, GIA’s advisor and convener said at a seminar in Lagos on Friday.
“It will also lure Nigerians in the diaspora to invest $25,000 in the Nigerian digital asset markets,” he went further to say.
Crucial to the grand plan is a proposed trip for selected members of GIA to New York, Singapore, Geneva and other locations to attend roadshows, enabling them to gain working knowledge of cryptocurrency and digital asset exchanges.
Until last month, digital currency transactions were illegal in Nigeria, a stance that turned extremely fierce after authorities took aim at crypto exchanges like Binance and targeted trading platforms, with a bad name for illicit and unregulated activities, for sanction.
That led, in some cases, to outright arrest of some of their executives, forcing the American government to mediate.
Nigeria integrated the operating framework of virtual assets including blockchain, crypto and investment contracts into its Investment Act 2025, signed into law last month, which incorporates reforms aimed at market transparency and strong regulatory oversight to enhance investor confidence.
SEC is also keeping tabs on the market to ensure that every legitimate transaction is appropriately taxed as part of measures to help the government shore up revenue.
READ ALSO: Tinubu mourns Christian Chukwu, hails him as ‘symbol of excellence and patriotism’
“Nigeria is positioned to lead digital transformation but needs legislation and policies that guides the industry,” said 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.”
Meristem Group, VFD Group, Anabel Capital, Cardinal Stone and Constant Capital are among the members of the institutional investors’ community making up GIA.
Read the full article here
