SEC: 60m Nigerians engage in gambling, spend $5.5m daily

The Securities and Exchange Commission (SEC) has disclosed that 60 million Nigerians engage daily in gambling activities, spending an estimated $5.5 million every day.

The SEC stated that three million Nigerians invested in the capital market, adding that over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024.

The SEC made this known via a statement issued by its Director-General, Dr Emomotimi Agama, on Sunday, October 26, 2025.

Agama stated that the situation raised concern over the low participation of citizens in the traditional capital market, noting that four per cent of the country’s adult population were active investors.

Nigeria records $50bn cryptocurrency transactions in one year

The SEC boss described the low participation rate as a major impediment to economic growth and capital formation.

“This reveals a paradox, an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment,” Agama said.

Agama also lamented that Nigeria’s market capitalisation to Gross Domestic Product ratio stood at about 30 per cent, far below South Africa’s 320 per cent, Malaysia’s 123 per cent, and India’s 92 per cent.

He added: “Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only N1.5 trillion approved in Public Private Partnership bonds.

“This shows a misalignment between financial innovation and national priorities.”

The Star