Professor Ajayi Urges Strong Regulation, Digital Literacy, as Nigeria Explores Crypto Economy
Gbenga Sodeinde in Ado-Ekiti
As Nigeria continues to grapple with economic volatility and declining investor confidence, a Professor of Finance at Ekiti State University (EKSU), Lawrence Ajayi, has called on the federal government to strengthen regulation, expand digital literacy, and deliberately position cryptocurrency and fintech innovation as drivers of economic prosperity.
Ajayi stated this recently while delivering EKSU’s 98th inaugural lecture at the university’s main campus in Ado-Ekiti. The lecture, titled ‘Naira to Crypto: Fintech’s Innovation, Foreign Direct Investment and Economic Prosperity in Nigeria’, examined how emerging financial technologies could reshape Nigeria’s economic future if properly harnessed.
He warned that Nigeria risks missing out on the benefits of the global digital economy if innovation continues without adequate oversight, citing the MMM and CBEX scandals as examples of how regulatory inertia and weak institutional safeguards expose citizens to financial fraud.
According to him, while fintech and cryptocurrency hold enormous promise for expanding financial inclusion, creating jobs for young people, improving cross-border transactions, and attracting sustainable foreign direct investment (FDI), these gains can only be realised when innovation is matched with accountability.
The finance expert therefore recommended the introduction of nationwide financial and digital literacy programmes to equip Nigerians with the knowledge required to navigate digital finance safely. He noted that improved literacy would significantly reduce vulnerability to scams and enhance informed decision-making among retail investors.
Ajayi also urged the government to create a more investor-friendly environment by offering tax incentives, enacting startup-supportive regulations, and strengthening investor protection laws to attract blockchain and fintech investors. He added that the establishment of innovation zones and technology parks would help Nigeria compete globally for capital and skilled talent.
He also stressed that the expansion of digital infrastructure remains critical, explaining that stable electricity, reliable internet access, and widespread mobile connectivity are essential foundations for any functional digital finance ecosystem.
The scholar explained that the central focus of his lecture was how fintech innovation could stimulate foreign direct investment inflows and promote long-term economic prosperity in Nigeria.
The Vice-Chancellor of EKSU, Professor Joseph Ayodele, described the lecture as timely and intellectually rigorous, commending Ajayi for his discipline, humility, and loyalty to institutional values.
The vice-chancellor noted that the lecture clearly analysed the interaction between traditional financial systems and emerging technologies such as fintech and cryptocurrency, adding that Professor Ajayi outlined seven practical pathways through which crypto adoption could support Nigeria’s economic growth.
He emphasised that the lecture successfully distinguished legitimate cryptocurrency systems from fraudulent schemes, reassuring the public that cryptocurrency itself is not inherently a scam.
Professor Ayodele reaffirmed EKSU’s commitment to research-driven innovation and urged other eligible academics to present their inaugural lectures, as the university prepares to mark its 44th anniversary and consolidate its status among Nigeria’s leading institutions.
