A University Lecturer at Ekiti State University (EKSU), Ado-Ekiti, Professor Lawrence Boboye Ajayi has urged the government to put stricter rules in place for cryptocurrency and fintech to help grow Nigeria’s economy.
The scholar made this call on Tuesday while delivering the 98th inaugural lecture at the university. The lecture was titled “Naira to Crypto: Fintech’s Innovation, Foreign Investment, and Economic Prosperity in Nigeria”.
The event attracted academics, students, community leaders, and government officials.
In his lecture, Professor Ajayi stressed that the negative perception of cryptocurrency in Nigeria stems from weak regulation.
He explained that when institutions such as the Central Bank of Nigeria, the Economic and Financial Crimes Commission, and the Securities and Exchange Commission fail to curb fraudulent activities, ordinary citizens are led to believe that cryptocurrency itself is inherently risky.
“Cryptocurrency is not fraudulent. What is fraudulent are the actions of some individuals,” he said.
Adding that: “effective regulation would restore public confidence and allow the digital financial system to thrive.”
Professor Ajayi also highlighted the global trend toward digital finance, noting that” the financial world is shifting from traditional fiat currencies to technology-driven systems”.
He called on the government to create policies that balance consumer protection with innovation, allowing Nigeria to harness fintech for economic growth, financial inclusion, and foreign investment.
The professor, a published author of six textbooks and supervisor of nine PhD students, also emphasised the importance of nationwide financial literacy to help citizens engage responsibly with digital finance.
The Vice-Chancellor of Ekiti State University, Professor Babatola Ayodele, described the lecture as timely and insightful.
Speaking to journalists, he commended Professor Ajayi’s contributions to financial scholarship and noted that: “the lecture provided practical guidance on how cryptocurrency can be integrated into the economy without falling prey to scams or fraudulent schemes”.
He also emphasised the need for government policies that protect citizens while fostering innovation to boost job creation, poverty reduction, and sustainable economic growth.
Members of the university’s governing council, faculty deans, students, and Professor Ajayi’s family attended the lecture, along with leaders from the kingdoms of Iseorun and Arinjale.
The gathering underscored the importance of collaboration between academia, government, and the private sector in driving Nigeria’s transition to a digitally inclusive economy.
Professor Ajayi concluded by calling for: “clear and flexible crypto regulations, investor-friendly policies, and the integration of digital finance education into tertiary institutions to prepare young Nigerians for emerging opportunities”.
He emphasised that the shift from Naira to crypto is not merely symbolic but a necessary step toward innovation, inclusion, and sustainable economic prosperity.
