Africa’s first professor of Cryptocurrency Finance, Dr. James Chinedu Ihemeje, has called for the official adoption and regulated use of cryptocurrency in Nigeria’s financial system to help stabilize the nation’s economy and enhance sustainable development.
Dr. Ihemeje made the call while delivering the 61st inaugural lecture at the Michael Okpara University of Agriculture, Umudike (MOUAU), Abia State. His lecture, titled “Cryptocurrency Investment in Nigeria: Stabilizing Future Value of Money for Sustainable Development,” explored the role of digital currencies as a viable complement to traditional financial instruments, especially in the face of macroeconomic instability.
He argued that the successful adoption of cryptocurrency must be anchored on effective regulatory oversight by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
According to him, a clear and enforceable regulatory framework is essential to protect investors, monitor activities, and prevent misuse.
“This study explored the potential of cryptocurrency investment to stabilize the future value of money in Nigeria within the context of macroeconomic instability and digital financial evolution,” Dr. Ihemeje stated.
“The study concluded that cryptocurrency can serve as a complementary financial mechanism to support sustainable development.”
He urged policymakers not to ignore or stifle the crypto economy, but rather to harness its potential to empower households, small and medium-sized enterprises, and vulnerable groups across the country.
Dr. Ihemeje further advised that cryptocurrency should coexist with traditional fiat currency in Nigeria, as seen in other developed and emerging economies.
He also dispelled concerns that blockchain-based financial systems would undermine the relevance or capacity of the CBN, stressing that such fears were unfounded.
“The operation of cryptocurrency through blockchain technology will not render the CBN redundant or result in job losses,” he said. “Rather, with proper oversight, both can coexist and strengthen the national economy.”
The Vice-Chancellor of MOUAU, Prof. Maduebibisi Ofo Iwe, described the lecture as timely and fitting, and praised Dr. Ihemeje for leading national discourse on digital financial innovation. He affirmed the university’s commitment to policies and research that address Nigeria’s economic challenges.
In his wide-ranging recommendations, Dr. Ihemeje urged MOUAU to integrate cryptocurrency finance, blockchain technology, and financial innovation into its academic curriculum, research agenda, and entrepreneurial development initiatives. He also called on the Abia and Imo State governments to partner with digital asset platforms to support SMEs and rural businesses with cross-border payment tools, while promoting awareness on safe crypto practices to reduce fraud and financial losses.
To the federal government, he recommended the formulation of a balanced national crypto policy, increased collaboration with local and international blockchain firms for infrastructure development, and empowerment of agencies like the SEC and EFCC to effectively detect and combat crypto-related crimes.
Dr. Ihemeje cautioned against conflating cryptocurrency with Ponzi schemes and advised Nigerians to be prudent in their investments, stating, “People should only invest what they can afford to lose, just like in any other form of business.”
Following the lecture, Dr. Ihemeje unveiled his new book, “Cryptocurrency: The Future of Finance in Nigeria,” which he described as a scholarly contribution aimed at bridging the gap between conventional financial education and the fast-evolving world of digital finance.
