EKSU 98th Inaugural Lecture: Professor Boboye Ajayi Advocates Cryptocurrency Adoption to Drive Nigeria’s Economic Growth

The journey from Naira to Crypto represents a strategic call for Nigeria to embrace an economic order rooted in innovation, inclusion, and integrity, according to Professor Lawrence Boboye Ajayi during the 98th Inaugural Lecture of Ekiti State University (EKSU).

Titled “Naira To Crypto: Fintech’s Innovation, Foreign Direct Investment and Economic Prosperity in Nigeria,” the lecture, delivered on Tuesday at EKSU’s main campus in Ado-Ekiti, explored how the digital transformation of financial systems can unlock opportunities for financial inclusion, youth employment, cross-border efficiency, and sustainable Foreign Direct Investment (FDI).

Professor Ajayi highlighted the risks of regulatory gaps by citing scandals such as MMM and CBEX, emphasizing that innovation without accountability can lead to financial peril rather than prosperity. To address these challenges, he recommended nationwide financial and digital literacy campaigns to enhance public understanding and reduce vulnerability to scams.

Further, the Professor called for government incentives to attract blockchain and fintech investments, including tax benefits, startup-friendly regulations, and robust investor protection laws. He also advocated for the establishment of innovation zones and tech parks to position Nigeria as a global hub for fintech talent and capital.

On infrastructure, Professor Ajayi stressed the need for stable internet, reliable power, and mobile connectivity as essential enablers of a thriving digital financial ecosystem.

EKSU Vice-Chancellor, Professor Joseph Babatola Ayodele, commended Professor Ajayi for delivering a timely, well-structured lecture, noting its disciplined presentation and practical insights. He emphasized that the lecture carefully distinguished legitimate cryptocurrency systems from fraudulent schemes, reassuring the public that cryptocurrency itself is not a scam.

Professor Ajayi identified seven practical ways cryptocurrency can contribute to Nigeria’s economic prosperity and offered actionable recommendations to navigate the technical and regulatory challenges facing the sector.

The Vice-Chancellor also lauded Professor Ajayi’s scholarship, humility, and community impact, reaffirming EKSU’s commitment to research, innovation, and academic excellence as the university approaches its 44th anniversary.

The lecture underscored the critical role of fintech and digital finance in shaping Nigeria’s economic future, highlighting how academic scholarship can inform policy, investment, and national development.