60 Million Nigerians Spend $5.5m Daily on Gambling, SEC Raises Alarm on Fading Investment Culture
- The SEC reports that over 60 million Nigerians gamble daily, spending about $5.5 million, while fewer than three million actively invest
- Experts warn that easy access to betting through smartphones is diverting money from savings and investments, deepening financial strain
- To address this, analysts urge stronger financial education and investment awareness to encourage long-term wealth creation over gambling
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
The Securities and Exchange Commission (SEC) has revealed that more than 60 million Nigerians participate in gambling every day, collectively spending about $5.5 million daily.
In stark contrast, fewer than three million citizens actively invest in formal financial markets.
This revelation underscores a growing concern about how gambling has become deeply rooted in Nigerian society.
Source: UGC
Widespread gambling overshadows investment in Nigeria
Across Nigeria, betting shops and online platforms have proliferated in both urban and rural areas.
Industry data estimates that Nigeria’s betting market exceeds N1 trillion annually, with the majority of users aged between 18 and 40 years.
Leading platforms such as Bet9ja, SportyBet, and BetKing dominate the scene, promising instant rewards and the allure of quick wealth.
Recall that Legit.ng earlier reported that Nigeria topped the list of African countries dominating sports betting in 2025 with over 168 million estimated bettors.
However, this growing enthusiasm for gambling comes with significant downsides, rising addiction, family financial stress, and a diversion of funds away from productive investments.
Technology, economic pressures fuel gambling boom
The rapid spread of smartphones, mobile banking, and digital wallets has made gambling more accessible than ever.
With just a few taps, many Nigerians can now place bets instantly, further reducing the share of income allocated to savings and long-term investments.
According to Daily Sun, out of Nigeria’s 120 million adults, only about 2.5 to 3% invest in capital markets or bank savings products, while nearly one in five adults gamble daily.
This imbalance reflects deep economic hardship and shifting cultural attitudes.
For many, gambling provides an immediate sense of hope and excitement, something traditional investment options rarely deliver, especially amid low bank returns and persistent inflation that erodes the real value of money.
Muda Yusuf, founder of the Centre for the Promotion of Private Enterprise (CPPE), noted that widespread economic struggles push many citizens to see gambling as a more attainable route to financial relief than saving or investing.
He said:
“For many, saving or investing is a luxury. The hope of hitting a jackpot seems more realistic than earning meaningful interest from a bank account or the stock market.”
Calls for financial literacy, market participation
The Director-General of the SEC, Emomotimi Agama, warned that low participation in the capital market slows down national growth.
Speaking during a recent conference of the Chartered Institute of Stockbrokers, Agama said:
“The low participation rate in our capital market is a major impediment to economic growth and capital formation.”
Agama stated that Nigeria’s market capitalisation-to-GDP ratio stands at about 30 per cent, lagging far behind countries such as South Africa (320%), Malaysia (123%), and India (92%).
Source: Getty Images
To address this, economic experts are urging the government and financial institutions to expand financial literacy programs in schools and communities.
By improving financial education and trust in investment systems, analysts believe Nigerians’ appetite for risk can be redirected toward productive ventures that generate sustainable wealth rather than fleeting gambling winnings.
Omokri urges Tinubu to ban sports betting platforms
Meanwhile, Reno Omokri has urged President Bola Ahmed Tinubu to direct the Nigerian Communications Commission (NCC) to block access to all sports betting applications in the country.
He also appealed to the government to withdraw the licenses of land-based betting companies, describing sports betting as a growing problem that is harming Nigerian youths.
Omokri argued that the continuous flow of betting funds abroad, particularly to Russia, South Africa, and European nations, weakens the naira and prevents the currency from maintaining its value.
Source: Legit.ng
