By Ayodele Abere
The journey from Naira to Crypto has been described as a clarion call to embrace a new economic order driven by innovation, inclusion, and integrity.
This was disclosed by Professor Lawrence Boboye Ajayi while delivering the 98th Inaugural Lecture of the Ekiti State University (EKSU), on Tuesday at the University main campus, Ado-Ekiti, the State capital with the title; Naira To Crypto: Fintech’s Innovation, Foreign Direct and Economic Prosperity in Nigeria.
The Professor of Finance explained that the digital transformation of financial systems offers immense opportunities like increased financial inclusion, youth employment, cross – border efficiency, and a gateway to attracting sustainable Foreign Direct Investment (FDI).
Citing MMM and CBEX scandals as a sobering reminder of the cost of regulatory inertia and institutional lapses as he illustrated that innovation without accountability leads not to prosperity, but peril. The inaugural lecturer amongst others therefore recommended that government should launch nationwide financial and digital literacy campaigns to improve digital financial literacy.
Stressing that such reduces vulnerability to scams and improves decision-making among retail investors.
Professor Boboye Ajayi equally recommended that the Nigerian Government should attract blockchain and fintech investors through tax incentives, startup friendly regulations, and investor protection laws. These measures according to the Don would help position Nigeria as a leading destination for tech-related foreign direct investment adding that the introduction of innovation zones or techs parks can also attract global talent and capital.
However, the renowned scholar maintained that expansion of digital infrastructure and connectivity is pertinent, as stable internet, reliable power, and mobile penetration are prerequisites for digital finance.
Ajayi, the Professor of note has earlier said that the issue of how fintech innovations could aid foreign direct investment inflow and promote economic prosperity in Nigeria is the main concern of the lecture.
In his reaction, the Vice-Chancellor, Professor Joseph Babatola Ayodele commended Professor Lawrence Boboye Ajayi for the successful delivery of the university’s 98th Inaugural Lecture, describing it as timely, well-structured, and delivered with discipline.
He praised the professor’s humility, loyalty to institutional authority, and his role as a worthy ambassador of his community, noting that his conduct and scholarship justified the recognition accorded him by the university.
The VC explained that the lecture critically examined the relationship between traditional finance and emerging financial technologies, particularly fintech and cryptocurrency, stressing that digital transformation has become central to economic growth and national development saying Professor Ajayi identified seven practical ways through which cryptocurrency could contribute to Nigeria’s economic prosperity and offered realistic recommendations aimed at addressing the technical and regulatory challenges confronting the sector.
The University Administrator added that the lecture clearly distinguished legitimate cryptocurrency systems from fraudulent schemes such as MMM, reassuring the public that cryptocurrency itself is not a scam.
He reaffirmed the university’s commitment to research and innovation, urging academic staff yet to present their inaugural lectures to do so, and highlighted the institution’s growing reputation as one of Nigeria’s leading universities as it approaches its 44th anniversary.
