Nigeria’s financial markets regulator says the country is ready to welcome stablecoin businesses, provided they operate within a clear and compliant regulatory framework that empowers Nigerians.
Speaking at the inaugural Nigeria Stablecoin Summit held in Lagos, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), affirmed Nigeria’s commitment to becoming a digital finance leader while ensuring market integrity and investor protection.
Delivering his keynote address titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective”, Dr. Agama declared:
“Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians. When history documents Africa’s financial revolution, today will be remembered as the moment we moved from potential to action.”
Stablecoin Rise Amid Currency Volatility and Digital Expansion
Dr. Agama emphasized the growing role of stablecoins in Nigeria’s evolving digital economy, noting their increased use by freelancers, traders, and businesses seeking a hedge against naira volatility.
“The Nigerian digital economy is youthful, dynamic, and increasingly decentralized. Stablecoins are playing a central role in facilitating secure, borderless transactions,” he said.
He stressed the importance of building an Africa-centric regulatory framework tailored to local demographics, economic realities, and infrastructure needs—while learning from global best practices.
A Legal Foundation with ISA 2025
Agama highlighted Nigeria’s recently enacted Investment and Securities Act (ISA 2025) as a landmark legislative upgrade. The Act includes forward-looking provisions for digital asset oversight, providing the SEC with tools to regulate stablecoins, crypto assets, and emerging financial technologies.
“The ISA 2025 strengthens our ability to manage innovation responsibly. It provides the legal clarity the industry needs,” he stated.
He also referenced the SEC’s regulatory sandbox, which continues to attract domestic and international startups, including those focused on stablecoin applications. He affirmed the sandbox’s success in balancing innovation with risk mitigation.
A Vision for Nigeria as a Digital Finance Leader
Looking ahead, Dr. Agama envisioned Nigeria’s future as a stablecoin and fintech powerhouse.
“Five years from now, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. I want Lagos to become the stablecoin capital of the global South. This is not just finance—it’s nation-building.”
Industry Applause for Progressive Policy
Mr. Nathaniel Luz, President of the Africa Stablecoin Network, lauded Nigeria’s regulatory openness and support for innovation.
“This is a pivotal moment for digital finance in Africa. Friendly regulation and strategic vision are exactly what emerging markets need,” Luz said.
He added that the summit—Africa’s first dedicated stablecoin conference—marked an important step toward building a thriving and regulated digital asset ecosystem across the continent.
What You Should Know
Last month, SEC said it is set to launch the ‘Crypto Smart, Nigeria Strong’ initiative, aimed at engaging developers in co-creating a framework for stablecoin regulations.
- This move is part of the commission’s efforts to attract credible players, enhance investor education, and improve digital literacy in the digital assets space.
- The ‘Crypto Smart, Nigeria Strong’ initiative will focus on teaching young investors across schools, universities, and social media platforms about basic blockchain principles, how to spot scams, and the value of long-term investing.
