President Bola Tinubu has directed financial and capital market authorities to monitor the increasing use of stablecoins and digital currencies in Nigeria, cautioning that the shift away from traditional banking systems presents emerging challenges that must be proactively managed.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, acknowledged the global financial system’s rapid transformation.
“There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoin. They’ve turned to digital currency.
“To this end, I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving,” the President said.
Nigeria’s Securities and Exchange Commission has intensified its regulatory oversight of digital currencies following the enactment of the Investment and Securities Act 2025, which formally classifies digital assets as securities.
This legislation empowers the SEC to license and supervise Virtual Asset Service Providers, including exchanges and custodians, ensuring compliance with stringent Know Your Customer and Anti-Money Laundering standards.
Further emphasising the need for Nigeria’s economy to transition from resilience to reinvention, the President stressed the critical role of digital tools, artificial intelligence, and open banking in driving industrialisation, improving efficiency, and creating jobs.
He noted that while Nigeria’s GDP is growing, the industrial contribution from manufacturing has not reached the level required to generate enough jobs for the nation’s expanding workforce.
“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there for the adoption of digital, AI, and open banking to enhance efficiency,” Tinubu said.
The President also reiterated his administration’s commitment to tapping into the potential of Nigeria’s youth, who are set to form the world’s largest workforce by 2050.
“Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are making investments in education, infrastructure, and digital skills to prepare our youth for the opportunities of tomorrow,” he affirmed.
