Nigeria’s financial markets regulator has formally declared the country’s readiness to accommodate stablecoin businesses, provided they align with a clear regulatory framework designed to protect market integrity and empower its citizens.
The announcement was made by the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, at the inaugural Nigeria Stablecoin Summit held in Lagos.
The summit, the first of its kind on the African continent, brought together policymakers, developers, and digital finance players to map out the future of regulated stablecoin adoption across Africa’s largest economy.
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In a keynote address titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective,” Dr. Agama declared that Nigeria is open to stablecoin enterprises—but only on terms that prioritize financial integrity and long-term national development.
“When history documents Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” Agama said.
He emphasized that the SEC’s position is not merely about embracing digital assets for their novelty, but ensuring they serve Nigeria’s broader economic goals, especially in improving financial inclusion, reducing remittance costs, and stabilizing value for users exposed to the volatile naira.
Stablecoins As A Hedge Against Volatility
Agama noted that stablecoins are increasingly being used by Nigerian freelancers, traders, and tech-savvy youth to escape inflationary pressures and carry out cross-border transactions efficiently. As Nigeria’s digital economy grows more decentralized, stablecoins have emerged as a reliable means of securing and transferring value.
“The Nigerian digital economy is youthful, dynamic, and increasingly decentralized. Stablecoins are playing a central role in facilitating secure, borderless transactions,” he stated.
He acknowledged, however, that the lack of local regulation has allowed some bad actors to flourish. With the rollout of new legal frameworks, the government hopes to separate genuine innovation from fraud.
ISA 2025: The Legal Backbone of Nigeria’s Digital Finance Future
Central to Nigeria’s new stablecoin policy is the Investment and Securities Act (ISA) 2025, a legislative upgrade that Dr. Agama described as “forward-looking.” The law grants the SEC wide-ranging powers to oversee digital assets, including stablecoins, cryptocurrencies, and decentralized finance platforms.
“The ISA 2025 strengthens our ability to manage innovation responsibly. It provides the legal clarity the industry needs,” Agama said.
The Act also gives regulatory backing to the SEC’s regulatory sandbox, a controlled environment where startups can test financial technologies under supervision. According to Agama, the sandbox has seen increasing interest from international stablecoin ventures seeking regulatory clarity on African soil.
Dr. Agama offered a bold vision of Nigeria not only becoming a stablecoin hub for Africa but also positioning Lagos as the “stablecoin capital of the Global South.” He called on developers, investors, and financial institutions to think beyond national boundaries and tap into regional trade.
“Five years from now, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. This is not just finance—it’s nation-building,” he said.
Industry leaders praised the SEC’s proactive stance. Nathaniel Luz, President of the Africa Stablecoin Network, called the summit and the regulatory posture a landmark moment.
“This is a pivotal moment for digital finance in Africa. Friendly regulation and strategic vision are exactly what emerging markets need,” Luz remarked.
He emphasized that clear policies help weed out fraudulent actors while attracting credible players who can contribute to economic growth and financial stability.
What Lies Ahead: ‘Crypto Smart, Nigeria Strong’
To bolster its efforts, the SEC is launching the ‘Crypto Smart, Nigeria Strong’ initiative—a public engagement program focused on building blockchain literacy and regulatory awareness among Nigerian youth. The project will target schools, universities, and online platforms, aiming to teach the basics of digital finance, how to spot scams, and promote a culture of long-term investing.
This move signals Nigeria’s intent to not only regulate from the top but to co-create policies with its tech community, offering startups a seat at the table in shaping the country’s digital finance future.