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President Bola Tinubu has instructed Nigeria’s financial and capital market regulators to intensify oversight of stablecoins and digital currencies, stressing that the rapid shift away from traditional banking channels presents emerging challenges that must be proactively addressed.
Delivering his address through Wale Edun, Minister of Finance and Coordinating Minister of the Economy, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu highlighted the global financial system’s digital transformation.
“There is a digital revolution. Many people are no longer using the banking system to make payments. They’ve turned to stablecoins and digital currencies,” the President said. “I have therefore directed capital market and banking authorities to take charge of this evolving space and strengthen monitoring.”
Nigeria’s Securities and Exchange Commission (SEC) has already stepped up regulatory action following the enactment of the Investment and Securities Act 2025, which classifies digital assets as securities. The legislation empowers SEC to license and supervise Virtual Asset Service Providers (VASPs), including exchanges and custodians, while ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Beyond digital assets, Tinubu underscored the need for Nigeria’s economy to shift from resilience to reinvention, leveraging digital tools, artificial intelligence, and open banking to drive industrialisation, create jobs, and improve efficiency. He noted that while GDP growth is positive, manufacturing contributions remain below the level needed to generate mass employment.
The President also reaffirmed his administration’s focus on harnessing Nigeria’s youth demographic advantage, projected to become the world’s largest workforce by 2050. “Our young population is an asset. That is why we are investing in education, infrastructure, and digital skills to prepare them for the opportunities of tomorrow,” he said.
On fiscal matters, Tinubu highlighted ongoing tax reforms, which consolidate over 100 tax agencies into the Nigeria Revenue Service (NRS) effective January 2026. He added that linking government accounts with the Central Bank of Nigeria (CBN) now provides “full visibility on finances,” enabling stronger revenue mobilisation.
Financial inclusion, he stressed, must translate into tangible opportunities. “Inclusion means reliable access to affordable services and reputable loans that ultimately create quality jobs, particularly for young Nigerians,” Tinubu added.
Meanwhile, CBN Governor Olayemi Cardoso revealed an ambitious target of attracting $1 billion in diaspora remittances monthly by 2026, citing recent gains from international outreach partnerships with banks like Access Bankand Zenith Bank, which have already increased inflows from $250 million to $600 million per month.
At the conference, Prof. Pius Olanrewaju, President and Chairman of CIBN Council, commended recent progress in the banking sector, including over ₦2.5 trillion raised by listed banks since 2024, a rise in domestic credit to the private sector exceeding ₦82 trillion, and a 19.6% year-on-year increase in non-oil exports, which generated $3.23 billion in the first half of 2025.
The conference, attended by stakeholders across banking, finance, and technology, focused on harnessing digital innovation, policy reforms, and private sector investments to drive inclusive growth and long-term economic transformation.
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