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Nigeria has declared its openness to stablecoin innovation, provided it aligns with established regulatory safeguards, according to the Securities and Exchange Commission (SEC).
Speaking at the Nigeria Stablecoin Summit held in Lagos on Thursday, SEC Director-General Dr. Emomotimi Agama affirmed the Commission’s commitment to fostering innovation while protecting market integrity.
“Nigeria is open for stablecoin business—but on terms that protect our markets and empower Nigerians,” he stated.
Calling the event a pivotal moment in Africa’s financial evolution, Agama remarked,
“When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action.”
Emphasising a dual commitment to innovation and oversight, he added,
“I stand before you as both a regulator and an advocate for responsible innovation.”
Agama highlighted the dynamism of Nigeria’s digital economy—characterised by a young, tech-savvy population and growing decentralisation. He pointed to the rising adoption of stablecoins among freelancers, traders, and businesses seeking protection against naira volatility.
“Fluctuations in the naira have driven exponential growth in demand for dollar-backed digital assets,” he explained.
Addressing the global regulatory environment, the SEC chief called for frameworks tailored to Africa’s specific context:
“Africa needs African solutions—regulatory frameworks that reflect our market conditions, demographic realities, and development priorities.”
He also cited the Securities and Investment Act (ISA) 2025 as a key enabler of digital asset regulation in Nigeria.
“The ISA 2025 includes forward-looking provisions for digital asset regulation, providing a firm legal foundation for oversight of stablecoins and other digital assets.”
Dispelling concerns that regulatory actions may inhibit innovation, Agama highlighted the success of the Commission’s regulatory sandbox:
“Are we stifling innovation? The evidence says no. Our sandbox continues to attract interest from both local and international startups.”
He noted that several firms focused on stablecoin applications have already been onboarded, all while maintaining adherence to risk management protocols.
Looking ahead, Dr. Agama shared an ambitious vision for Nigeria’s leadership in the global stablecoin ecosystem:
“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.”
“I want to see global capital flowing into Lagos as the stablecoin hub of the Global South. This is not just finance. This is nation-building.”
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