The Securities and Exchange Commission (SEC) has officially declared Nigeria open for stablecoin business, with a strong emphasis on compliance, regulation, and innovation. Speaking at the Nigeria Stablecoin Summit held on Thursday in Lagos, the Director-General of the SEC, Dr. Emomotimi Agama, said Nigeria is ready to embrace digital financial transformation—but only on terms that protect the local economy and empower its citizens.
Dr. Agama described the moment as historic, stating that the summit marked a major step in Africa’s financial revolution. “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” he said.
In his remarks, Agama emphasized the importance of finding the right balance between innovation and regulation. “I stand before you as both a regulator and an advocate for responsible innovation,” he said. He stressed that Nigeria’s digital financial market is young, growing, and increasingly decentralised, which makes it even more important to ensure safe, structured growth.
He pointed out that the use of stablecoins is rising rapidly across Nigeria, especially among freelancers, business owners, and online traders who are seeking alternatives to hedge against the volatility of the naira. “Freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility,” he said.
He further explained that the continued instability of the naira has triggered massive interest in dollar-backed digital assets. “The fluctuations in the value of the naira have driven exponential growth in demand for stablecoins and other dollar-linked digital assets,” Agama noted.
While highlighting the global move toward digital asset regulation, Dr. Agama stated that African countries need to create their own frameworks that reflect the unique economic, social, and developmental realities of the continent. “Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities,” he said.
The SEC boss also pointed to the newly updated legal framework under the Investments and Securities Act (ISA) 2025, which contains specific provisions for digital asset regulation. He explained that this legal update is designed to provide a strong foundation for stablecoin oversight and related digital innovations.
“The ISA 2025 includes forward-looking provisions for digital asset regulation,” Agama stated. “This will provide a firm legal foundation for oversight of stablecoins and other digital assets in the Nigerian market.”
Addressing concerns from stakeholders that regulatory measures might suppress innovation, the SEC Director-General said the evidence shows otherwise. According to him, Nigeria’s regulatory sandbox, which allows startups to test their innovations under regulator supervision, is attracting increasing interest from both local and global tech firms.
“Are we stifling innovation? The evidence says no. Our regulatory sandbox continues to attract interest from both local and international startups,” he said. He further added that some of the firms currently in the sandbox are already working on stablecoin applications that follow core risk management guidelines.
Dr. Agama laid out a bold vision for Nigeria’s role in the global stablecoin industry, expressing hope that in the near future, Nigerian-built stablecoins will support cross-border trade across Africa and bring in international capital.
“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam,” he said. “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.”
The Nigeria Stablecoin Summit was attended by fintech leaders, blockchain experts, policymakers, investors, and tech innovators from Nigeria and beyond. The forum provided a platform for discussions on the future of digital finance in Africa and how Nigeria can position itself as a leader in regulated crypto-based financial systems.
Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies like the US dollar, have become increasingly popular in developing economies due to their ability to reduce currency risk and facilitate fast, low-cost payments. With Nigeria’s growing digital economy and increasing adoption of financial technology, many experts believe that the country has the potential to become a hub for stablecoin innovation in Africa.
As Nigeria opens its doors to the stablecoin market, the SEC says it will continue to enforce rules that protect investors, prevent misuse, and ensure that innovation happens within a regulated, transparent environment.
