President Bola Tinubu has directed Nigeria’s financial and capital market regulators to intensify oversight of stablecoins and digital currencies, citing the risks posed by the rapid shift away from traditional banking systems.
Represented by the Minister of Finance, Wale Edun, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu highlighted the need for proactive measures to address emerging challenges in the digital financial landscape.
“There is a digital revolution. Many people are now bypassing the banking system to make payments, turning instead to stablecoins and digital currencies,” Tinubu said.
He instructed regulators to “track this narrative while it is still evolving” to ensure that the system adapts effectively.
The Securities and Exchange Commission (SEC) has already begun implementing stricter oversight under the Investment and Securities Act 2025, which classifies digital assets as securities.
The law empowers the SEC to license and regulate Virtual Asset Service Providers, including exchanges and custodians, with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Tinubu also stressed the importance of leveraging digital tools, artificial intelligence, and open banking to drive industrialization, boost efficiency, and create jobs.
“While our GDP is growing, the contribution of manufacturing to industrial output remains insufficient to generate the jobs we need. Adopting innovation in AI, open banking, and digital tools is critical to improving efficiency,” he noted.
The President reiterated his administration’s commitment to preparing Nigeria’s youth for the future, emphasizing their potential as the world’s largest workforce by 2050.
“Our young population is an asset. Investments in education, infrastructure, and digital skills are vital to unlocking opportunities for them,” he affirmed.
On fiscal reforms, Tinubu pointed out the government’s recent tax measures and the integration of state accounts with the Central Bank of Nigeria (CBN) to enhance transparency and revenue generation.
“This linkage now gives us full visibility on government finances, which will lead to increased revenue,” he explained.
He added that financial inclusion must translate into real job opportunities, particularly for young Nigerians, ensuring access to affordable financial services and reputable loans.
The conference also featured remarks from CBN Governor Olayemi Cardoso, who announced a target of $1 billion in monthly diaspora remittances by 2026.
Cardoso highlighted progress in diaspora inflows, which have risen from $250 million to $600 million a month and are projected to reach the ambitious target through partnerships with commercial banks like Access Bank and Zenith Bank.
CIBN President Prof. Pius Olanrewaju praised the conference’s role in shaping Nigeria’s economic future, noting achievements such as the N2.5 trillion raised by banks since 2024 and a 19.6% rise in non-oil exports, which generated $3.23 billion in the first half of 2025.
He commended Tinubu’s approval of tax reforms consolidating over 100 tax agencies into the Nigeria Revenue Service, set to take effect in January 2026.
The event brought together stakeholders from banking, finance, and technology sectors to explore how digital innovation, policy reforms, and private sector investment can drive inclusive growth and transform Nigeria’s economy.
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