President Bola Tinubu has directed Nigeria’s financial and capital market regulators to strengthen oversight of stablecoin transactions and other digital assets, warning that unchecked growth in the sector could disrupt the country’s financial stability.

Tinubu issued the directive on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. He was represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to Tinubu, Nigeria’s financial system is undergoing a dramatic shift, with many individuals and businesses now preferring digital currencies and stablecoins for transactions instead of conventional banking services.

“There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoin, they’ve turned to digital currency,” he said.



The President stressed that regulators, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), must track the trend and establish clear rules to protect investors while encouraging innovation.



Tinubu’s directive comes months after the Investment and Securities Act 2025 formally classified digital assets as securities in Nigeria.

The legislation gives the SEC authority to license and supervise Virtual Asset Service Providers (VASPs), including exchanges, custodians, and wallet operators.

The Act also mandates compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, ensuring that the digital currency ecosystem does not become a haven for illicit transactions.



Tinubu highlighted the need for Nigeria to transition from mere economic resilience to reinvention, leveraging artificial intelligence (AI), open banking, and digital tools to enhance productivity and job creation.

While Nigeria’s GDP continues to expand, he noted that the manufacturing sector’s contribution remains insufficient to absorb the country’s rapidly growing labor force.

“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need,” Tinubu said.



With projections showing that Nigeria will provide the world’s largest workforce by 2050, Tinubu reaffirmed his administration’s focus on preparing young Nigerians for the future.

He pointed to ongoing investments in education, infrastructure, and digital skills, which he said are necessary to harness the nation’s youthful population as a global economic advantage.



On fiscal matters, Tinubu referenced his government’s recently enacted tax reforms, which aim to simplify collections and reduce leakages.

By linking all government accounts with the CBN, he said, revenue mobilization would improve significantly.

The reforms, including the consolidation of over 100 tax agencies into a new Nigeria Revenue Service (NRS), are set to take effect in January 2026.



The CBN Governor, Olayemi Cardoso, revealed at the event that the apex bank is working to increase diaspora remittances to $1 billion per month by 2026.

He explained that remittances are a critical source of foreign exchange and that partnerships with banks such as Access Bank and Zenith Bank have already raised inflows from $250 million to $600 million monthly.



Prof. Pius Olanrewaju, President of CIBN, highlighted positive financial indicators, including banks raising over N2.5 trillion in capital since 2024, and net domestic credit to the private sector climbing above N82 trillion in 2025.

He also pointed to a 19.6% increase in non-oil export revenues, with 236 products generating $3.23 billion in the first half of 2025, reflecting Nigeria’s gradual diversification away from oil dependency.



Tinubu emphasized that financial inclusion should not be limited to access to banking services but should translate into sustainable job creation.

He stressed that inclusion must guarantee households affordable credit and reliable financial services to improve livelihoods.

The President concluded by reaffirming his administration’s commitment to macroeconomic stability, private sector mobilization, and poverty reduction.

“Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared.



With stablecoins and digital assets growing in popularity, Tinubu’s directive reflects the government’s determination to balance innovation with regulation.

Nigeria’s proactive approach—combining digital asset laws, tax reforms, and financial sector innovation—signals an intent to position Africa’s largest economy as a global leader in the evolving digital finance landscape.