By Peter Omopo
Abuja, September 9, 2025 — President Bola Tinubu has directed Nigeria’s financial and capital market regulators to intensify monitoring of digital currencies and stablecoins, warning that their growing adoption outside the traditional banking system presents new risks that must be addressed early.
Speaking on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, Tinubu — represented by Finance Minister and Coordinating Minister of the Economy, Wale Edun — said the digital revolution was reshaping global finance.
“So many people now are not using the banking system to make payments. They’ve turned to stablecoin and digital currency. To this end, I have directed capital market authorities and banking authorities to track this narrative while it is still evolving,” Tinubu said.
Nigeria has already begun strengthening oversight of virtual assets. The Investment and Securities Act 2025 classifies digital assets as securities, empowering the Securities and Exchange Commission (SEC) to license and regulate exchanges, custodians, and other Virtual Asset Service Providers under strict anti-money laundering and Know Your Customer requirements.
Tinubu stressed that Nigeria must move beyond economic resilience toward reinvention, leveraging digital tools, artificial intelligence, and open banking to drive industrialisation and create jobs.
He acknowledged that while GDP growth continues, the industrial contribution from manufacturing remains below the level required to absorb Nigeria’s rapidly expanding workforce.
“Our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be. Innovation through digitalisation, AI, and open banking will enhance efficiency,” he said.
Highlighting Nigeria’s demographic advantage, Tinubu reaffirmed his government’s investments in education, infrastructure, and digital skills to prepare young Nigerians for the global workforce.
On fiscal reforms, he pointed to the newly consolidated Nigeria Revenue Service, which will replace over 100 tax-collecting agencies from January 2026, and to the linking of government accounts with the Central Bank of Nigeria (CBN) to boost transparency and revenues.
“That linkage now gives us full visibility on government finances. It will yield dividends and lead to increased revenues,” Tinubu said.
The President also underscored the importance of financial inclusion, noting that it must translate into meaningful employment.
Meanwhile, CBN Governor Olayemi Cardoso announced an ambitious plan to attract $1 billion in diaspora remittances monthly by 2026, describing remittances as one of Nigeria’s most stable foreign exchange sources.
Cardoso revealed that inflows had grown from $250m to $600m per month, helped by partnerships with commercial banks such as Access Bank and Zenith Bank, and that efforts are underway to channel these funds into productive sectors of the economy.
In his address, CIBN President Prof. Pius Olanrewaju noted that Nigerian banks have raised over N2.5 trillion in capital since 2024, while net domestic credit to the private sector rose above N82 trillion this year. He also highlighted growth in non-oil exports, which expanded to 236 products worth $3.23bn in the first half of 2025, representing a 19.6% increase year-on-year.
Olanrewaju praised the Tinubu administration’s reforms, including four key tax bills signed into law in June 2025, and urged stakeholders to continue leveraging digital innovation and private investment to achieve inclusive growth.
The conference drew participants from the banking, finance, and technology sectors, with discussions focused on repositioning Nigeria’s economy through digital transformation, policy reforms, and private sector collaboration.
