The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has declared that Nigeria is ready to host stablecoin enterprises that comply with national regulations.
Speaking at the Nigeria Stablecoin Summit in Lagos on Thursday, organised by the Africa Stablecoin Network, Agama delivered a keynote address titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective”, where he described stablecoin regulation as a catalyst for national economic development.
“When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” he said. “I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”
Agama underscored the growing role of stablecoins in Nigeria’s rapidly evolving digital economy. “The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised. Across the continent, freelancers, traders, and businesses are opting for stablecoin payments to hedge against volatility, a trend accelerated by the naira’s fluctuations, which have driven exponential growth in demand for dollar-backed digital assets.”
He noted that while global regulatory approaches remain instructive, Africa must adopt solutions rooted in its realities. “Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities,” he stated.
A cornerstone of this framework, Agama explained, is Nigeria’s Investment and Securities Act (ISA 2025), signed into law earlier this year. The Act introduces forward-looking provisions for digital asset regulation, providing a legal basis for oversight of stablecoins and related technologies.
Responding to concerns about regulation stifling innovation, Agama pointed to the success of the SEC’s regulatory sandbox. “The evidence says no. Our regulatory sandbox continues to attract interest from both local and international startups. We have onboarded firms focused on stablecoin applications, all while ensuring adherence to core risk management principles.”
Looking ahead, Agama set out an ambitious vision for Nigeria’s place in the global digital financial 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.”
Mr Nathaniel Luz, President of the Africa Stablecoin Network, commended the Federal Government for creating an enabling environment for stablecoin technology. “This move is a significant step toward fostering a thriving and regulated digital asset ecosystem across Africa,” he said. “The conference, the first of its kind in Africa, aims to bring together players and regulators for a brighter, more structured digital space. Nigeria stands to gain substantially from stablecoin as an emerging market.”
