President Bola Tinubu has instructed financial and capital market regulators to keep an eye on Nigeria’s growing adoption of stablecoins and digital currencies, warning that the move away from conventional banking systems brings new difficulties that need to be handled early.
Speaking on behalf of Tinubu, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recognised the swift changes occurring in the global financial system.
“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,” the President said.
“To this end, I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving.”
Regulatory monitoring of virtual currencies
Nigeria’s Securities and Exchange Commission has stepped up its regulatory monitoring of virtual currencies since the Investment and Securities Act 2025 was passed, officially designating digital assets as securities.
This law gives the SEC the authority to license and oversee virtual asset service providers, such as exchanges and custodians, to ensure adherence to strict Know Your Customer (KYC) and Anti-Money Laundering guidelines.
The President also emphasised the importance of digital tools, artificial intelligence, and open banking in promoting industrialisation, increasing productivity, and generating employment, underscoring Nigeria’s economy’s need to shift from resilience to reinvention.
He pointed out that although Nigeria’s GDP is increasing, the country’s manufacturing sector has not yet produced enough jobs to accommodate its growing labour 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. The innovation is there for the adoption of digital, AI, and open banking to enhance efficiency,” Tinubu said.
Tinubu’s commitment to utilising Nigeria’s youths
The President also reaffirmed the administration’s dedication to utilising Nigeria’s youth, who will make up the largest workforce in the world by 2050.
“Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are making investments in education, infrastructure, and digital skills to prepare our youths for the opportunities of tomorrow,” he affirmed.
Regarding fiscal policies, Tinubu mentioned the recently passed tax reforms that are meant to create a more effective and transparent tax system.
He clarified that connecting government accounts with the Central Bank of Nigeria would increase revenue mobilisation.
“That linkage with the Central Bank, the revenue optimisation team, now gives us full visibility on government finances, and that will yield dividends. It will lead to increased government revenues,” he added.
Significance of financial inclusion
Tinubu emphasised the significance of financial inclusion, emphasising that it must extend beyond financial services accessibility and help create jobs, especially for young Nigerians.
“Households need reliable access to affordable financial services and reputable loans. Inclusion really means jobs, quality jobs, attractive jobs, particularly for our young men and women,” he stated.
In his closing remarks, Tinubu restated his administration’s resolve to stabilise the macroeconomic landscape, generate employment, alleviate poverty, and encourage private sector investment.
“Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared.
Nigeria’s goal to receive $1 billion in diaspora remittances monthly by 2026
Olayemi Cardoso, the governor of the Central Bank of Nigeria, revealed the bank’s ambitious goal of receiving $1 billion in diaspora remittances monthly by 2026.
Cardoso said remittances continue to be one of Nigeria’s most dependable sources of foreign exchange, adding that the bank is trying to direct these inflows into economically beneficial areas of the country.
“The Nigerian diaspora is one of the most vibrant in the world. If we are able to harness even a fraction of their earnings and direct it into our economy, the impact will be transformative. That is why we are targeting at least $1bn every month in remittances by 2026,” Cardoso stated.
The CBN governor also disclosed that the bank’s cooperation on international outreach programs with commercial banks such as Zenith Bank and Access Bank has improved diaspora confidence and boosted inflows.
“When we started that journey, we were at $250m a month. We said we would double that to $500m. Now we are at $600m,” Cardoso noted.
What’s next for Nigeria’s economic future
Prof. Pius Olanrewaju, the President and Chairman of the Council of CIBN, emphasised in his speech the importance of the conference in forming significant choices for the country’s economic future.
Olanrewaju highlighted a number of significant advancements, such as the capital raised by listed banks, which has exceeded N2.5 trillion since 2024.
Additionally, he pointed out that this year’s net domestic credit to the private sector has increased to over N82 trillion, supporting businesses and generating employment.
Olanrewaju also emphasised the rise in Nigeria’s non-oil exports, which reached 236 products in the first half of 2025 and brought in $3.23 billion, a 19.6% increase from the previous year.
Additionally, he praised Tinubu for enacting four significant tax reform bills in June 2025, which combined more than 100 tax collection organisations into the Nigeria Revenue Service, which is scheduled to go into effect in January 2026.
In order to achieve inclusive growth and economic transformation, Nigeria must use digital innovation, policy reforms, and private sector investments, according to the conference, which brought together participants from the banking, finance, and technology sectors.