At the Africa Stablecoin Summit held in Lagos, Nigeria’s top financial regulator announced that the country is open to stablecoin innovation, as long as businesses operate within a defined regulatory framework.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), delivered the message during his keynote speech titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective.”
Agama said Nigeria is prepared to support the growth of stablecoin applications, provided operators comply with rules that protect markets and users.
“Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” he said.
He further highlighted the growing relevance of stablecoins in Nigeria, especially as a hedge against naira volatility. Freelancers, traders, and small businesses across Africa are increasingly choosing stablecoins, particularly those backed by the US dollar, to reduce exposure to local currency risk.
To support this move, Agama referenced the recently passed Investment and Securities Act (ISA) 2025, which includes provisions for regulating digital assets like stablecoins. According to the SEC chief, the act offers a legal foundation for stablecoin oversight while encouraging responsible innovation.
He stressed the need for frameworks tailored to Africa’s realities.
He said: “Africa needs African solutions, regulatory frameworks that reflect our market conditions and development priorities,”
Addressing concerns that regulation could stifle innovation, Agama said the SEC’s sandbox initiative has already attracted startups focused on stablecoin applications.
“We’ve onboarded some firms focused on stablecoin apps, all while ensuring compliance with core risk management principles,” he added.
He described a future in which Nigerian-built stablecoins could power cross-border trade throughout the continent and turn Lagos into a stablecoin hub.
“Five years from now, I want to see a Nigerian stablecoin powering trade from Dakar to Dar es Salaam. I want to see global capital flowing into Lagos. This is not just finance, this is nation-building.”
The summit also featured remarks from Nathaniel Luz, President of the Africa Stablecoin Network, who praised the SEC’s approach to engagement and regulation.
“This is a significant step toward fostering a thriving and regulated digital asset ecosystem across Africa,” Luz said. “Nigeria is showing leadership, and the rest of the continent is watching.”
He noted that the conference, the first of its kind in Africa, aims to build bridges between regulators and industry players. Luz added that friendly regulation would help Nigeria and other emerging markets unlock the full potential of stablecoin adoption.
Nigeria is taking clear steps to support the future of stablecoins, not by blocking them, but by building rules that guide their use. The message from the summit is simple: innovation is welcome, but responsibility must lead the way.
By opening the door to regulated stablecoin use, Nigeria is positioning itself as a potential leader in Africa’s digital finance space, and setting the pace for other nations to follow.
