President Bola Tinubu has instructed Nigeria’s financial and capital market regulators to intensify surveillance on the growing use of stablecoins and other digital currencies, warning that the shift away from conventional banking poses challenges that must be addressed promptly.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, Tinubu highlighted the fast-paced transformation of 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 remarked. “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.”
President Bola Tinubu
Nigeria’s Securities and Exchange Commission (SEC) has already intensified regulation of digital assets under the Investment and Securities Act 2025, which formally recognises them as securities. The legislation authorises the SEC to license and supervise Virtual Asset Service Providers, including exchanges and custodians, while enforcing strict Know Your Customer and Anti-Money Laundering requirements.
Tinubu further underscored the need for Nigeria’s economy to evolve from mere resilience to reinvention. He called attention to the critical roles of digital tools, artificial intelligence, and open banking in advancing industrialisation, boosting efficiency, and expanding job opportunities.
“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.”
President Bola Tinubu
Harnessing Youth Workforce For Future Growth
The President reaffirmed his government’s focus on unlocking the potential of Nigeria’s youth, projected to form the world’s largest workforce 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 youth for the opportunities of tomorrow.”
President Bola Tinubu
On fiscal matters, Tinubu pointed to recent tax reforms aimed at creating a more transparent and efficient revenue system. He revealed that integrating government accounts with the Central Bank of Nigeria (CBN) would significantly strengthen revenue collection.
“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.”
President Bola Tinubu
He also emphasised that financial inclusion must extend beyond access to financial services to directly contribute to job creation. “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.
CBN Targets Boost In Remittances
Reiterating his administration’s priorities, Tinubu said the government remains committed to stabilising the macroeconomic environment, reducing poverty, creating employment, and encouraging private sector participation. “Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared.
Meanwhile, Central Bank Governor Olayemi Cardoso revealed ambitious plans to grow diaspora remittances, one of Nigeria’s most reliable sources of foreign exchange. He announced a target of attracting $1 billion per month by 2026.
“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.”
Central Bank Governor Olayemi Cardoso
He added that partnerships with commercial banks, including Access Bank and Zenith Bank, have already bolstered diaspora confidence and boosted inflows.
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