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The Securities and Exchange Commission (SEC) has announced that Nigeria is open for stablecoin business, provided operators comply with the country’s regulations. SEC Director-General Emomotimi Agama made the declaration at the Nigeria Stablecoin Summit in Lagos, stating, “Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”

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Agama emphasised the importance of balancing innovation and regulation, saying, “I stand before you as both a regulator and an advocate for responsible innovation.” He highlighted Nigeria’s vibrant digital economy, noting, “The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised.

The SEC boss acknowledged the growing demand for stablecoins, driven by the naira’s fluctuations, which “have driven exponential growth in demand for dollar-backed digital assets.” He stressed the need for solutions tailored to Africa’s unique needs, stating, “Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities.”

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Agama pointed to Nigeria’s updated legal framework, the ISA 2025, which includes “forward-looking provisions for digital asset regulation” that will provide a firm legal foundation for oversight of stablecoins and other digital assets. Addressing concerns about innovation being stifled by regulation, Agama said, “Are we stifling innovation? The evidence says no. Our regulatory sandbox continues to attract interest from both local and international startups.”

Looking forward, Agama painted a bold vision for Nigeria’s place in the global stablecoin market, stating, “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.”

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