The Securities and Exchange Commission has announced that Nigeria is open for stablecoin business, provided operators comply with the country’s regulations.

At the Nigeria Stablecoin Summit held on Thursday in Lagos, the SEC Director-General, Emomotimi Agama, declared, “Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”

Describing the moment as historic, Agama said, “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action.”

He stressed the importance of balancing innovation and regulation, stating, “I stand before you as both a regulator and an advocate for responsible innovation.”

Highlighting Nigeria’s vibrant digital economy, Agama noted, “The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised.”

He also emphasised the growing demand for stablecoins, saying, “Freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility.”

Addressing the challenges posed by the naira’s fluctuations, Agama explained that these “have driven exponential growth in demand for dollar-backed digital assets.”

The SEC boss acknowledged global regulatory trends but urged for solutions tailored to Africa’s unique needs: “Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities.”

He went on to highlight the legal foundation for these initiatives, pointing to Nigeria’s updated legal framework: “The ISA 2025 includes forward-looking provisions for digital asset regulation,” which will “provide a firm legal foundation for oversight of stablecoins and other digital assets.”

On concerns about innovation being stifled by regulation, Agama was clear: “Are we stifling innovation? The evidence says no. Our regulatory sandbox continues to attract interest from both local and international startups.”

He added, “We have onboarded some firms focused on stablecoin applications, all while ensuring compliance with core risk management principles.”

Looking forward, Dr. Agama painted a bold vision for Nigeria’s place in the global stablecoin market: “Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.”

He concluded with a rallying call, “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.”