President Bola Ahmed Tinubu has signed a new Executive Order aimed at strengthening the regulation of virtual assets and accelerating the growth of Nigeria’s digital economy.
The Executive Order introduces a legal framework for the regulation of virtual assets, including cryptocurrencies and tokenised digital products, while promoting innovation and investment in the country’s rapidly expanding digital sector.
According to the Federal Government, the initiative is designed to enhance investor confidence, improve transparency, combat illicit financial activities, and position Nigeria as a leading hub for digital finance and emerging technologies in Africa.
The order also seeks to streamline the regulatory process by providing clearer guidelines for businesses operating within the virtual asset ecosystem. It aligns with the government’s broader economic reform agenda, which focuses on leveraging technology to drive economic growth, create jobs, and attract both local and foreign investment.
Industry stakeholders have welcomed the development, describing it as a significant step toward providing regulatory certainty for fintech companies, blockchain developers, and digital asset service providers. They noted that a well-defined regulatory environment would encourage responsible innovation while safeguarding consumers.
The Executive Order is expected to complement the oversight functions of relevant government agencies, including the Securities and Exchange Commission (SEC), which has been developing frameworks for the regulation of virtual asset service providers.
Nigeria remains one of Africa’s largest cryptocurrency markets, with millions of citizens using digital assets for payments, remittances, savings, and investment. The Federal Government believes the new framework will help harness the sector’s economic potential while addressing concerns over fraud, money laundering, and other financial crimes.
The latest move underscores the Tinubu administration’s commitment to deepening Nigeria’s digital economy and creating an enabling environment for innovation, financial inclusion, and sustainable economic development.
