President Bola Ahmed Tinubu has directed financial and capital market regulators to monitor the growing use of stablecoins and digital currencies in Nigeria, warning that the shift away from traditional banking channels poses challenges that must be managed proactively.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, President Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that the global financial system is undergoing rapid transformation.
“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 said.
To this end, he directed “capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving.”
The President stated that Nigeria’s economy needs to transition from resilience to reinvention, stressing that digital tools, artificial intelligence, and open banking are critical to driving industrialization, efficiency, and job creation.
“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,” Tinubu noted.
On the fiscal front, he pointed to the recently enacted tax reform laws, which are expected to usher in a fairer, more transparent, and efficient tax regime. He explained that reforms in technology deployment, including improved visibility of government accounts through linkage with the Central Bank since August 1, would boost revenue mobilization.
“That linkage with the Central Bank, the revenue optimization team, now gives us full visibility on government finances, and that will yield dividends. It will lead to increased government revenues,” the President said.
Tinubu also stressed the need for financial inclusion to translate into job creation for young Nigerians. “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 said.
The President restated his administration’s commitment to stabilizing the macroeconomic environment, creating jobs, reducing poverty, and mobilizing private sector investment. “Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he stated.
Central Bank Governor Yemi Cardoso, disclosed that Nigeria is on course to achieve $1 billion per month in diaspora remittances by 2026.
“By next year, our projection will be $1 billion a month of diaspora remittances. We at the Central Bank, as far as we are concerned, we have done all the things to enable that to happen,” Cardoso said.
