***Lawmakers Tackle Policy Gap as $59bn Blockchain Market Booms
Nigeria is moving closer to regulating its fast-growing cryptocurrency market, as the Senate on Wednesday opened discussions with the Stakeholders in Blockchain Association of Nigeria (SIBAN) on establishing a legal framework for digital assets.
The interactive session, convened by the Senate Committee on Capital Market chaired by Senator Osita Izunaso, comes against the backdrop of Nigeria’s surging adoption of cryptocurrencies — ranked second in the world and first in Africa — with blockchain transactions estimated at over $59 billion.
“We cannot afford to take the back seat after ranking second globally in crypto adoption,” said SIBAN President Obinna Iwuno, warning that without regulation, Nigeria risks missing out on the opportunities of a new global financial order. He added that a clear policy direction would boost investor confidence, unlock capital, and protect users.
Iwuono explained that while SIBAN currently operates as a self-regulatory body, it works with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to maintain compliance and curb abuses in the sector. He also drew attention to recent legislation in the United States strengthening the dollar’s role in digital finance, urging Nigeria to act with similar urgency.
Senator Izunaso praised SIBAN’s initiative, pledging that the committee would prioritize proposals covering investor protection, tokenization, blockchain-driven innovation, and supportive policies. Other lawmakers, including Senators Victor Umeh (Anambra Central), Jibrin Isa (Kogi East), and Mustapha Khabeeb (Jigawa South-West), echoed the need for a strong regulatory base to expand Nigeria’s capital market and recognize crypto operators.
Analysts say the collaboration between lawmakers and blockchain stakeholders could end years of uncertainty that have stifled investment, while also striking a balance between innovation and consumer protection.
With crypto adoption surging among Nigeria’s youth, observers believe a coherent framework could position the country as a continental leader in the digital economy.