By Our Correspondent
President Bola Ahmed Tinubu has signed a landmark Executive Order establishing a new regulatory framework for virtual assets in Nigeria, a move widely seen as a major step toward accelerating the country’s digital economy and strengthening investor confidence in the financial technology sector.
The Executive Order creates the National Virtual Assets Council, a high-level body tasked with coordinating policies, promoting innovation, and ensuring effective regulation of virtual assets, including cryptocurrencies, blockchain technology, tokenized assets, and other emerging digital financial products.
In a significant development, the Governor of the Central Bank of Nigeria (CBN) has been appointed Chairman of the newly established council. The appointment reflects the Federal Government’s determination to maintain financial stability while fostering technological innovation and responsible growth within the digital asset ecosystem.
The council will serve as a central platform for collaboration among key government institutions, financial regulators, security agencies, and private sector stakeholders. Its mandate includes developing clear regulatory standards, encouraging responsible innovation, combating financial crimes, protecting investors, and positioning Nigeria as a competitive destination for digital finance.
The Executive Order is expected to eliminate regulatory uncertainty that has long challenged operators in the virtual asset industry. By providing a more coordinated approach to oversight, the government aims to encourage investment, stimulate innovation, and create new opportunities for entrepreneurs, fintech companies, and technology startups.
Industry experts have described the initiative as a timely intervention capable of transforming Nigeria into one of Africa’s leading digital asset hubs. They believe a transparent regulatory environment will attract both local and international investors while encouraging the development of blockchain-powered solutions across sectors such as finance, healthcare, agriculture, education, and public administration.
Analysts also say the establishment of the council could significantly boost Nigeria’s digital transformation agenda by supporting financial inclusion, expanding access to digital payment systems, and promoting the adoption of cutting-edge technologies that enhance economic productivity.
The Executive Order aligns with the Tinubu administration’s broader economic reform agenda, which seeks to diversify the economy, strengthen the technology ecosystem, create employment opportunities for young Nigerians, and improve the ease of doing business. With Nigeria already boasting one of Africa’s largest fintech markets, the new framework is expected to provide the policy direction needed for sustainable growth.
Stakeholders across the financial and technology sectors have welcomed the development, expressing optimism that the initiative will create a safer, more transparent, and innovation-friendly environment for digital asset businesses while enhancing Nigeria’s competitiveness in the rapidly evolving global digital economy.
Further details regarding the composition of the National Virtual Assets Council, its operational guidelines, and implementation strategy are expected to be released by the Federal Government in the coming days.
