Nigeria is moving closer to formalising its digital economy as the Senate partners with the Stakeholders in Blockchain Association of Nigeria (SIBAN) to draft a legal framework for cryptocurrency and blockchain operations.
At an interactive session with the Senate Committee on Capital Market, SIBAN President Obinna Iwuno noted that Nigeria ranks second globally and first in Africa for crypto adoption, with blockchain transactions worth $59 billion. He stressed that clear regulations would unlock more opportunities for startups, SMEs, and investors in the sector.
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Committee Chairman, Senator Osita Izunaso, assured stakeholders of the Senate’s commitment to policies that enhance blockchain innovation, investor protection, and market growth. Other lawmakers echoed support for legislation that would give legitimacy to digital asset activities.
The move is expected to create a safer environment for blockchain-driven SMEs, open new channels for fundraising, and strengthen Nigeria’s role as Africa’s hub for digital finance and innovation.
