The Nigerian Senate has moved forward with efforts to regulate the nation’s growing cryptocurrency and blockchain industry, unveiling plans to collaborate with the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) on establishing a comprehensive legal framework for digital assets.
Speaking at an interactive session with SiBAN officials, Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, said the move is aimed at fostering a safer and more innovative digital economy. “We deeply appreciate your commitment to building a well-regulated environment that promotes growth while protecting investors,” he stated.
Obinna Iwuno, President of SiBAN, led the delegation and underscored Nigeria’s unique role in the global digital economy. He highlighted that the country now ranks second globally and first in Africa for cryptocurrency adoption, with over 22 million Nigerians actively involved in crypto ownership in 2025, compared to just 0.4% of the population a decade ago.
Iwuno further revealed that blockchain-powered transactions in Nigeria have surpassed $59 billion, stressing the importance of proper legal and regulatory support. “This figure represents just the beginning of what can be achieved if we establish clear policies and frameworks to support blockchain growth,” he explained.
Lawmakers, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, expressed unanimous support for enabling legislation that will position Nigeria as a hub for blockchain innovation. Senator Izunaso praised SiBAN’s role in advocating for investor protection, blockchain utilization, and digital capacity building.
Iwuno emphasized that Nigeria is already contributing more than 60% of Africa’s blockchain adoption and warned that failing to implement proper regulation could stall progress. He maintained that a strong framework would secure Nigeria’s leadership role in the digital economy.
The partnership between the Senate and SiBAN marks a pivotal shift in Nigeria’s economic planning, setting the stage for regulatory clarity in cryptocurrency and blockchain activities. Industry experts believe this development could attract more investments, boost investor confidence, and accelerate Nigeria’s transition into a digitally driven economy.
