Relations between Nigeria and the U.S. are worsening following a dispute over deported Venezuelans, new U.S. visa restrictions, and trade tariffs on Nigerian exports. Experts say the conflict reflects deeper issues, including Nigeria’s foreign policy stance on Gaza.
Tuesday, August 5, 2025
Video - Nigeria, U.S tensions mount over immigration and trade disputes
Relations between Nigeria and the U.S. are worsening following a dispute over deported Venezuelans, new U.S. visa restrictions, and trade tariffs on Nigerian exports. Experts say the conflict reflects deeper issues, including Nigeria’s foreign policy stance on Gaza.
Nigeria's oil production tops 1.8 million barrels per day in July
Nigeria's oil production surpassed 1.8 million barrels per day (bpd) last month, with current average output at 1.78 million bpd, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission, said at a conference on Monday.
The West African country, one of Africa's largest oil producers, relies on crude oil for nearly two-thirds of government revenue and over 80% of foreign currency earnings, making production gains critical for stabilising its economy.
However, oil theft has curtailed output and strained public finances in recent years.
The West African country, one of Africa's largest oil producers, relies on crude oil for nearly two-thirds of government revenue and over 80% of foreign currency earnings, making production gains critical for stabilising its economy.
However, oil theft has curtailed output and strained public finances in recent years.
Nigeria's champion women basketballers promised $100,000 each
At a special reception held in honour of the team, known as D'Tigress, Vice-President Kashim Shettima also promised each player a three-bedroom flat.
Nigeria defeated Mali 78-64 on Sunday to win their seventh AfroBasket title, which also secured them a spot at next year's Fiba Women's World Cup.
A similar bonus was promised to the national female football team, the Super Falcons, last month after they won the recent Women's Africa Cup of Nations (Wafcon).
Members of D'Tigress's coaching and technical crew were also promised $50,000 each and a flat during the reception at State House in the capital, Abuja.
"Nigerian women have never failed this nation in sports. From the Super Falcons standing tall on the world stage, to our athletes breaking records on the track, and D'Tigress building a basketball dynasty, our women have consistently made us proud," President Bola Tinubu said in a statement.
"To all our young people watching today, let the story of D'Tigress remind you that greatness is a product of hard work, discipline, and belief. Nigeria belongs to those who dare to dream and are willing to give their best to make those dreams a reality."
There have been been mixed reactions to the promises of cash prizes - with some feeling it is unsustainable considering the country's troubled economy.
Though the question on the lips of most Nigerians is: how long will it take for them all to get their rewards?
Previous promises like this have taken years to come to fruition.
Two months ago, the government finally fulfilled its 31-year-old pledge to give houses to the 1994 Super Eagles football squad after they won the Africa Cup of Nations in Tunisia.
Some members of that team, including Nigeria's all-time highest goal scorer Rashidi Yekini and then-captain Stephen Keshi, died before receiving the promised reward.
Friday, August 1, 2025
Video - Nurses strike hits health services in Nigeria
Nurses across Nigeria are protesting poor working conditions. The National Association of Nigeria Nurses and Midwives announced the week-long strike could be extended if its demands are not met.
Nigeria embraces stablecoins
Meanwhile, Hong Kong authorities are urging caution in stablecoin adoption as its landmark Stablecoins Ordinance takes effect. The city-state says it will only issue a handful of licenses, and that most applicants “will be disappointed.”
Nigeria’s stablecoin embrace
Speaking at the Nigeria Stablecoin Summit in Lagos, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, backed stablecoins as disruptive financial tools.
“I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” he said, as reported by local outlets.
Nigerians have been the most avid stablecoin users in Africa. A June report by Yellow Card exchange revealed that nearly 26 million Nigerians have been using stablecoins, equating to 12% of the population, which ranks the country first globally for adoption. The report described Nigeria’s stablecoin adoption as “a signal of how financial innovation can thrive in response to local needs.”
The DG joined several other African leaders who have acknowledged that stablecoins have become a vital cog in the continent’s financial rails. In Kenya, the central bank revealed that one in three banks has expressed strong interest in stablecoins, while in South Africa, the financial regulators have pointed out that they expect stablecoins to become the primary form of digital asset adoption over the next five years.
Agama says that Nigerians have been using stablecoins in cross-border funds transfers and, with the naira losing over 70% of its value against the U.S. dollar in the past three years, they have become a hedge against the local currency’s depreciation.
“Across the continent, freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility, a trend significantly amplified by the naira’s fluctuations, which have driven exponential growth in demand for dollar-backed digital assets,” he stated.
Market giants USDT and USDC are the most dominant in the Nigerian market. However, Agama said, “Africa needs African solutions that reflect our market conditions, demographic realities, and development priorities.”
One of these African solutions is cNGN, Nigeria’s first homegrown regulated stablecoin. Launched by the African Stablecoin Consortium, cNGN has hit $2.5 million in transaction volume across dApps, on-chain swaps, GameFi ecosystems, and merchant payments.
CNGN recently told CoinGeek it’s eyeing expansion beyond Nigeria, deepening its liquidity, and broadening its use cases.
“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. I want to see global capital flowing into Lagos as the stablecoin hub of the global south. This is not just finance. This is nation-building,” Agama told the attendees.
Speaking at the Nigeria Stablecoin Summit in Lagos, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, backed stablecoins as disruptive financial tools.
“I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” he said, as reported by local outlets.
Nigerians have been the most avid stablecoin users in Africa. A June report by Yellow Card exchange revealed that nearly 26 million Nigerians have been using stablecoins, equating to 12% of the population, which ranks the country first globally for adoption. The report described Nigeria’s stablecoin adoption as “a signal of how financial innovation can thrive in response to local needs.”
The DG joined several other African leaders who have acknowledged that stablecoins have become a vital cog in the continent’s financial rails. In Kenya, the central bank revealed that one in three banks has expressed strong interest in stablecoins, while in South Africa, the financial regulators have pointed out that they expect stablecoins to become the primary form of digital asset adoption over the next five years.
Agama says that Nigerians have been using stablecoins in cross-border funds transfers and, with the naira losing over 70% of its value against the U.S. dollar in the past three years, they have become a hedge against the local currency’s depreciation.
“Across the continent, freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility, a trend significantly amplified by the naira’s fluctuations, which have driven exponential growth in demand for dollar-backed digital assets,” he stated.
Market giants USDT and USDC are the most dominant in the Nigerian market. However, Agama said, “Africa needs African solutions that reflect our market conditions, demographic realities, and development priorities.”
One of these African solutions is cNGN, Nigeria’s first homegrown regulated stablecoin. Launched by the African Stablecoin Consortium, cNGN has hit $2.5 million in transaction volume across dApps, on-chain swaps, GameFi ecosystems, and merchant payments.
CNGN recently told CoinGeek it’s eyeing expansion beyond Nigeria, deepening its liquidity, and broadening its use cases.
“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. I want to see global capital flowing into Lagos as the stablecoin hub of the global south. This is not just finance. This is nation-building,” Agama told the attendees.
HKMA: We’ll only hand out a handful of licenses
In Hong Kong, the city’s de facto central bank has called for caution amidst rising public interest in stablecoins.
Hong Kong’s Stablecoin Ordinance took effect on August 1, and some of Asia’s largest companies competed to be among the first to issue stablecoins under the new regime. However, the chief executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, now says that only a select few will receive the green light.
In his statement, Yue warned against the “growing frothiness” and “excessive exuberance” as the new regime takes effect. He says that some public companies have been putting out statements mentioning stablecoin integration to excite investors and spark a stock price rally.
“…in the initial stage, we will at most grant a handful of stablecoin issuer licences. In other words, a large number of applicants will be disappointed,” Yue warned.
While HKMA hasn’t revealed any details about the licensing process, experts opine that the big companies with extensive experience in tech and finance are most likely to beat the smaller startups to the punch. Those who have participated in the HKMA’s Stablecoin Sandbox stand an even bigger chance. They include JD.com’s (NASDAQ: JD) stablecoin subsidiary, Animoca Brands, and Standard Chartered Bank (NASDAQ: SCBFF).
While the new framework makes Hong Kong one of the world’s most attractive stablecoin hubs, it comes with risks to investors. The city has seen its fair share of fraudulent digital asset projects, the most prominent being JPEX, which sank with over $200 million in user funds.
In Hong Kong, the city’s de facto central bank has called for caution amidst rising public interest in stablecoins.
Hong Kong’s Stablecoin Ordinance took effect on August 1, and some of Asia’s largest companies competed to be among the first to issue stablecoins under the new regime. However, the chief executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, now says that only a select few will receive the green light.
In his statement, Yue warned against the “growing frothiness” and “excessive exuberance” as the new regime takes effect. He says that some public companies have been putting out statements mentioning stablecoin integration to excite investors and spark a stock price rally.
“…in the initial stage, we will at most grant a handful of stablecoin issuer licences. In other words, a large number of applicants will be disappointed,” Yue warned.
While HKMA hasn’t revealed any details about the licensing process, experts opine that the big companies with extensive experience in tech and finance are most likely to beat the smaller startups to the punch. Those who have participated in the HKMA’s Stablecoin Sandbox stand an even bigger chance. They include JD.com’s (NASDAQ: JD) stablecoin subsidiary, Animoca Brands, and Standard Chartered Bank (NASDAQ: SCBFF).
While the new framework makes Hong Kong one of the world’s most attractive stablecoin hubs, it comes with risks to investors. The city has seen its fair share of fraudulent digital asset projects, the most prominent being JPEX, which sank with over $200 million in user funds.
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