A handful of companies now control over 90% of Nigeria’s $114 billion stock market

A small group of companies now controls more than 90% of Nigeria’s stock market, underscoring how a powerful rally is being driven by a narrow set of dominant firms.

By the end of April, large-cap stocks accounted for about $104 billion (N142.79 trillion) of the market’s total value of roughly $114 billion (N155.70 trillion).

This concentration shows a market where a relatively small number of companies shape overall performance, liquidity, and investor sentiment.

The surge has been driven by sustained investor demand for telecoms, industrial goods, energy, and banking stocks, sectors viewed as more resilient in an environment marked by inflation, currency volatility, and economic adjustment.

Market leaders such as MTN Nigeria, BUA Foods, and Dangote Cement remain central to the rally, supported by strong earnings, scale, and pricing power.

Energy companies have also benefited from higher oil prices and foreign exchange adjustments, while banks have attracted renewed interest on the back of rising interest income and recapitalisation expectations.

The trend has been reinforced by institutional and foreign investors, who typically favour large, liquid stocks when allocating capital in frontier markets.

Over the past year, the value of these dominant companies has more than doubled, reflecting a combination of price gains, earnings growth, and currency-driven valuation changes following the naira’s devaluation.

In April alone, the segment added about $20 billion (N27.39 trillion), highlighting the pace at which valuations have expanded.

This concentration has helped drive Nigeria’s broader market rally, pushing equities to record highs and making the country one of the best-performing markets globally this year.

But it also points to structural imbalances.

Smaller and mid-sized companies continue to attract limited investor attention, leaving market participation relatively shallow despite headline gains.

That imbalance means overall market performance is heavily influenced by a handful of stocks, increasing vulnerability to sector-specific shocks or shifts in investor sentiment.

The pattern mirrors global trends, where large-cap companies increasingly dominate returns, particularly in markets such as the United States, where a small group of technology firms has driven much of the equity rally.

For Nigeria, the near-term outlook remains positive. Strong earnings, ongoing reforms, and improved foreign exchange liquidity are expected to sustain investor interest in leading companies.

However, analysts say broader participation across smaller stocks will be critical for building a deeper and more balanced market over time.

Ayodeji Adegboyega, Business Insider Africa

Stock market in Nigeria surges as industrial stocks power a strong rally

Nigeria’s equities market extended its strong run on Tuesday, with a sharp rise in industrial and energy stocks lifting the benchmark index to new highs and reinforcing one of the world’s best-performing market trends this year.

The NGX All-Share Index climbed 2.24% to close at 228,602.00 points, gaining 4,999.71 points in a single session. The move pushes the market’s return to 46.9% so far in 2026, underlining sustained investor appetite despite macroeconomic uncertainties.

Trading activity was robust. A total of 907.9 million shares worth N68.2 billion were exchanged in 72,697 deals.

Compared with the previous session, volume rose 34% and turnover jumped 55%, even as the number of deals declined by 12%, suggesting larger ticket trades dominated the session.

Market capitalisation stood at about N147.3 trillion, equivalent to roughly $107 billion.

Gains were broadly distributed, with 39 stocks gaining and 39 declining, showing a balanced but active market.

Industrial names led the rally. Lafarge Africa posted the maximum daily gain of 10% to close at N324.50, alongside Industrial & Medical Gases and FTN Cocoa Processors, which also rose by the daily limit. Austin Laz & Company followed closely with a 9.71% increase.

The strong performance in industrial counters helped push the NGX Industrial Index up 4.86% on the day and nearly 80% year-to-date, highlighting renewed investor interest in infrastructure-linked and manufacturing plays.

Banking stocks weigh on losers’ chart

On the downside, banking and mid-tier names faced selling pressure. United Bank for Africa declined 10% to N44.55, while Trans-Nationwide Express, Jaiz Bank and Berger Paints also recorded steep losses.

Despite the declines, banking stocks still dominated trading volumes, reflecting continued liquidity and investor positioning in the sector.

Access Holdings led activity with 220 million shares traded, followed by Fidelity Bank, Wema Bank and Linkage Assurance.

Sector performance remained strong across the board. The NGX Oil & Gas Index rose 4.66%, taking its year-to-date return above 100%, while the Consumer Goods and Main Board indices also posted solid gains.

The NGX Top 30 and Premium indices, which track large-cap stocks, continued to trend higher, reinforcing the role of heavyweight companies in driving the rally.

Nigeria’s stock market has attracted increased attention in 2026 as investors seek protection against inflation and currency volatility, while also rotating into equities with strong earnings outlooks.

Reforms in the foreign exchange market and improving corporate profitability have also helped restore confidence, drawing both local institutional funds and foreign portfolio investors back into equities.

With returns nearing 50% this year, the Nigerian market is emerging as one of the standout performers globally, though analysts warn that volatility could increase as valuations rise and profit-taking sets in.

By Ayodeji Adegboyega, Business Insider Africa

Nigeria stocks hit fresh record as $107 billion market extends one of world’s top rallies

Nigeria’s stock market closed at another record on Friday, extending one of the world’s strongest equity rallies this year as gains in banking and industrial shares lifted the Nigerian Exchange Limited’s total value to N145.3 trillion ($107.2 billion).

The benchmark NGX All-Share Index rose 1.3% to 225,724.33 points, taking gains to 3.94% over the past week, 12.34% over the past month, and 45.05% year-to-date.

A total of 627.4 million shares worth N44.39 billion ($32.7 million) were traded in 55,081 deals. Compared with the previous session, turnover rose 17%, while trading volume fell 6%.

Nigeria has become one of the standout frontier markets of 2026, helped by stronger corporate earnings, bank recapitalisations, domestic pension-fund demand and investor bets that economic reforms will improve long-term growth.

Banking shares dominated volumes, with Access Holdings, United Bank for Africa, Wema Bank and Zenith Bank among the most actively traded stocks.

Investors are now watching whether the market can cross the N150 trillion ($110.6 billion) milestone in coming sessions.

By Ayodeji Adegboyega, Business Insider Africa

President Tinubu names Taiwo Oyedele as new finance minister

Nigerian President ​Bola Tinubu has approved ‌a minor cabinet shuffle that removed two ministers ​and promoted a ​junior official to the key ⁠post of finance ​minister, his office said in ​a statement on Tuesday.

Taiwo Oyedele, previously minister of state ​for finance, replaced Wale ​Edun as minister of finance ‌and ⁠coordinating minister of the economy.

Housing and urban development minister Ahmed Musa Dangiwa ​also ​exited ⁠the cabinet, with Muttaqha Rabe Darma ​named ministerial nominee for ​the ⁠role, the statement said.

Reuters

Nigerian banks raise $3.36 billion in major reform drive

The Central Bank of Nigeria says 33 banks have met new capital requirements under a major recapitalization programme. The exercise raised $3.36 billion, boosting financial stability and strengthening the sector’s ability to support economic growth.

CGTN Africa

Nigerian fintech Redtech plans to raise $100 million for expansion

CEO Emmanuel Ojo says the company will first extend its services to 29 African countries, after which they will consider a Series A funding round. Redtech expects annual transactions on its platform to grow from $25 billion in 2025 to $100 billion within two years, with the transaction value tripling to $73.6 billion. Backed by tycoon Tony Elumelu, Redtech is also looking to expand its equity base and introduce new products across the continent.

CGTN Africa

PayPal Goes Live In Nigeria Through Paga, Enabling Global Payments And Local Withdrawals

Paga, Nigeria’s pioneering fintech company, and PayPal, the global payments and commerce platform, today announced the availability of live account linking for customers in Nigeria. The integration enables users to access PayPal-supported cross-border payments directly through Paga’s digital wallet, allowing them to receive international payments and withdraw funds locally in Naira.

With this integration, users in Nigeria can link their PayPal accounts directly to their Paga wallets to receive cross-border payments from PayPal supported markets, shop with global PayPal merchants, and access their funds locally. The service also enables Nigerian merchants and entrepreneurs to reach PayPal’s global network of over 400 million users worldwide, and grow their businesses internationally.

Through Paga, users can easily access their PayPal balances and withdraw funds across everyday financial needs, including spending via card, transferring to local bank accounts, or paying bills and merchants within the Paga ecosystem, providing a seamless bridge between global earnings and local use. The collaboration strengthens Nigeria’s financial services ecosystem by promoting cross-border commerce, empowering merchants and small business growth, and supporting the country’s digital economic infrastructure.

“We are proud to make this integration live and available to users across Nigeria,” said Tayo Oviosu, Founder and Group CEO of Paga. “Whether you’re a freelancer receiving international payments, a business selling online, or a consumer shopping globally, this collaboration makes it easier to access and use global funds locally, in a way that’s simple, secure, and built for our markets.”

“We’ve been intentional about partnering with local innovators like Paga and developing solutions that help Nigerians earn, spend, and grow,” said Otto Williams, Senior Vice President, Regional Head and General Manager of PayPal Middle East and Africa. “This collaboration helps strengthen the broader payments ecosystem by supporting local innovation, expanding financial inclusion, and enabling more consumers and businesses to participate confidently in the digital economy.”

Nigeria’s digital payments market continues to expand rapidly, with transaction values reaching ₦657.8 trillion in 2023 and more than 30 million active mobile wallet users (Novatia Consulting, 2024). With over 21 million users and a fast-growing API infrastructure, Paga is uniquely positioned to scale PayPal’s services to both consumers and businesses across the country, leveraging its local settlement network, digital wallet, and Visa card integrations positioning it as a secure and trusted local partner for cross-border digital payments.

To access PayPal services through Paga, users can log in to the Paga app or www.paga.com, link their PayPal account, and start receiving international payments into their Paga wallet and use those funds to pay bills, transfer to bank accounts, or shop online.

By Grace Ashiru, Tech In Africa

EU removes Nigeria from financial crime high-risk list

The European Union has officially removed Nigeria from its list of high-risk jurisdictions for money laundering and terrorism financing, a decision expected to ease cross-border transactions and improve investor confidence.

The update was published on the European Commission’s website and follows Nigeria’s removal from the Financial Action Task Force greylist in 2025, following a series of anti-money laundering and counter-terrorism financing reforms.

Under the new decision, enhanced due diligence requirements applied to transactions involving Nigeria will be lifted from January 29, 2026, subject to procedural approval by the European Parliament and the Council of the European Union.

Explaining the move, the European Commission said the update reflects decisions taken by the FATF at its June and October 2025 plenaries, where several countries were removed from the list of jurisdictions under increased monitoring.

“The EU has added new third-country jurisdictions to the list (Bolivia and the British Virgin Islands) and delisted a number of others (Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania),” the Commission stated.

It noted that entities covered by the EU’s anti-money laundering framework are required to apply enhanced vigilance when dealing with countries on the high-risk list, adding that Nigeria’s removal means such heightened scrutiny will no longer apply to Nigerian-related transactions within the bloc once the regulation takes effect.

Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a major boost for the country.

In a post on X on Thursday, she said, “Big win for Nigeria! Removed from the EU’s financial ‘high-risk’.” She added, “Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”

Also commenting on it, the Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun, said Nigeria’s exit from the European Union’s high-risk third-country list is a major boost for investor confidence.

Speaking in Lagos on Thursday at the NESG 2026 Macroeconomic Outlook Presentation, Edun said, “Exiting the EU high-risk list is a landmark achievement for Nigeria. It sends a clear signal to investors that Nigeria is serious about maintaining a stable, credible, and transparent business environment.”

Nigeria’s exit from the EU high-risk list is expected to have significant economic and financial implications. Countries classified as high-risk often face higher transaction costs, delayed payments, tighter correspondent banking relationships, and reduced foreign investment.

With the lifting of enhanced due diligence requirements, Nigerian banks, exporters, fintechs, and other businesses transacting with European partners are expected to face fewer compliance hurdles, a development that could improve trade flows, ease remittances, and support capital inflows.

The decision also reinforces Nigeria’s credibility as it seeks to reform its financial system and curb illicit financial flows, at a time when the government is pushing to attract foreign investment and deepen integration into global financial markets.

Nigeria was removed from the FATF greylist in October last year after implementing reforms to strengthen its anti-money laundering and counter-terrorism financing framework.


The country was delisted alongside South Africa, Burkina Faso, and Mozambique, all of which had stepped up efforts to combat money laundering and terrorist financing.

South Africa and Nigeria were added to the FATF greylist in February 2023, Mozambique in October 2022, while Burkina Faso was first designated in February 2021.

SyndiGate

Nigeria's drive to build a digital economy faces major setbacks

Nigeria’s ambition to build a digital economy is facing a major hurdle as the country grapples with cuts, vandalism, and access disputes. This has triggered thousands of network outages, slowing broadband growth, disrupting businesses, raising concerns over the country's digital future.

CGTN Africa

Video - Nigeria implements reform aimed at widening tax net

Nigeria has launched one of its most ambitious tax reforms in decades, aimed at broadening the tax base, streamlining collections, and boosting government revenue. The policy, introduced following a costly fuel subsidy removal and currency reforms that increased the cost of living, has generated both hope and concern across Africa’s largest economy.

CGTN Africa

Nigeria’s private sector shows strong growth at end of 2025

Nigeria’s private sector maintained solid growth momentum at the end of 2025, with the headline Purchasing Managers’ Index (PMI) posting 53.5 in December, slightly down from 53.6 in November.

The latest PMI reading marks the thirteenth consecutive month of business condition improvements, according to data from Stanbic IBTC Bank Nigeria PMI survey compiled by S&P Global.

Growth in December was driven by improved customer demand, which supported a marked increase in new orders. This was the fourteenth consecutive monthly rise in sales, only slightly weaker than November’s increase. Companies responded by expanding output sharply, with agriculture leading growth among the four broad sectors surveyed.

Businesses also increased their purchasing activity and inventory holdings due to stronger customer demand. Employment rose for the sixth consecutive month, though only marginally and at the slowest pace since June 2025.

Inflationary pressures picked up modestly in December but remained close to recent lows. Higher raw material prices led to a marked rise in purchase costs, while staff costs increased as firms paid employees for additional work. In response, companies raised their selling prices, with manufacturing registering the sharpest increase.


Business confidence improved significantly, jumping to a six-month high with nearly 59% of respondents predicting growth. This optimism was largely based on planned investments in business expansions and new branch openings.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, commented that while input prices increased sharply in December from November’s near five-year low, the inflation rate remained weaker than the 2025 average. He attributed the pickup in inflationary pressures to higher spending patterns during the festive period.

Oni projected Nigeria’s economy to grow by 3.8% in 2025 and 4.1% in 2026, with both manufacturing and services likely to see higher growth in 2025 compared to 2024 levels.

Investing.com

Video - Nigeria tightens cash withdrawal limits

Nigeria's central bank capped weekly access for individuals at $345 and $3,450 for businesses. The move is designed to combat money laundering, boost financial security, and support the shift to a cashless economy.

CGTN Africa

Nigeria records over $50bn cryptocurrency transactions in 1 year

The Securities and Exchange Commission (SEC) says over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024.

The Director-General of SEC, Emomotimi Agama, said in a notice on Sunday that the situation raised concern over the low participation of citizens in the traditional capital market.

Agama said no fewer than four per cent of the country’s adult population were active investors.

The director-general described the low participation rate as a major impediment to economic growth and capital formation.

He noted that, while fewer than three million citizens invested in the capital market, more than 60 million engaged daily in gambling activities, spending an estimated $5.5 million every day.

"This reveals a paradox, an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment," he said.

Agama also lamented that Nigeria’s market capitalisation to Gross Domestic Product ratio stood at about 30 per cent, far below South Africa’s 320 per cent, Malaysia’s 123 per cent, and India’s 92 per cent.

He said the disparity highlighted the urgent need to deepen financial inclusion and rebuild investors’ confidence.

Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only N1.5 trillion approved in Public Private Partnership bonds.

"This shows a misalignment between financial innovation and national priorities," he said.

The director-general called for a ‘reimagined SEC’ that served as both regulator and enabler of private-sector-driven growth.

Business Day

Video - Nigeria’s new 20 percent expat tax sparks investment concerns

Nigeria’s 2025 Tax Act, effective January 1, 2026, will impose a 20 percent tax on expatriates earning over $521 monthly, replacing outdated regulations to generate trillions of naira. Critics warn it could deter foreign investment and complicate diplomatic ties.

CGTN Africa

Nigeria and South Africa set to exit dirty-money list in October

Nigeria and South Africa could be removed from the Financial Action Task Force’s “grey list” as early as next month, a potential boost for two of Africa’s largest economies, according to sources familiar with the matter.

The FATF, a Paris-based global watchdog on money laundering and terrorist financing, placed both countries under heightened monitoring in February 2023 for shortcomings in tackling illicit financial flows.

Assessors conducted on-site inspections in recent weeks, and feedback on their action plans, as well as those of Burkina Faso and Mozambique, noted significant progress, sources told Bloomberg.

Business Insider Africa earlier reported that the FATF has already determined South African authorities have met “all or nearly all” of the required actions, according to FATF President Elisa de Anda Madrazo.

All four nations are expected to be cleared on Oct. 24, the final day of the FATF’s plenary meeting in Paris, though no final decision has been taken.

Potential market boost if listing is lifted

Although being placed on the grey list does not carry immediate penalties, it can severely damage a country’s economy and reputation.

A 2021 International Monetary Fund (IMF) report found that grey listing can cut capital inflows by as much as 7.6% of a country’s GDP.

South Africa’s Treasury said it will comment after the FATF’s decision is made public next month. Mozambique has completed all 26 actions needed to be delisted, said Luís Abel Cezerilo, who is coordinating the country’s removal.

That decision would come just as TotalEnergies SE prepares to restart its $20 billion natural gas export project.

By Adekunle Agbetiloye, Business Insider Africa

Nigeria cuts lending rate for first time in five years

Nigeria’s central bank cut its main lending rate for the first time in five years, following the easing of inflation that had driven repeated hikes from early 2024.

The bank cut the benchmark rate by 50 basis points to 27% this week, citing “sustained disinflation, improved output growth, stable exchange rate and robust external reserves.” Nigeria’s inflation rate fell to 20.12% in August, the fifth consecutive decline this year. The bank also based the rate cut on its expectation that inflation will continue to slow for the rest of 2025, though it said it was monitoring “the risk posed by excess liquidity” from government spending.

Nigeria’s economy grew by 4.23% year-on-year in the second quarter, according to government data also released this week. Its rate cut comes as part of a wider easing of monetary policy across many of Africa’s biggest economies: central banks in Ghana, Egypt, and South Africa have taken similar steps, with cooling inflation cited in each case.

By Alexander Onukwue, SEMAFOR

Nigeria embraces stablecoins

 

A year after issuing its first batch of digital asset exchange licenses, Nigeria says it’s ready to embrace stablecoins, but they must be regulated and comply with its financial laws.

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.

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.

COINGEEK

Related story: Nigeria opens doors to stablecoin firms under regulatory oversight

Video - Nigeria revamps credit system to reduce defaults

Nigeria is overhauling its credit system by linking loan histories to citizens’ National Identity Numbers. The move aims to curb defaults, encourage responsible borrowing, and expand credit access, especially in underserved areas. Experts warned that the system must be backed by strong data protection and inclusive financial infrastructure.

CGTN

Nigeria’s first stablecoin summit to offer $10,000 to startups, undergraduates

Nigeria’s first stablecoin summit scheduled to hold in Lagos is expected to offer outstanding startups and undergraduates grants up to $10,000 in what would promote business development and innovation, organisers say.

The conference, billed for Thursday, July 24, 2025, is set to bring together policymakers, stablecoin innovators, and various stakeholders to discuss the future of borderless digital payments on the continent.

“Startups attending the event would have the opportunity to participate in a pitch competition, where winners would receive up to $10,000 in cash and other prizes,” the organisers said in a statement.

“Undergraduates with an interest in the tech and digital finance ecosystem are invited to submit their write-ups for an Essay Competition, which would award 1st, 2nd, and 3rd place to the best entries.”

Nigeria boasts one of the largest tech talent pools in Africa. During the conference, policymakers, stablecoin issuers, exchanges, payment gateways, regulators, developers, and ecosystem enablers are all expected to engage in open dialogues to develop frameworks that reflect current realities.

Nathaniel Luz, president of the Africa Stablecoin Network and convener of the Nigeria Stablecoin Summit, stated that there is a need for coordinated efforts and collaborations between the government and fintechs to unlock the full potential of stablecoins in Nigeria.

He added that policymakers and stablecoin innovators would need to engage in open dialogue to develop frameworks that reflect current realities.

Luz explained that the summit’s theme, “Enhancing Adoption for a Borderless Digital Economy,” speaks to Nigeria’s need for a more integrated and seamless borderless payment ecosystem.

He emphasized that the industry needs interoperable payment systems and reliable on- and off-ramps that connect everyday commerce with stablecoins, stressing that collaborations between the government and fintechs would strengthen trust, scale solutions, and help build a sustainable ecosystem that solves real-world problems.

He further said that Nigeria’s digital finance economy is ripe for growth and expansion with room for more adoption, but these crucial “gateway discussions” have not yet taken place. He therefore urged all stakeholders in the Nigerian digital finance ecosystem to attend the Nigeria Stablecoin Summit, organised by the Africa Stablecoin Network.

Luz described the gathering as a very special and pivotal moment that would shape the future of payments in Nigeria and beyond. He asserted that while stablecoins might be a luxury for the West, they are an economic lifeline for Africa.

Business Day

Video - Nigeria’s central bank orders all banks to integrate Pan-African Payment and Settlement System

The Central Bank of Nigeria says the Pan-African Payment and Settlement System will simplify transactions and help African economies keep more value circulating within their borders. Many experts also believe this will help eliminate the expensive and time-consuming process of intra-African trade relying on the U.S. dollar.

CGTN