Africa's capital markets are at an inflection point. The continent's largest economy has one of the world's most active crypto user bases and a legislature now actively working to bring digital assets into the formal financial system. Joining me is Senator Dr. Osita Izunaso, Chairman of the Senate Committee on Capital Markets and Financial Institutions in Nigeria. Senator, welcome to the show.
Thank you very much. It's great to be here.
As Chairman of the Senate Committee on Capital Markets, what is your read on where Nigeria stands right now in terms of digital asset regulation?
Nigeria is in a very strong position. We have the largest economy in Africa. We have a very active, very engaged population when it comes to digital assets — Nigeria consistently ranks among the top countries globally in crypto adoption. What we are doing now in the legislature is building a framework that gives that activity the legal foundation it needs. The Securities and Exchange Commission has already issued guidelines. The Central Bank has reversed its earlier position. We are now working on a comprehensive digital assets bill that will bring clarity to the entire ecosystem.
Why does it matter specifically that stock exchanges list digital assets — rather than leaving that to crypto-native platforms?
Because trust and reach matter. The Nigerian Exchange Group and exchanges like it across Africa have decades of institutional credibility, regulatory oversight, and investor protection frameworks. When a digital asset is listed on a recognised exchange, it signals to pension funds, insurance companies, and sovereign wealth funds that this is a serious investable asset class. Crypto-native platforms are important — but they do not yet have the same access to institutional capital. The bridge between traditional capital markets and digital assets is what we are trying to build.
What would you say to African policymakers who argue that regulation must come before listing?
I understand the caution — but I would push back on the sequencing. You can build a plane while it is flying if you are careful. The countries that wait for perfect regulation before allowing any activity risk watching capital flow to jurisdictions that moved first. We have seen this with mobile money. Africa led the world in mobile money adoption because regulators in Kenya and elsewhere created frameworks that enabled innovation rather than blocked it until everything was perfect. Digital assets deserve the same approach.
What is the opportunity you are most excited about for Nigeria specifically?
The mobilisation of diaspora capital. Nigerians abroad send home billions of dollars every year through remittance channels that are expensive and slow. Stablecoins and digital asset infrastructure can reduce those costs dramatically and increase the volume that actually reaches families and businesses in Nigeria. That is real economic impact — not theoretical. And when that capital is invested into Nigerian capital markets through tokenised instruments, you get a multiplier effect that builds the economy.
Thank you so much for joining us today, Senator.
Thank you. It has been a pleasure and I look forward to continuing this conversation.
