Nigeria is embracing digital innovation to strengthen its economy and create jobs.
Recently, the government formed a working group to explore stablecoins and manage emerging technology risks, Central Bank Governor Olayemi Cardoso explained.
Speaking after the World Bank and IMF annual meetings in Washington, DC, Cardoso emphasised that the country must balance innovation with financial stability.
“Nobody wants to stifle progress, but we must manage risks carefully,” he added.
Stablecoins
Meanwhile, the CBN is actively partnering with stakeholders, including Nigerian FinTech leaders, to drive investment and innovation.
For example, a recent session, themed ‘Shaping the Future of FinTech in Nigeria: Innovation, Inclusion and Integrity’, aimed to chart a clear path for the sector’s future.
On the economic front, Cardoso pointed out several positive trends.
Inflation is easing, the naira is strengthening, and foreign reserves exceed $43 billion, enough to cover over eleven months of imports.
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Furthermore, reforms have improved transparency, stabilised key prices, and enhanced foreign exchange market efficiency.
Strengthening Growth And Jobs
At the same time, non-bank financial institutions, such as microfinance and digital lenders, are growing rapidly.
Cardoso urged regulators to monitor these players closely and strengthen oversight where necessary.
In addition, fiscal reforms, including subsidy removal and expenditure rationalisation, have freed resources for productive investment.
Minister of State for Finance Doris Nkiruka Uzoka-Anite highlighted initiatives in infrastructure, agriculture, and the digital economy, noting that World Bank-supported programmes are helping women and vulnerable groups.
Overall, Nigeria is positioning itself at the intersection of innovation and economic stability, showing that digital finance can actively drive growth and inclusion.
