Nigeria's Senate moved swiftly on Tuesday to regulate virtual assets. Lawmakers unanimously advanced the bill during plenary session.
Deputy President Barau Jibrin sponsored the legislation. Senate Chief Whip Mohammed Tahir Monguno led debate on his behalf.
Monguno explained the bill's core purpose simply. It will create rules for cryptocurrency, blockchain tokens, and digital asset service providers operating locally.
Nigeria ranks among the world's top users of virtual assets. Yet the country lacks a proper legal framework to govern them.
"Virtual assets have become integral to modern economic life," Monguno told his colleagues. He stressed that innovation has outpaced regulation for years.
The gap between growth and oversight must close. Monguno said the legislation will protect both the public and the financial system.
Senators voted unanimously to support the measure. Officials then referred it for committee work ahead of final passage.
On another matter, Barau's Communications Commission amendment bill cleared first reading the same day. That measure will now undergo further scrutiny.
The chamber also adopted a separate motion tackling Nigeria's textile crisis. Senator Sunday Marshall Katung moved the proposal, with Barau co-sponsoring it.
Barau painted a grim picture during debate. He described widespread job losses plaguing the sector across Nigeria.
"This touches our well-being and our economy," Barau noted. Thousands of workers have lost employment as factories shuttered.
Imports now dominate Nigeria's textile market overwhelmingly. About 99 percent of domestic textile needs arrive from overseas.
Barau warned this dependency harms local opportunity. "We create jobs for other countries while denying our people work," he argued.
The motion calls on President Tinubu's government to act urgently. Officials must develop a concrete plan to resurrect the industry.
Lawmakers view textile revival as critical to employment growth. They believe reviving manufacturing will strengthen Nigeria's economic foundation considerably.
