Senate advances bill to regulate digital assets, moves to revive textile industry

The Senate on Tuesday advanced a bill seeking to establish a clear legal and regulatory framework for virtual assets in Nigeria, while also pushing for urgent action to revive the country’s struggling textile industry.
The bill, sponsored by the Deputy President of the Senate, Barau Jibrin, scaled second reading during plenary with unanimous support from lawmakers.

Leading the debate on his behalf, the Senate Chief Whip, Mohammed Tahir Monguno, said the proposed law is designed to regulate virtual assets and digital asset service providers operating in the country.

He explained that Nigeria is already one of the highest users of virtual assets globally, but still lacks a proper legal structure to guide the sector.

“Virtual assets, from cryptocurrency to blockchain-based tokens, have become an integral part of modern economic life,” Monguno said.

He added that regulation has not kept pace with the growth of the sector.

“While innovation in the sector has surged, regulation has lagged behind. This bill seeks to close that gap and ensure compliance with laws designed to protect the public and the financial system,” he said.

After the debate, senators unanimously supported the bill and referred it for further legislative work.

Earlier, another bill sponsored by Barau Jibrin, the Nigeria Communications Commission (Amendment) Bill, 2026, also passed its first reading.

Meanwhile, the Senate also adopted a motion calling on the Federal Government to take urgent steps to revive Nigeria’s textile industry, which lawmakers said has suffered years of collapse.

The motion was moved by Senator Sunday Marshall Katung and co-sponsored by Barau Jibrin and other lawmakers.

Speaking during the debate, Barau said the collapse of the textile sector has caused huge job losses across the country.

“This issue touches on our overall well-being as Nigerians and on our economy,” he said. “We have lost thousands of jobs and livelihoods due to the collapse of our textile industry.”

He warned that Nigeria’s heavy dependence on imported textiles is weakening local job creation.

“By importing 99 per cent of our textile needs, we are creating jobs for other countries while denying our own people these opportunities,” he said.

Senate advances bill to regulate digital assets, moves to revive textile industry