Senate moves forward with digital‑asset regulation bill and plans to revive the textile industry

On Tuesday, the Senate moved a bill that aims to create a clear legal and regulatory framework for virtual assets in Nigeria, while also urging immediate action to revive the country’s struggling textile industry.

The bill, sponsored by Deputy President of the Senate Barau Jibrin, passed its second reading in a plenary session with unanimous support from lawmakers.

Senate Chief Whip Mohammed Tahir Monguno led the debate on Jibrin’s behalf, explaining that the proposed law is intended to regulate virtual assets and the digital asset service providers operating within Nigeria.

“Nigeria is already one of the highest users of virtual assets globally, yet it still lacks a proper legal structure to guide the sector,” Monguno said. “Virtual assets, from cryptocurrency to blockchain-based tokens, have become an integral part of modern economic life.”

Monguno added that regulation has not kept pace with the sector’s growth. “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 Jibrin, the Nigeria Communications Commission (Amendment) Bill, 2026, also passed its first reading.

In addition, the Senate 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 Jibrin and other lawmakers.

During the debate, Jibrin 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.