The Repeal and Reenactment of the Investment and Securities Act 2025, is a catalyst for realisation of the $1trillion economy proposed by President Bola Tinubu-led administration, Senator Osita Izunaso has said.
Izunaso (Imo West), who is the chairman of the Senate Committee on Capital Market, gave the assurance in an interview with journalists in Abuja, Wednesday.
Tinubu had during his 2023 Presidential Campaigns promised to build a jumbo-sized economy, aiming for a $1 trillion GDP by 2030.
The senator also said the act which was assented to last week by President Tinubu would end all forms of Ponzi schemes in Nigeria and grow the digital assets as well as cryptocurrency.
He said: “The Investment and Securities Act that has just been signed by Mr. President is a holistic enactment because we repealed the 2007 ISA and re-enacted it in 2025 with the aim of resetting the entire investment and securities law in Nigeria.
“With what we have done today, for the first time in the history of Nigeria, the digital assets as well as cryptocurrency has now been recognised as a form of security in Nigeria.
“This means that people can now trade with digital assets, people can now do cryptocurrency and it will be properly regulated by Security and Exchange Commission.
“What it means is that the virtual asset services providers as well as the digital asset operators are today under the purview of SEC.”
Izunaso said Nigeria is about the second or the third globally in terms of cryptocurrency and that a lot of money has passed through the country without it being regulated.
He said: “Today, Mr. President is talking about a $1 trillion economy. By signing this act into law, it means that Nigeria is set for that $1 trillion economy.
“If we want to achieve the $1 trillion economy that Mr. President is envisioning, we must promote both the money market and the capital market. So, today, the capital market has been reset for that purpose.
“I would also like to make it clear that the days of Ponzi insider trading and market manipulations are over in Nigeria,” he said.