VASPA Launches Roadmap to Unlock Nigeria’s $1 Trillion Economy

In a move set to redefine the nation’s landscape for the virtual assets sector and the national economy, the Virtual Asset Service Providers Association (VASPA) has officially launched Project Green-White-Green. This ambitious initiative provides a comprehensive policy and technical roadmap designed to transition Nigeria from “regulation by enforcement” to a state of global digital leadership.

Named after the national colors to signify Innovation (Green), Integrity (White), and Prosperity (Green), the project aims to align the burgeoning virtual asset sector with the Federal Government’s target of a $1 Trillion Economy by 2030. To do so, Nigeria must constructively address present misalignments between the industry and the government, from regulatory frictions to unaddressed legal uncertainties that often result in “regulation by enforcement”.

A Fiscal Goldmine for the Federation

The roadmap isn’t just a regulatory framework; it is a fiscal engine. VASPA’s projections suggest that full formalization and certain tax-enforcement considerations and incentives could generate over ₦500 Billion annually for the Federation Account. This would be achieved through an automated “Electronic Fiscal System” for real-time tax remittances, transforming a sector into a primary contributor to national development.

Securing National Interest

Project Green-White-Green addresses the critical concerns of the present administration and top-tier regulators:

• Market Integrity: Introduces a “Circuit Breaker” mechanism linked to the NAFEM rate to prevent artificial currency volatility and stabilize the Naira, and proposes a single inter-agency unit that will serve as a “one-stop shop” for VASPs, thus eliminating regulatory frictions.
• National Security: Proposes an “Observer Node” for the Nigerian Financial Intelligence Unit (NFIU), ensuring 100% verification and traceability to eliminate illicit financial flows and ensure Nigeria sustainably remains out of the FATF “Grey List”.
• Banking Access: Launches a “VASP Verification Protocol” to end the systemic “shadow ban” on legitimate blockchain innovators, facilitating seamless integration with the traditional banking sector.

Inclusive Policy: No Innovator Left Behind

To protect the startup ecosystem in the nascent virtual asset sector in Nigeria, the project advocates for Tiered Licensing. This ensures that indigenous entrepreneurs are not decapitated by steep capital requirements, fostering technology transfer and high-skilled job creation for Nigeria’s tech-savvy youth.

Buki Ogunsakin, Vice Chair of VASPA on Programs and Communications, described the initiative as a “research-backed blueprint,” stating, “This is about constructive realignment. We are proposing the rebuilding of a future where digital innovation happens for Nigeria with enabling frameworks—strengthening our global competitiveness while securing Nigeria’s sovereignty.”

Stephen Azubuike, the Vice Chair, Policy & Regulations of the Steering Committee of VASPA, observed that “For an industry to thrive under a smooth regulatory and an economically-viable climate, a distinctively clear roadmap is needed. This is the reason VASPA’s Project Green-White-Green which promises a transformative roadmap for Nigeria’s digital asset economy and prosperity, is welcome and worth every attention.”

Favour Uche, the Assistant Policy & Regulations Lead of VASPA noted that, “Project Green-White-Green beautifully captures how the power of unity can be used to drive change. By championing a new social contract between regulators, innovators, government, and stakeholders, it moves us beyond past divisions and ‘regulation by enforcement’ toward genuine collaboration. True progress comes from working together, not apart. We are excited to see this foster inclusive growth and position Nigeria as a global virtual asset leader.”

Next Steps: The Safe Harbor Pilot

VASPA has confirmed that a draft Project Green-White-Green Whitepaper is currently being shared with industry operators for an intensive review period. Following this consultative phase, the final roadmap will be presented to the Presidency, the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), and other relevant regulators and agencies to activate a “Safe Harbor” for compliant innovation.

Project Green-White-Green represents the most significant public-private effort—and opportunity—to date aimed at de-risking and transforming Nigeria’s status as a global titan in digital asset adoption.

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