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Introduction
This edition captures the structural reform aimed at bolstering Nigeria’s economic stability and digital sovereignty. Central to this period are major shifts in the financial sector, including the CBN's move to increase retail FX liquidity by allowing licensed Bureau de Change operators access to the official market. Simultaneously, the Federal Government is prioritising infrastructure and innovation, evidenced by the FMCIDE’s review of significant telecommunications acquisitions and the procurement of new communication satellites to enhance national connectivity. These initiatives, paired with the unveiling of the Nigeria Industrial Policy, signal a coordinated effort to transition the nation toward value-added production and a resilient digital economy.
NCC Publishes Revised Internet Code of Practice
The Nigerian Communications Commission (NCC) issued the revised Internet Code of Practice. It revises the 2019 version and aims to promote an open internet while addressing emerging challenges. It upholds consumer rights to access lawful content without blocking, throttling, or discrimination, and mandates transparency in traffic management and IP address reporting. The Guideline also makes provisions regarding cybersecurity, data protection compliance, particularly, reporting a breach within 48 hours, child online safety via parental control and CSAM blocking, and anti-spam measures. The Guideline seeks to strengthen Nigeria's digital ecosystem by enforcing open access standards, fostering competition, and protecting users from harmful content and breaches.
A quick summary...
CBN Allows Licensed BDCs Access to NFEM Through Authorised Dealers
The CBN announced its authorisation of licensed Bureau de Change (BDC) operators to source foreign exchange from the Nigerian Foreign Exchange Market (NFEM) via chosen authorised dealers at prevailing rates, capped at $150,000 weekly per BDC. Full KYC checks, due diligence, bank-only settlements, and a 25% cash transaction cap ensure compliance and transparency, banning third-party deals. This boosts retail FX liquidity, bridges official-parallel market gaps, and bolsters formal market confidence. Fintechs, banks, and mobility firms will gain stable FX access for operations, reducing parallel market reliance and currency risks in Nigeria's digital economy.
CBN Revises Sanctions Framework for Nigerian Cheque Standards and Printer Accreditation Scheme The CBN revised sanctions for defaulters under the Nigeria Cheque Standards (NCS) and the Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0. The circular applies to all Deposit Money Banks (DMBs) and accredited cheque printers, updating the previous sanctions framework introduced in 2019 to reflect current developments in the banking industry and strengthen the efficiency of the Nigeria Clearing System.
The revised sanctions outlines penalties for banks and accredited service providers that fail to comply with established cheque standards and accreditation requirements under NCS/NICPAS 2.0. Banks and accredited cheque printers are advised to review the revised sanctions framework carefully and strengthen internal controls to ensure full compliance. Institutions should also update operational processes, staff training, and quality assurance mechanisms to avoid penalties under the new regime while maintaining seamless cheque clearing operations.
FMCIDE to Review Proposed $6.2 Billion MTN Acquisition of IHS Towers
FMCIDE has announced that it will subject the proposed $6.2 billion acquisition of IHS Holding Limited ("IHS") by MTN Group ("MTN") to a comprehensive regulatory review, citing the strategic importance of telecommunications infrastructure to national security, economic stability, and digital development. The Ministry stated that the transaction, which would result in MTN taking full ownership of IHS and delisting the tower company, will be assessed in collaboration with relevant regulatory authorities to determine its impact on market structure, competition, consumer protection, and long-term sector sustainability, particularly in light of ongoing reforms aimed at strengthening Nigeria’s digital economy.
FMCIDE Secures Presidential Approval to Procure Two Communication Satellites
FMCIDE has secured presidential approval to procure two new geostationary communication satellites to strengthen Nigeria’s national connectivity infrastructure and enhance digital resilience. The satellites are expected to expand broadband access to underserved and remote communities, improve service delivery across critical sectors including education, healthcare, security, and emergency response, and support broader digital economy objectives by ensuring more reliable and inclusive nationwide coverage.
FMCIDE Champions Integrated Electrification and Connectivity Convening to Advance Digital Inclusion
FMCIDE convened a stakeholders engagement titled "Flagship Nigeria: Electrification + Connectivity Site Visit & Convening", to drive a coordinated approach to digital inclusion through integrated investments in electricity, broadband connectivity, affordable devices, and digital skills. This event seeks to advance the Ministry’s commitment to treating electrification and connectivity as complementary digital infrastructure, with outcomes expected to inform scalable pilot programmes and strengthen public-private collaboration to expand last-mile access and support inclusive digital economic growth.
NITDA Partners with UBEC to Advance Digital Transformation in Basic Education
NITDA, in collaboration with the Universal Basic Education Commission (UBEC), seeks to accelerate digital transformation across Nigeria’s basic education sector. It focuses on integrating technology, strengthening teacher capacity, and improving data-driven planning and performance monitoring. The partnership supports the national digital literacy targets of 70% by 2027 and 95% by 2030 through the deployment of digital learning infrastructure and the use of emerging technologies to enhance educational outcomes, reinforcing foundational skills development as a core pillar of Nigeria’s digital economy strategy.
NITDA Convenes Stakeholder Engagement to Advance National Sovereign Cloud Initiative
NITDA convened a multi-stakeholder engagement to advance the National Sovereign Cloud Initiative (NSCI), aimed at strengthening Nigeria’s digital sovereignty and establishing a secure, nationally governed cloud ecosystem. The engagement focused on validating and consolidating inputs on key national instruments earlier released for contributions, including the National Cloud-First Guidelines, National Cloud Technical Guidelines, and National Cloud Investment Strategy, as Nigeria transitions from policy development to implementation. The Initiative is designed to enhance governance, resilience, and investment coordination within the cloud sector, while safeguarding critical digital infrastructure and positioning Nigeria as a competitive regional data hub.
NITDA Reaffirms Commitment to 95% Digital Literacy Target by 2030
NITDA has reaffirmed Nigeria’s commitment to achieving 95% digital literacy nationwide by 2030, with phased implementation milestones set toward 2027. The Agency is integrating structured digital skills training into the education system and civil service programmes under its “Digital Literacy for All” initiative, which has already enrolled tens of thousands of public servants to enhance technology-driven service delivery. The strategy includes targeted interventions for youth, rural communities, women, and persons with disabilities, aimed at building inclusive digital capacity and strengthening Nigeria’s human capital for the digital economy.
NITDA Advances DL4ALL Workforce Programme across Federal Civil Service
NITDA has implemented the Digital Literacy for All (DL4ALL) Workforce Programme across the Federal Civil Service in partnership with the Office of the Head of the Civil Service of the Federation, enrolling over 45,000 civil servants per course and achieving significant coverage across Ministries, Departments and Agencies. The programme strengthens foundational digital competencies within the public service and supports Nigeria’s broader digital transformation agenda, with next-phase efforts focused on advancing role-based digital skills and certification pathways in line with national literacy targets.
NITDA Signals Push for Indigenous AI Systems under National AI Strategy
NITDA has reaffirmed Nigeria’s commitment to developing indigenous Artificial Intelligence (AI) systems to address bias in globally trained AI models and strengthen Nigeria’s data sovereignty. The ministry emphasised the need for locally developed AI solutions aligned with national priorities, cultural context, and socio-economic realities, alongside adaptive regulatory frameworks capable of evolving with technological advancements. The initiative forms part of broader implementation efforts under the National AI Strategy, aimed at strengthening governance, infrastructure, and responsible AI lifecycle management in Nigeria.
NITDA to Launch Cybersecurity Framework to Combat AI-Related Attacks
The Federal Government, through NITDA, plans to launch a comprehensive cybersecurity framework to counter surging AI-driven cyberattacks targeting banks, businesses, and agencies. Key features include mandatory minimum cybersecurity spending, data breach reporting timelines, public-private threat intelligence sharing, and coordinated incident response. This will also address underinvestment in defence amid rapid digital growth, following a 150% rise in AI attacks last year and N1.1 Trillion losses from 2017-2023.
This framework will compel financial institutions and telcos to enhance investment and compliance, reducing vulnerabilities in digital services while fostering resilience through better threat sharing. However, it will also raise operational costs, particularly for smaller organisations.
NCC to Review the National Telecommunications Policy of 2000
The NCC has called for stakeholder inputs to review the outdated National Telecommunications Policy (NTP) 2000. The Commission aims to launch the NTP 2026 amid rapid digital evolution., and has set March 20, 2026 as deadline for receiving comments from stakeholders. The focus areas for review include spectrum management, broadband penetration, universal access, net neutrality, service quality, and emerging issues like online safety and critical infrastructure protection.
While this move will necessitate more robust compliance adjustments, we anticipate that telcos, and fintechs will experience improved data services, industry-wide 5G rollout, increased investment in the sector, and market confidence.
Nigeria Industrial Policy Unveiled to Accelerate Industrialisation Drive
The Federal Ministry of Industry, Trade and Investment (FMITI) advanced its industrial reform agenda following the official unveiling of the Nigeria Industrial Policy, with a directive for accelerated implementation across priority sectors. The policy framework is designed to align energy, trade, infrastructure, finance, skills, and innovation to strengthen domestic manufacturing capacity, deepen value chain development, and expand export competitiveness. The strategy signals a transition from commodity dependence toward value-added production, with an emphasis on private sector partnership and measurable industrial outcomes. For businesses and investors, the policy sets a clearer industrial direction, indicating stronger regulatory coordination and increased focus on production-led growth, export expansion, and long-term sectoral competitiveness.
National Halal Economy Strategy Launched to Drive Export Diversification
The Federal Ministry of Industry, Trade and Investment is driving Nigeria’s export diversification through the launch of the National Halal Economy Strategy, positioning the country to tap into the estimated $7.7 trillion global halal market. The strategy seeks to expand halal-compliant production across food, pharmaceuticals, cosmetics, agriculture, and related services by strengthening certification systems, quality infrastructure, and regulatory coordination to meet international standards. It is expected to enhance market access for Nigerian products in the Middle East, Asia, and parts of Africa where halal accreditation is a prerequisite for trade. For businesses and investors, the framework provides clearer direction on government-backed value chains and signals increased emphasis on standards-driven competitiveness, export-led growth, and structured integration into high-value global niche markets.
Morocco Signs Agreements to Advance Digital Governance Initiative
Morocco's Ministry of Digital Transition and Administrative Reform has signed eight cooperation agreements with public institutions, including the National Road Safety Agency (NARSA) and National Social Security Fund (CNSS), and three private firms, to advance the "Idarati X.o" under Morocco's Digital Strategy 2030. The platform will consolidate administrative services into a unified digital platform, integrating national digital identity, a smart digital wallet, and interoperability features to simplify citizen access, replace in-person procedures, and will look to boost public service efficiency over a six-month implementation phase. The partnerships emphasise technical coordination, testing, and a national framework for digital public services, positioning Morocco as a leader in e-government transformation.
Mauritius to Adopt National AI Strategy
Mauritius' Cabinet has agreed to adopt the "AI for Mauritius" National AI Strategy as the guiding policy for AI development, aiming to drive economic growth and sectoral efficiency. Supported by FAIR (Fair, Accountable, Inclusive, Responsible) guidelines tailored to local contexts and global standards, it promotes responsible AI adoption, with plans to evolve into regulations as the ecosystem matures.
This move positions Mauritius as an AI-forward nation in Africa, fostering innovation, attracting investment, and enhancing public services while mitigating risks through ethical guidelines—potentially boosting competitiveness in fintech, mobility, and governance, though success hinges on enforcement, skills development, and alignment with regional data protection trends.
National Bank of Ethiopia Issues Revised Foreign Exchange Directive
Ethiopia's National Bank revised the Foreign Exchange Directive of 2024. The revised version includes provisions such as, allowing FDI firms to open foreign currency accounts without prior approval, removing minimum thresholds, and enabling banks to issue international cards and approve remittances/loans independently. The revised Foreign Exchange Directive introduces forward exchange transactions, grants service exporters indefinite 100% retention of proceeds, and eases customs declarations for high-value FX deposits while regulating forex bureaus with new deposit/cash limits. Outward investments and family transfers up to $3,000 are now feasible under controlled approvals, replacing the rigid controls of the previous version.
The regulatory landscape in February 2026 reflects a decisive shift from policy development to active implementation across Africa. While agencies like NITDA and the NCC are modernising frameworks to address AI-driven threats and outdated telecommunications policies, regional neighbours like Ethiopia and Mauritius are similarly liberalising markets and adopting national AI strategies to drive growth.
For stakeholders, these developments promise improved market confidence and expanded access to high-value global markets, such as the burgeoning halal economy. However, the path forward will require navigating increased operational costs and a heightened focus on compliance as the continent strengthens its digital and industrial foundations.
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