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Introduction
In the first month of the year 2026, Nigeria, alongside other African countries, has introduced a series of regulatory measures aimed at reshaping the commercial, technological, and financial landscapes of their country. These records reflects the testament of a region in transition, balancing the rigour of capital requirements with the burgeoning potential of artificial intelligence and global trade.
A quick summary...
New Regulation/Framework
SEC Circular on Revised Minimum Capital Requirements for Capital Market Operators
SEC issued a new circular revising the minimum capital requirements for regulated capital market entities as part of efforts to strengthen market resilience, enhance investor protection, and align capital levels with the growing complexity and risk profile of financial activities. The review reflects the Commission’s mandate to ensure operators maintain adequate financial capacity to meet obligations and operate sustainably in an evolving market environment.
For operators within the capital market, this signals a period of mandatory recapitalisation. Firms should immediately review and realign their shareholder funds to ensure compliance with the new minimum thresholds. While this had raised stakeholder concerns and is perceived by some as a barrier to entry, the SEC maintains that the framework enhances the financial soundness and operational resilience of market operators. This new capital requirement may accelerate mergers and acquisitions, as smaller players seek consolidation and enhance their market position. See our piece on the circular.
CBN Approves Temporary Use of Expired NAFDAC Licences for Imports
CBN has granted a temporary dispensation allowing importers to use NAFDAC licences that expired on December 31, 2025, for the processing of Form M, in a move aimed at easing trade disruptions caused by system transitions. The approval, issued through the CBN’s Trade and Exchange Department, takes immediate effect and will run until February 28, 2026. The measure follows operational challenges linked to the migration from the relevant platform and the difficulties faced by importers in validating or renewing licences on the system. Therefore, authorised dealer banks have been directed to continue accepting the affected licences strictly within the two-month window, as NAFDAC works to complete its integration with the National Single Window platform.
This measure aims to prevent trade disruptions, ensure continuity in import documentation and forex access for critical goods like food and drugs, and support smoother regulatory compliance for businesses. Economically, it provides short-term relief by averting delays in supply chains, reducing import bottlenecks that could spike costs and inflation, and bolstering FX stability through sustained trade flows.
Importers of food and drugs have a narrow window to finalise their documentation without facing supply chain disruptions. Businesses should utilise this time to aggressively pursue license renewals before the February 28 deadline to avoid a sudden bottleneck in March.
Nigeria Improves Significantly in Oxford Government AI Readiness Index
The Government AI Readiness Index 2025 an authoritative global benchmark assessing how prepared governments are to harness artificial intelligence for public benefit across policy, governance, infrastructure, skills, innovation and resilience ranked Nigeria 72nd out of 195 countries, rising 31 places from 103rd in 2023 and placing the country in the 37th percentile globally.
This notable advancement reflects Nigeria’s growing strength in AI policy development, governance coordination, talent cultivation, and innovation ecosystems, and underscores the Federal Ministry of Communications, Innovation and Digital Economy’s (FMCIDE) leadership in advancing digital governance, strategy implementation and institutional capacity to support AI adoption.
The rise in AI readiness suggests an environment increasingly favourable for AI-driven startups and tech investments. Furthermore, the alignment with U.S. data standards may simplify cross-border data flows for tech firms operating in both jurisdictions.
NITDA Partners with NBC to Advance Digital Transformation and Media Regulation
The National Information Technology Development Agency (NITDA) has entered into a strategic collaboration with the National Broadcasting Commission (NBC) to strengthen digital transformation and regulatory alignment as Nigeria’s media and technology sectors continue to converge. The partnership will focus on capacity building, digital literacy, regulatory modernisation, and improved inter-agency cooperation. NITDA will support NBC through its digital transformation playbook, process automation frameworks, and technology-driven governance tools, while both agencies intend work together to enhance media oversight, data governance, and content distribution. The initiative reflects a broader effort to modernise public sector institutions and ensure effective regulation in Nigeria’s evolving digital ecosystem.
NITDA Commissions AI-Powered Dream Centre at Obafemi Awolowo University
NITDA commissioned the AI-powered Senator Oluremi Tinubu Dream Centre at Obafemi Awolowo University, Ile-Ife, as part of efforts to promote digital innovation, cultural preservation, and youth engagement. Developed through a partnership with the Ooni of Ife, who provided the physical structure, the centre is equipped by NITDA with artificial intelligence tools that combine storytelling and interactive technology to showcase Nigerian history and leadership.
NITDA Strengthens Collaboration with US on Data Protection, AI, and Cybersecurity
During the Nigeria Data Protection Capacity Building Workshop organised by the U.S. Department of State in Abuja, the Director-General of NITDA reaffirmed its commitment to strengthen Nigeria–United States cooperation on data protection, artificial intelligence, capacity building, and cybersecurity. The partnership, established under the U.S.–Nigeria Binational Commission, focuses on building trust in Nigeria’s digital ecosystem through strong privacy protections, responsible AI deployment, and enhanced security frameworks.
The collaboration also includes plans to expand Nigeria’s National Cybersecurity Conference into an international platform to support knowledge exchange, innovation, and cross-border partnerships.
NITDA Signs MOU with KOICA to Advance Youth and MSME Innovation
NITDA has hosted international partners, including the Korean International Cooperation Agency (KOICA) Nigeria Office to strengthen collaboration on youth and MSME empowerment through digital innovation. The engagement supports an MoU aimed at establishing a Start-Up Digital Innovation Academy to build a self-sustaining ecosystem that integrates education, entrepreneurship, investment, and policy development.
The initiative will enhance capacity for existing startups and emerging innovators while positioning Nigeria as a leading academic and innovation hub aligned with NITDA’s digital transformation agenda. The NITDA-KOICA academy provides a specific pathway for MSMEs to access structured support and investment.
NCC Opens Public Inquiry on Spectrum Roadmap and New Wireless Technology Guidelines
The Nigerian Communications Commission (NCC) has launched a public inquiry on three draft regulatory frameworks: the Spectrum Roadmap 2025–2030, Guidelines on the use of the 60 GHz band for Multi-Gigabit Wireless Systems, and Guidelines on the use of the lower part of the 6 GHz band for WiFi-6 in Nigeria. In line with the Nigerian Communications Act 2003, the consultation invites stakeholders to provide feedback on the proposed frameworks, including their implications for emerging technologies such as Satellite Direct-to-Device connectivity. The inquiry, which held virtually from 19–20 January 2026, reflects the Commission’s transparency-driven approach and will inform future regulatory decisions in Nigeria’s telecommunications sector.
NCC and CBN to Launch Refund Framework for Failed Airtime and Data Transactions
The NCC, in collaboration with the CBN, has developed a joint framework to address consumer complaints arising from failed airtime and data transactions. The framework, created in partnership with Mobile Network Operators, banks, and other stakeholders, introduces an enforceable service level agreement defining the responsibilities of each party in the transaction and resolution process. Under the new regime, customers who are debited without receiving value will be entitled to an automatic refund within 30 seconds, or within 24 hours where the transaction remains pending. The framework also mandates real-time transaction notifications and establishes a central monitoring dashboard to track failures, refunds, and compliance, with implementation expected to commence on 1 March 2026.
The 30-second refund mandate places significant operational pressure on telcos and banks to upgrade their real-time monitoring systems before March 2026. For infrastructure investors, the focus on 60 GHz and 6 GHz bands, alongside Satellite Direct-to-Device (D2D), opens new vistas for high-speed wireless and rural connectivity solutions. Operational excellence is the new marketing. By exceeding the 30-second refund mandate through automated reconciliation systems, businesses can transform a regulatory obligation into a powerful brand promise.
NCC Conducts Study on Competition in Nigeria’s Telecommunications Industry
The NCC has engaged PricewaterhouseCoopers (PwC) to conduct a nationwide study on the level of competition in the Nigerian telecommunications industry, pursuant to the Nigerian Communications Act 2003 and the Competition Practices Regulations 2001. The study will provide an independent, data-driven assessment of market conditions to inform proportionate regulatory interventions that promote fair competition, protect consumers, encourage investment, and support sustainable digital development. As part of the process, the NCC will hold stakeholder engagements, beginning with an initial session in Lagos, and will invite licensed operators, industry groups, and consumer bodies to contribute data and insights to ensure the findings reflect current market realities.
NCC Releases Draft National Spectrum Roadmap 2025–2030
The NCC has published a draft National Spectrum Roadmap to guide the management and allocation of radio frequency spectrum between 2025 and 2030. The roadmap, issued under the Nigerian Communications Act 2003, provides a strategic framework to support broadband growth, digital economy objectives, and innovation, while enhancing regulatory predictability and efficient spectrum utilisation. The Commission has invited submissions from stakeholders, noting that feedback will inform the final policy. The draft also highlights structural imbalances in spectrum allocation and proposes audits, improved planning, and a strengthened secondary market to optimise usage and promote fair competition across operators.
NCC Launches Public Consultation on Satellite Direct-to-Device Connectivity
The NCC has opened a six-week public consultation on the potential rollout of Satellite D2D connectivity in Nigeria. The initiative seeks stakeholder input on integrating satellite technologies with existing mobile networks to expand coverage, improve network resilience, and enhance digital inclusion. The consultation is informed by a 2024 cluster gap study highlighting connectivity challenges affecting over 23 million Nigerians. Stakeholders, including operators, consumers, government agencies, and civil society, are invited to provide feedback until 23 February 2026 to guide regulatory decisions that balance innovation, universal service access, fair competition, and sustainable investment in terrestrial infrastructure.
FMITI Outlines Priority Sectors to Drive Investment This Year
The Federal Ministry of Industry, Trade and Investment (FMITI) has identified four key sectors to drive investment and economic growth following its 2025 performance review and outlook for 2026. The priority sectors include solid minerals, industrial value chains and trade infrastructure investment, digital trade and investment, the creative economy, and climate-smart investment and green industrialisation. The ministry also said it will reinforce investor facilitation through customised digital investment portals, enhanced coordination with key agencies, and operationalisation of the National Industrial Policy, while continuing programmes such as the AfCFTA Roadshow and export facilitation in partnership with relevant FMITI agencies including NEPC, SMEDAN, BOI, and NEXIM.
These priorities reflect FMITI’s shift from restoring investor confidence to driving transformation through targeted, sector-focused action. By concentrating on value chains with high growth and export potential, the ministry aims to unlock long-term capital, create jobs, and increase Nigeria’s competitiveness in global markets.
For businesses and investors, the emphasis on digital trade and climate-smart industrialisation signals new opportunities in technology-enabled sectors and green investment, while solid minerals and creative industries offer pathways for value addition and export diversification. Economically, successful execution of these priorities could support broader goals of economic diversification, enhanced foreign exchange earnings, and stronger integration into continental and global trade ecosystems.
UK Investors Led Nigeria’s Foreign Capital Inflows in 2025
The Federal Ministry of Industry, Trade and Investment (FMITI) has revealed that investors from the United Kingdom accounted for roughly 65 per cent of Nigeria’s new foreign investment inflows in 2025 under the UK–Nigeria Enhanced Trade and Investment Partnership, with headline commitments including $40.5 million into Johnvent Industries and $7.5 million into agritech firm Babban Gona. The ministry’s policy document 2025: A Defining Year for Nigeria’s Industry, Trade and Investment noted that this strong participation followed a series of domestic policy reforms and bilateral engagements aimed at restoring investor confidence, improving market access, and transitioning investment promotion from passive visibility to structured deal origination with de-risked pipelines that now exceed $5 billion across priority sectors.
Nigerian investors should look for UK-led investment, as UK investors accounted for 65% of foreign inflows in the previous year.
Official Mobilisation of the National Intellectual Property Policy Implementation Committee
FMITI has formally mobilised the National Intellectual Property Policy and Strategy (NIPPS) Implementation Committee, an inter-agency coordination group as a key step toward strengthening Nigeria’s intellectual property landscape to be globally competitive. Working collaboratively with the Ministry of Justice and other stakeholders, this aims to build an ecosystem that better protects the rights of creators, innovators, and entrepreneurs while enhancing trade, investment, and technology development. According to the Ministry, the coordinated effort is designed to ensure that Nigerian innovation is not only safeguarded but positioned to lead on the global stage, signalling a renewed focus on intellectual property as a strategic economic asset in Nigeria’s broader innovation and industrialisation agenda.
Nigeria–UAE Comprehensive Economic Partnership Agreement (CEPA) 2026
Signed in January 2026, the Nigeria–UAE CEPA establishes a comprehensive framework for trade, investment, and services cooperation between the two countries. The agreement provides tariff elimination on over 7,000 products and access to 108 service sectors, offering Nigerian businesses duty‑free entry into the UAE market and expanded opportunities across the Middle East. It also facilitates business mobility through multi-year visas for executives and specialists, promoting commercial engagement and knowledge exchange. Strategically, the CEPA positions Nigeria as a gateway to the UAE and the broader Middle East, supports economic diversification beyond oil exports, attracts foreign investment, enhances industrialisation, and drives job creation, signalling that Nigeria is open for business and ready to leverage global markets for sustainable economic growth.
Across Africa
Somalia Parliament Approves Cybersecurity Law
Somalia's House of the People approved the Cybersecurity Law, establishing a national framework to protect digital infrastructure, secure information systems, and bolster cybersecurity resilience. It assigns roles to the Ministry of Communications, National Communications Authority, critical infrastructure operators, and creates SOM-CIRT for incident prevention, reporting, and response. The law seeks to foster collaboration across the government, private sector, and international partners.
Namibia to Accelerate Enactment of Cybercrime and Data Protection Law
Namibia is accelerating its Cybercrime Bill through stakeholder consultations targeting offences like online harassment, cyberstalking, image-based abuse, deepfakes, and gender-based violence in digital spaces. In addition, the Data Protection Bill, which has its completed consultation circle, will be set for Cabinet resubmission. This will enhance privacy amid rapid digitalisation.
Egypt to Restrict Children From Social Media
Egypt's House of Representatives announced plans to restrict children's use of social media, in other to combat "digital chaos" and protect minors from harmful content, cyberbullying, and behavioural risks. This move by Egypt follows a developing trend in Australia, France, and the UK.
With Egypt being the first African country to consider social media restriction for minors, we anticipate that this trend could spread across Africa.
There is a clear continental trend toward stricter digital governance. Companies expanding across Africa must prepare for localised cybersecurity compliance and potential age-verification requirements for digital platforms.
This edition reveals a region in a state of vigorous transformation, where the old guards of trade and the new pioneers of the digital frontier converge. As Nigeria and Africa fortify their foundations and reach across the seas for new alliances, stakeholders must heed these insights to navigate the shifting tides of the ecosystem.
From understanding that the recapitalisation move of the Securities and Exchange Commission to bolster capital requirements is not merely a burden of weight but a call to resilience; to Nigeria’s ascent in the Global AI Readiness Index, forging of alliances with the U.S. and Korea, the "digital gold" of this era has been identified, and stricter digital governance rules, particularly for minors.
The path forward is paved with both the rigours of compliance and the rewards of innovation. Those who adapt their sails to these regulatory winds shall find their vessels propelled toward a future of unprecedented prosperity.
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