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Introduction
The September 2026 Regulatory Digest highlights key legislative, policy, and supervisory updates shaping Nigeria's technology, commerce, and financial services landscape, as well as the broader African continent. This edition tracks crucial developments including proposed regulatory guardrails for online forex trading and e-commerce data protection, national efforts to standardise innovation hubs and manage internet access, and new initiatives expanding digital infrastructure, AI governance, and strategic talent export. These insights aim to help organisations anticipate compliance shifts, manage operational risks, and align with emerging statutory frameworks.
A quick summary...
SEC Proposes Rules on Online Forex Trading and CFDs
The Securities and Exchange Commission (SEC) has published proposed Rules on Online Forex Trading and Contracts for Difference (CFDs), establishing a proposed regulatory framework for persons providing or offering online forex and CFD services to Nigerian residents. The proposed rules would also cover certain offshore operators that target the Nigerian market.
The framework proposes licensing requirements for online forex brokers, introducing brokers and technology/platform providers, alongside minimum capital requirements, leverage limits, client-fund safeguards, advertising controls and cybersecurity requirements. The proposal also includes technology and platform providers within its regulatory perimeter.
The proposal indicates a potential expansion of formal regulatory oversight of Nigeria’s online forex and CFD market, including digital platforms and offshore providers targeting Nigerian users. Stakeholders should monitor the consultation process and final rules for changes to licensing, capital, technology, marketing and investor-protection requirements.
NDPC Advances Draft Data Privacy Framework for E-Commerce
On 3rd September 2026, the Nigeria Data Protection Commission (NDPC) convened a Stakeholder Validation Workshop on its draft Data Privacy Framework for the E-Commerce Sector, intended to provide sector-specific guidance on implementing the Nigeria Data Protection Act, 2023 (NDPA) and GAID.
The draft takes a practical approach to compliance, covering governance, day-to-day operations and product decision-making, with particular attention to data mapping, privacy-compliant customer journeys, API and system controls, third-party management, DPIAs, privacy by design and cross-border processing. Key sector risks discussed included the sharing of unmasked customer contact and address details with logistics providers, deceptive consent and tracking practices, profiling and automated decision-making, and the use of offshore cloud infrastructure.
The Framework is expected to include practical tools, templates and checklists, with proportionate requirements for smaller businesses and MSMEs. The updated draft is expected to undergo a public consultation before a proposed six-month implementation period. The Framework signals a shift toward more granular, implementation-focused sector regulation, linking data protection requirements to the systems, customer journeys, and product decisions through which e-commerce operates.
Nigeria Plans Internet Restrictions for Under-16s
The Federal Government has announced plans to regulate internet access for children under 16 as part of broader measures to strengthen online child protection. Details of the proposed regulatory framework, including how age verification and access restrictions would operate, are yet to be released. The proposed regulation could introduce new expectations around age assurance, parental controls, platform responsibilities and the processing of children’s personal data. Businesses providing digital services to younger users should monitor developments as the framework takes shape.
CBN Elevates Terrorism Financing Risk to Top Supervisory Priority
The CBN has elevated terrorism financing supervision to a key supervisory priority, reinforcing its commitment to protecting the national financial system from financial abuse. The framework encompasses four primary operational pillars: terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.
To enforce these standards, the CBN will continue to apply a risk-based supervisory approach combining on-site and off-site monitoring to ensure robust AML/CFT/CPF compliance across all regulated institutions. This initiative strengthens Nigeria's domestic and international partnerships focused on counter-terrorism financing, counter-proliferation financing, and financial integrity, with further targeted supervisory engagement to follow as appropriate.
SEC Mandates Implementation Plans for IFRS Sustainability Standards by October 2026
The Securities and Exchange Commission (SEC) has issued a circular directing all Public Companies and Significant Public Interest Capital Market Operators to prepare for the phased implementation of the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2). The directive follows the Financial Reporting Council of Nigeria (FRCN) roadmap, which mandates adoption for Public Interest Entities for accounting periods beginning on or after January 1, 2028, and for SMEs on or after January 1, 2030. To monitor preparedness, the Commission has mandated all affected entities to submit a detailed Implementation Plan and identify prospective compliance challenges on or before October 15, 2026.
This reflects the Commission’s continuing drive to align Nigeria's financial reporting with international sustainability benchmarks while promoting transparent, comparable, and decision-useful disclosures across the capital market. Additionally, the structured roadmap provides the SEC with an effective mechanism to supervise corporate governance, data infrastructure, and risk readiness before full mandatory reporting takes effect.
FMCIDE to Standardise Innovation Hubs via New National Framework
The Federal Government, through the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), the National Information Technology Development Agency (NITDA), and the Office for Nigerian Digital Innovation (ONDI), has begun steps to standardise innovation hubs across Nigeria. The National Innovation Hub Standards Framework (NIHSF), introduced at the Lagos Stakeholder Validation Workshop, aims to establish a national system to identify, classify, assess, and support hubs, addressing disparities in institutional capacity and service quality. Designed strictly as an ecosystem development tool rather than a regulatory mechanism, the framework seeks to position Nigeria as Africa's leading innovation ecosystem by driving startup maturity, job creation, and economic growth.
The proposed architecture categorises hubs into three operational families: venture development (incubation and acceleration), capability building (skills and university-linked centres), and convening (community and network building). Hubs will be assessed across seven core areas, including governance, infrastructure, programme delivery, human capital, networks, track record, and sustainability. By gathering critical stakeholder feedback before finalising the document, the initiative aims to create a unified ecosystem structure that ensures tech-driven solutions translate into measurable contributions to the real economy.
The Nigeria Communications Commission (NCC) Launches Free Digital Learning Pathways with Zero-Rated Access to Educational Platforms and Content
On September 10, 2026, the Nigeria Communications Commission (NCC) launched the Zero-Rated Data Access to Educational Platforms and Content Initiative. The initiative primarily aims to bridge educational inequalities by expanding access to learning resources. Under the programme’s Operator-Sponsored Model, eligible users will receive up to 100 megabytes of free data each week, roughly 3 gigabytes monthly and up to 36.5 gigabytes annually.
By removing critical cost barriers to learning, the initiative will drive digital inclusion, while directly impacting the country’s human capital and knowledge economy. This initiative is further critical for EdTech platforms and providers to ensure continuous regulatory alignment, while protecting student data from cybersecurity risks.
NCC Strengthens Type Approval Compliance for SIM-Enabled Devices in Nigeria
The Nigerian Communications Commission (NCC) is strengthening monitoring and enforcement of its Type Approval requirements through a technology-enabled framework. The initiative is supported by the Device Management System (DMS) and a Central Equipment Identity Register (CEIR), as established under the August 2024 Type Approval Business Rules; it helps the NCC maintain a central registry of International Mobile Equipment Identity (IMEI) numbers. This is particularly important to organisations across the telecommunications value chain because, with the automated DMS and CEIR framework operating alongside Nigeria Customs enforcement, equipment suppliers and service providers face multi-layered scrutiny, and non-compliant devices will not be permitted to operate on Nigerian networks.
NITDA and NACCIMA Sign MoU to support digital transformation of MSMEs
The National Information Technology Development Agency (NITDA) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) signed a Memorandum of Understanding (MoU) to promote technology adoption and digital transformation among Micro, Small and Medium Enterprises (MSMEs). The agreement was signed during GITEX Nigeria by the NITDA Director and the NACCIMA Director, and the partnership aims to connect NACCIMA’s business network with NITDA’s digital economy programmes, with an emphasis on technology adoption, digital skills, and access to digital solutions.
For MSMEs, this development matters because NITDA is positioning digital adoption as part of broader efforts to improve business productivity and participation in Nigeria’s digital economy. The partnership also aims to strengthen linkages among government institutions, private sector organisations, technology companies, academia, investors, development partners, and other stakeholders, creating an enabling environment for innovation and economic growth.
NITDA launches National AI Innovation Challenge
The National Information Technology Development Agency (NITDA) launches Nigeria’s National AI Innovation Challenge with submissions closing on 12 October 2026. The National Centre for Artificial Intelligence and Robotics (NCAIR) and the Office for Nigerian Digital Innovation (ONDI), under the Federal Ministry of Communications, Innovation and Digital Economy, are implementing the programme in partnership with Awarri Technologies.
The challenge requires participating teams to build working technical solutions that genuinely integrate N-ATLAS, Nigeria’s open-source multilingual large language model. Eligible participants include Nigerian universities, research institutions, registered startups, technology companies and independent developers. The challenge directs Nigerian talent towards building developer tools, voice-first applications, and sector-specific AI solutions on N-ATLAS.
NITDA calls for stronger international cooperation on AI and digital infrastructure
The NITDA Director has called for stronger international partnerships around artificial intelligence, trusted digital infrastructure, connectivity, investment and digital skills during a technology diplomacy engagement held at the 81st United Nations General Assembly. The engagement brought together government officials, diplomats, technology executives, investors and digital policy experts.
The discussion reflects NITDA’s broader policy direction towards developing domestic technological capacity while attracting international investment and technical cooperation. The Director-General also argued that African countries need greater regulatory coordination because technologies such as AI, cloud infrastructure and high-density data centres increasingly operate across regulatory boundaries. He called for a more unified regulatory approach to reduce multiple approval requirements and administrative bottlenecks affecting technology businesses.
NITDA advocates risk-based data classification for digital sovereignty
The National Information Technology Development Agency (NITDA) has advocated a risk-based approach to digital sovereignty, where data classification and risk profile determine the level of control and protection required. According to NITDA’s Director of Stakeholder Management and Partnerships, digital sovereignty should not be treated as a blanket requirement based solely on where data is stored or who controls the infrastructure. Highly sensitive and critical data require stronger sovereignty measures, while lower-risk data could rely on contractual obligations, assurance mechanisms, interoperability, judicial cooperation and co-location arrangements. He also noted that personal data remains subject to existing laws and the institutions responsible for its protection and management.
For organisations using cloud infrastructure or transferring data across borders, the position emphasises the importance of understanding the sensitivity and criticality of information before determining appropriate hosting, access and security arrangements.
NITDA Links Cloud Regulation and Data Sovereignty to private-sector investment
The National Information Technology Development Agency (NITDA) has announced its approach to using digital regulation and government policy to generate demand for domestic cloud and digital infrastructure. According to the NITDA Director-General, the National Cloud Infrastructure Strategy aims to bridge public policy and private capital by turning regulatory requirements into predictable demand for data centres, cloud services and connectivity.
The regulatory actions are designed to create markets, catalyse local innovation and strengthen consumer protection. He also explained that hybrid cloud architectures can allow organisations to run workloads on public clouds while keeping sovereign data stored locally. Financial transactions, health records and defence intelligence were identified as examples of critical information requiring localisation.
For organisations using cloud infrastructure, the position emphasises the need to assess applicable data localisation and sovereignty requirements when determining where critical datasets are hosted and processed. The approach also signals continued government efforts to use policy and regulatory requirements to support investment in domestic cloud and digital infrastructure.
FMITI Minister to Coordinate Implementation Roadmap for Nigeria’s Inaugural Digital Free Zone
The President has announced the official licensing of Itana as Nigeria’s first digital free zone by the Nigeria Export Processing Zone Authority (NEPZA). The initiative is designed to anchor global and pan-African technology, finance, and service companies within Nigeria, stemming the flight of local intellectual property and domestic startups setting up abroad. Backed by $500 million from the Africa Finance Corporation, the project includes an innovation campus designed to provide the policy environment, infrastructure, and access to capital African technology firms need to build and scale directly from Nigerian soil.
To translate the initiative into a global destination comparable to Silicon Valley or Delaware, the President has directed the Minister of Industry, Trade and Investment to coordinate the rollout roadmap. working directly with Itana and the Presidential Steering Committee to prepare the digital free zone for a full launch within 180 days. The strategy seeks to position Nigeria as the continent's primary digital and services hub, capturing the expanding cross-border commerce enabled by the African Continental Free Trade Area (AfCFTA).
FMITI Launches "Hire From Nigeria" Initiative to Drive Talent Export and Global Service Growth
The Minister of Industry, Trade and Investment launched the "Hire From Nigeria" initiative to transition the country toward a demand-led global services strategy. Delivered through the Federal Ministry of Industry, Trade and Investment (FMITI) via the National Talent Export Programme (NATEP) in partnership with Tech4Dev, Investment in Digital and Creative Enterprises (iDICE) and Mastercard Foundation, the programme aims to convert Nigeria’s demographic advantage into sustained job creation, foreign exchange earnings, and direct foreign investment.
Egypt Expands Data Centre and AI Infrastructure with New Partnerships
Egypt’s Ministry of Communications and Information Technology (MCIT) has signed several strategic partnership agreements to strengthen the country’s digital infrastructure (data centres and AI). These partnerships aim to accelerate digital transformation, enhance high-performance cloud hosting capabilities, and position Egypt as a key regional hub for AI compute and data services across Africa and the Middle East.
The initiative includes collaboration with international and local tech leaders to construct advanced data centres, foster local tech talent, and support enterprise-grade AI adoption. These developments reflect growing continental momentum toward sovereign cloud infrastructure, localised data hosting, and digital economy enablement across key African markets.
Ghana Plans to Regulate AI Risks
At the Second Pan-African AI and Innovation Summit 2026, Ghana’s Minister of Communication, Digital Technology and Innovation, announced that Ghana will establish a regulatory framework to mitigate AI risks and harms without suppressing innovation. The policy aims to distinguish low-risk experimentation from high-risk AI deployments in critical areas like lending, supporting Ghana’s 10-year AI strategy alongside a $250 million investment in computing infrastructure and AI adoption.
This development reflects a broader continental shift toward balanced, ethical AI governance, as African nations seek to build localised AI capabilities while managing risk—joining similar efforts across the region to establish clear guardrails for emerging technologies.
The regulatory updates across September 2026 reflect an increasingly active supervisory environment focused on institutionalising standards, protecting consumer data, and strengthening market integrity. From expanding sector-specific data protection guidelines and financial risk monitoring in Nigeria to continental investments in AI governance and sovereign data infrastructure, regulators are balancing consumer safety with economic transformation. Organisations operate in a dynamic regulatory landscape, where proactive compliance, ongoing risk assessment, and active engagement with policy frameworks remain essential to resilient, sustainable growth.
