The Central Bank of Nigeria’s new data localisation directive marks a significant milestone in the country’s digital transformation journey. By requiring payment transaction data generated in Nigeria to be stored and processed within the country from January 2027, the policy aims to strengthen regulatory oversight, improve financial system resilience and reinforce Nigeria’s digital sovereignty. For financial institutions, it signals a new phase in the evolution of the country’s digital payments ecosystem. While many banks have already invested in local data infrastructure, the directive presents a different reality for fintechs and payment service providers that rely heavily on global cloud platforms. Drawing on lessons from jurisdictions such as India, Indonesia, Brazil and the European Union, the article examines how different approaches to data localisation have balanced regulation, innovation and economic growth, offering valuable insights for Nigeria’s implementation journey. Beyond the regulatory requirements, the policy presents an opportunity to strengthen Nigeria’s digital infrastructure, attract investment and position the country as a leading fintech hub in Africa. This Policy Insight outlines the practical considerations for financial institutions as they prepare for implementation and highlights the collaborative efforts needed to ensure the transition supports both innovation and long-term competitiveness. Click HERE to read more.
Category: Research
EnterpriseNGR 2026 Nigeria Macroeconomic Outlook
Nigeria enters 2026 from a position it has not occupied in years: macroeconomic recalibration is largely complete, and the conversation is shifting from adjustment to outcomes. EnterpriseNGR’s 2026 Macroeconomic Outlook: A Financial and Professional Services Perspective interrogates this moment, not as a forecast exercise alone, but as a strategic assessment of what Nigeria’s reform cycle has unlocked, what remains fragile, and where decisive action is now required. This Outlook is anchored on a simple but consequential premise: stability is not the destination; it is the platform. From Shock Absorption to Signal Clarity Between 2023 and 2025, Nigeria absorbed a series of reforms that fundamentally altered price signals, market behaviour, and policy credibility. Foreign-exchange unification, monetary tightening, fiscal recalibration, and financial-sector strengthening imposed real costs — but they also dismantled distortions that had clouded decision-making for years. By the end of 2025, the effects were measurable: Inflation eased to 15.15%, the lowest level in five years FX liquidity improved materially as price discovery returned External reserves strengthened to US$45.5 billion, reinforcing buffers Capital markets rebounded, crossing ₦100 trillion in market capitalisation These are not abstract indicators. They represent clearer signals for households, investors, and institutions. Obi Ibekwe, CEO, EnterpriseNGR “The foundations for macroeconomic stability have been laid. The priority now is to convert reform gains into sustainable growth, investment, and improved welfare.” Why This Moment Is Different What distinguishes the current phase from previous stabilisation episodes is structure. Nigeria’s economy is no longer narrowly oil-defined. Non-oil sectors now account for over 96% of GDP, with services, financial intermediation, telecommunications, trade, and industry driving momentum. This breadth changes the nature of risk and opportunity. The Outlook also identifies a strategic opening in critical mineral resources, including gold and lithium, positioning Nigeria within emerging global value chains linked to industrialisation, energy transition, and technology-oriented foreign investment. The Central Role of Financial and Professional Services EnterpriseNGR’s Outlook places the Financial and Professional Services (FPS) sector at the heart of Nigeria’s next growth phase, not as a supporting actor, but as a system-builder. Banking recapitalisation, insurance reforms, pension-sector evolution, fintech expansion, and capital-market deepening are reshaping the sector’s ability to: Mobilise long-term domestic and foreign capital Allocate risk efficiently Finance infrastructure, industry, and innovation Anchor confidence through institutional credibility In this context, FPS is not merely responding to reforms, it is transmitting them into the real economy. 2026: Stability with Discipline The Outlook projects real GDP growth of approximately 4.4% in 2026, underpinned by services-led expansion, improving FX conditions, and stronger financial intermediation. But EnterpriseNGR’s assessment is intentionally unsentimental. Stability remains conditional: Global trade fragmentation and geopolitical volatility persist Oil-price dynamics remain a swing factor Food supply, infrastructure gaps, and security pressures continue to shape inflation and welfare Reform credibility must be defended, especially in a politically active cycle About the Outlook The EnterpriseNGR 2026 Macroeconomic Outlook is a flagship thought-leadership publication developed in collaboration with EY. It synthesises macroeconomic data, policy analysis, and market insight to frame Nigeria’s economic direction through the lens of its Financial and Professional Services ecosystem. The Full Report EnterpriseNGR 2026 Macroeconomic Outlook A Financial and Professional Services Perspective Download the Full Report The Full Report EnterpriseNGR 2026 Macroeconomic Outlook A Financial and Professional Services Perspective Download the Full Report
Nigeria’s FATF Exit: The Road to Financial Excellence
The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 by the G7 to set global standards against money laundering, terrorist financing, and related threats to financial integrity. Its core mandate is to ensure that countries implement robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks and comply through regular evaluations and public listings. For Nigeria—a major African economy with an active banking, insurance, fintech, and capital markets ecosystem—meeting FATF standards is vital for financial credibility, investment attraction, and regional leadership. The sector’s large transaction volumes, complex corporate structures, and cross-border activity make it particularly vulnerable to financial crime. Weak AML/CFT controls can quickly erode investor trust and undermine competitiveness. Nigeria undertook extensive reforms to address these gaps. It completed a national risk assessment of money laundering and terrorist financing, updated its AML/CFT strategy, and strengthened international cooperation. Supervision of financial institutions and designated non-financial businesses and professions (DNFBPs), and authorities gained quicker access to accurate beneficial ownership information. The Nigerian Financial Intelligence Unit (NFIU) increased dissemination of financial intelligence, which supported effective investigations and prosecutions. The government also enforced currency declaration rules, enhanced asset-recovery processes, and intensified terrorism-financing investigations while safeguarding legitimate activity. As a result, on October 24, 2025, FATF removed Nigeria from the grey list—a major boost to the country’s financial reputation. Delisting signals that Nigeria has addressed critical deficiencies in its AML/CFT framework and has strengthened the integrity of its financial system. For Nigeria, the benefits go beyond financial gains. Delisting affirms measurable progress in strengthening AML/CFT systems and reinforces the credibility of regulatory institutions such as the NFIU and the Central Bank. It also provides political support and public confidence to continue the reforms needed to safeguard the financial system. For Nigeria, maintaining this achievement will require deliberate and consistent action across key areas. Click HERE to read more.
From Competition to Collaboration: The Promise of Open Banking in Nigeria
Open Banking in Nigeria is set to reshape the financial sector by allowing customers to securely share data with third-party providers through standardized APIs. This customer-centric model fosters innovation, competition, and financial inclusion. Globally, open banking has delivered remarkable benefits: UK: Millions of consumers and businesses use secure data-sharing for tailored services and direct account-to-account payments. India: Account Aggregator framework expanded credit access for individuals and small businesses without traditional histories. Brazil & South Korea: Structured rollouts and reduced fees accelerated adoption and innovation. Nigeria’s Bold Steps The Operational Guidelines for Open Banking (2023) and the planned Open Banking Registry (OBR) mark a significant move toward implementation. Once fully launched, banks will share customer-approved data through standardized APIs, enabling: Personalized loans Integrated payments Better financial apps But success depends on more than technology. Building trust, ensuring strong consumer protection, and adopting phased rollout strategies are critical. Why It Matters Nigeria has the opportunity to create a secure, inclusive, and competitive financial ecosystem, empowering consumers, driving fintech growth, and positioning the country as a leader in Africa’s financial future. Want to explore the full policy insight and learn how Nigeria can unlock the promise of open banking? 👉 Click Read More About the Policy Insight
The State of Enterprise 2024 Report
DOWNLOAD REPORT In 2023, Nigeria’s FPS sector delivered improved performance across the nine classified sub-sectors, which include Banking, Insurance, Capital Markets, Asset Management, Pensions, Non-interest Finance, FinTech (Financial Technology), Professional Services and Sustainable Finance. Significant positive impacts on people, businesses and the economy were recorded, despite heightened inflation, increased production costs, exchange rate depreciation and other poor macroeconomic fundamentals. Click to download the report
The State of Enterprise 2023 Report
In 2022, Nigeria’s economy experienced a slowdown in GDP growth to 3.3%, an uptick in inflation to 18.9%, and an increased debt-to-GDP ratio of 23.2%. Despite the economic challenges, the Financial and Professional Services (FPS) sector demonstrated resilience and experienced growth across its subsectors. Click to download the report
The State of Enterprise 2022 Report
Following the pandemic-induced -1.9% contraction in the economy in 2020, Nigeria’s economy enjoyed a growth rate of 3.4% in 2021. This report analyses the supportive, facilitative and central role played by the FPS sector in supporting Nigeria’s positive economic growth and demonstrates the importance of the sector to the economy. Click to download the report