{
  "id": 2578629,
  "title": "NITDA: Traditional regulations can no longer guarantee Nigeria’s financial stability",
  "url": "https://urgent.news/2026/08/22/nitda-traditional-regulations-can-no-longer-guarantee-nigerias",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-22T12:17:13.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/22/nitda-traditional-regulations-can-no-longer-guarantee-nigerias-financial-stability/"
  },
  "original_language": "en",
  "account": "Nigeria’s financial stability has surpassed the capabilities of traditional regulatory approaches, as the nation’s financial system now hinges on digital infrastructure sovereignty. This warning was issued by the National Information Technology Development Agency (NITDA) Director-General, Kashifu Inuwa, during the 15th Retreat of the Central Bank of Nigeria’s Committee of Departmental Directors in Lagos. Inuwa emphasized the need to shift focus from monitoring individual financial institutions to overseeing the entire digital ecosystem, which encompasses telecoms networks, cloud platforms, fintechs, and data systems integral to contemporary banking operations. The rapid expansion of electronic payments in Nigeria, reaching approximately N1.07 quadrillion in 2024, has expanded the financial system beyond the direct supervision of traditional models, necessitating real-time visibility across the entire ecosystem. Inuwa stressed the inseparability of financial stability and digital stability, urging regulators to anticipate and manage risks rather than react to them post-occurrence. On digital sovereignty, Inuwa highlighted the critical link between control over the infrastructure powering Nigeria’s financial system and its security. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, addressed the participants virtually, noting the bank’s strong position post-reforms and encouraging staff to view institutionalization as protection rather than a threat. Committee of Departmental Directors Chairman, Jimoh Musa Itoba, described the retreat as more than a routine gathering, emphasizing the need for directors to take greater responsibility for financial stability and economic growth. The retreat also marked a pivotal moment in recognizing the influence of digital infrastructure risks on financial stability, prompting regulators to adapt their strategies. This shift has spurred discussions on controlling Nigeria’s digital infrastructure, further emphasizing its importance. To advance this agenda, NITDA and the Budget Office launched a Joint Technical Committee to develop the necessary fiscal, procurement, financing, and investment structures for implementing the nation’s sovereign cloud policy. Furthermore, NITDA called for enhanced coordination among 15 ministries, departments, and agencies (MDAs) to ensure the effective implementation of incentives under the Nigeria Startup Act (NSA). By fostering collaboration across various sectors, NITDA aims to facilitate startups and investors in accessing the benefits provided by the NSA, signed four years ago.",
  "summary": "Nigeria’s financial stability can no longer be guaranteed through traditional regulatory approaches, and its ability to maintain the stability and integrity of the financial system increasingly depends on sovereignty over the digital infrastructure that powers it. The post NITDA: Traditional regulations can no longer guarantee Nigeria’s financial stability appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}