Nigeria

Currency: Naira (NGN)

Timezone: West Africa Time (UTC+1)

Nigeria is situated in West Africa where it shares its land border in the west with the Republic of Benin, in the east with Chad and Cameroon, and in the north with Niger—popularly referred to as the “Giant of Africa” due to its resources and population. The country is the most populous in Africa, with a population estimated to be over 207 million. The country has a very diverse ethnic group with over 100 languages. However, the major languages spoken in the country are Yoruba, Hausa, and Igbo, with English regarded as the official language in the country. The climate of the country varies widely with equatorial south, tropical in the middle, and arid in the north, while the landscape consists of southern lowlands, plateaus, and hills in the north and mountains in the southeast.

The country adopts a federal presidential republic system of government comprising 36 states and Abuja the Federal Capital. The economy is heavily reliant on Petroleum and Petroleum Products as its main source of foreign exchange earnings and accounts for over 70 percent of government revenue. The challenges facing the country include erratic power supply, lack of infrastructure, terrorist insurgence, kidnapping, banditry, clashes between farmers and herders, pervasive corruption, internet fraud, and police brutality.

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Nigerian Payments System Risk and Information Security Management Framework

Central Bank of Nigeria, Nigeria

This guide is designed to facilitate the effective management of risks associated with the Nigerian payments system. The objectives include identifying and addressing the main sources of systemic risks and ensuring effective risk management procedures...

Nigeria • 2022 • Finance

Other Financial Institutions Credit Risk Management Guidelines

Central Bank of Nigeria, Nigeria

These guidelines by the Central Bank of Nigeria (CBN) are directed to all other financial institutions to have customers’ accounts linked with the customer’s Bank Verification Number and Tax Identification Number. The main objective of...

Nigeria • 2022 • Finance

Guidelines for Credit Guarantee Companies in Nigeria

Central Bank of Nigeria, Nigeria

These guidelines outline the minimum capital requirement for operating a credit guarantee company; the corporate governance requirements; and other prudential requirements for credit guarantee companies in Nigeria. By providing these guidelines, the CBN hopes to...

Nigeria • 2022 • Finance

Operational Guidelines for Open Banking in Nigeria

Central Bank of Nigeria, Nigeria

Open banking is a system of customer data sharing across banking and payment systems with the permission of customers. The objectives of these guidelines include: to improve security in the open banking system; to increase...

Nigeria • 2022 • Finance

National Health Insurance Authority Act 2022

Ministry of Health, Nigeria

This Act repeals the National Health Insurance Scheme Act, Cap. N42, Laws of the Federation of Nigeria 2004 and enacts the National Health Insurance Authority Act to ensure effective implementation of a national health insurance...

Nigeria • 2022 • Health

National Environmental (Ozone Layer Protection) Regulations, S. I. No. 65, 2022

National Environmental Standards and Regulations Enforcement Agency, Nigeria

This Act repeals the National Health Insurance Scheme Act, Cap. N42, Laws of the Federation of Nigeria 2004 and enacts the National Health Insurance Authority Act to ensure effective implementation of a national health insurance...

Nigeria • 2022 • Environment and Climate Change

National Environmental (Electrical/Electronic Sector) Regulations, S. I. No. 79, 2022

National Environmental Standards and Regulations Enforcement Agency, Nigeria

This Act repeals the National Health Insurance Scheme Act, Cap. N42, Laws of the Federation of Nigeria 2004 and enacts the National Health Insurance Authority Act to ensure effective implementation of a national health insurance...

Nigeria • 2022 • Environment and Climate Change

Code of Practice for Interactive Computer Service Platforms/ Internet Intermediaries

National Information Technology Development Agency, Nigeria

This Act repeals the National Health Insurance Scheme Act, Cap. N42, Laws of the Federation of Nigeria 2004 and enacts the National Health Insurance Authority Act to ensure effective implementation of a national health insurance...

Nigeria • 2022 • Information, Communication and Technology

Psychiatric Hospitals Management Board Act (Amendment) Bill, 2021

Ministry of Health, Nigeria

This Bill seeks to amend the Psychiatric Hospitals Management Board Act Cap P34 Laws of the Federation of Nigeria 2004, to establish Federal Psychiatric Hospital Budo-Egba, Kwara State, to provide for the specialist services in...

Nigeria • 2021 • Health

National Cybersecurity Policy and Strategy

Ministry of Justice, Nigeria

This policy ensures the attainment of secure and resilient cyberspace in Nigeria. The strategy includes strengthening cybersecurity governance, protecting the national information system, strengthening the legal and regulatory framework, and promoting the digital economy.

Nigeria • 2021 • Justice

National Policy on VSAT Installation Core Skills for Nigerians

Ministry of Communications and Digital Economy, Nigeria

This policy aims to achieve the following: specialized skills acquisition by Nigerians that provides them with the skills required to thrive in a digital economy; job creation through engagement by satellite operators, internet service providers,...

Nigeria • 2021 • Information, Communication and Technology

Revised National Digital Identity Policy for SIM Card Registration

Ministry of Communications and Digital Economy, Nigeria

The objectives of the National Digital Identity Policy for SIM Card Registration are to mitigate identity fraud and other online crimes and curtail compliance abuse by mobile network operators and subscribers.

Nigeria • 2021 • Information, Communication and Technology

June 9, 2022

Political Parties, Presidential Candidates and the Electoral Act 2022 

The Electoral Act 2022 seeks to update and standardize Nigeria’s elections. The introduction of technological changes such as an electronic database of registered voters and an electronic transmission system of votes is a welcome improvement. Restricting political appointees' involvement in the election process is also a step in the right direction. However, there is a fundamental issue with the new act — its endorsement of the indirect primary process.

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