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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National Development Plan (NDP) 2021-2025

Ministry of Finance, Budget and National Planning, Nigeria

This five-year development plan is structured around seven areas namely economic growth and development; infrastructure; public administration; human capital development; social development; regional development and plan implementation.

Nigeria • 2021 • Economy

Benue State Recurrent Expenditure Law 2021

Benue State Government, Ministry of Finance, Nigeria

This is a law to make provisions for the appropriation of recurrent expenditure for the year ending 31st of December 2021 and other connected purposes.

Nigeria • 2021 • Finance

Benue State Revenue Law 2021

Benue State Government, Ministry of Finance, Nigeria

This is a law that makes provisions for the financing of the appropriation for the year ending 31st of December 2021 and other connected purposes.

Nigeria • 2021 • Finance

National Cybersecurity Policy and Strategy

Ministry of Communications and Digital Economy, Nigeria

This policy is to ensure 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...

Nigeria • 2021 • Information, Communication and Technology

Guidelines on Corporate Governance for Pension Fund Operators (PFOs)

Ministry of Finance, Budget and National Planning, Nigeria

The aim of these guidelines includes: to incorporate best corporate governance practices in PFOs in Nigeria; to promote corporate values and ethical practices in the pension industry; to specify the roles, responsibilities and management of...

Nigeria • 2021 • Finance

Nigeria's Nationally Determined Contribution - Update

Ministry of Environment, Nigeria

This document contains an updated Nationally Determined Contribution towards the fight against climate change and fulfilment of the Paris Agreement.

Nigeria • 2021 • Environment and Climate Change

National Drug Control Master Plan 2021-2025

Ministry of Health

A 5-year strategic instrument for addressing the complex issues of drug trafficking, production, cultivation and use in Nigeria. Its main pillar (Pillar 1) covers strategies to disrupt drug trafficking networks and reduce the supply and...

Nigeria • 2021 • Health

Guidelines on Liquidity Monitoring Tools (LMT)

Central Bank of Nigeria, Nigeria

These guidelines on Liquidity Coverage Ratio (LCR) ensure that banks hold sufficient tangential high-quality liquid assets (HQLA) to survive a 30-day stress period. The assumption is that 30 days is enough time for the bank’s...

Nigeria • 2021 • Finance

Guidelines on Large Exposures (LEX)

Central Bank of Nigeria, Nigeria

These guidelines align the supervisory practice in Nigeria based on the Basel Committee on Banking Supervision (BCBS) Standards on Large Exposures and ensure a more consistent supervisory for large exposures in Nigeria.

Nigeria • 2021 • Finance

Approved New Licence Categorization Requirements Consolidated, 2021

Central Bank of Nigeria, Nigeria

This document shows the various license categorisations for operators in the Nigerian Payment System. The four broad categories are Switching and Processing (PSSP), Mobile Money Operations (MMOs, Payment Solution Services (PSSs), and Regulatory Sandbox.

Nigeria • 2021 • Finance

National Gender Policy

Ministry of Women Affairs and Social Development, Nigeria

This national policy outlines the government’s plan for gender equality, good governance, accountability, and support for the needs of its vulnerable groups in Nigeria. The overarching goal is “to build a just society devoid of...

Nigeria • 2021 • Gender and Human Rights

Regulatory Framework for Mobile Money Services in Nigeria

Central Bank of Nigeria, Nigeria

This regulatory framework by the CBN specifies the guidelines for addressing businesses operating mobile money services in Nigeria. The framework covers what constitutes money services and solutions in Nigeria. It also clearly delineates the roles...

Nigeria • 2021 • Finance

Framework for Quick Response (QR) Code Payments in Nigeria

Central Bank of Nigeria, Nigeria

This guide states the regulatory guidance for the operation of QR Code payment services in Nigeria. The objective is to guarantee the implementation of the appropriate QR code standards for safe and effective payment services...

Nigeria • 2021 • Finance

Framework for Regulatory Sandbox Operations

Central Bank of Nigeria, Nigeria

This policy document specifies the CBN’s monetary, credit, foreign trade and exchange policy guidelines for the 2012/2013 fiscal year. The policies were designed to align with the Federal Government’s Medium-Term Expenditure Framework (MTEF).

Nigeria • 2021 • Finance

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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