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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Regulatory Framework for Non-Bank Acquiring in Nigeria

Central Bank of Nigeria, Nigeria

The purpose of this framework is to clarify Non-Bank Acquiring as a regulated service in Nigeria and to establish the minimum standards and requirements for the operations of Non-Bank Acquiring in Nigeria.

Nigeria • 2021 • Finance

Guidelines on Operations of Electronic Payment Channels in Nigeria

Central Bank of Nigeria, Nigeria

These guidelines update the 2016 Guidelines on Operations of Electronic Payment Channels in Nigeria. It covers electronic payments such as standards on ATM technology and specification and point-of-sale card technology.

Nigeria • 2021 • Finance

Supervisory Framework for Payment Service Banks

Central Bank of Nigeria, Nigeria

This framework states the regulations for the operations of Payment Service Banks. The objective of the guide is to ensure transparency in their operations as well as ensuring adequate customer protection. The framework emphasizes corporate...

Nigeria • 2021 • Finance

Guidelines on Regulatory Capital

Central Bank of Nigeria, Nigeria

These guidelines on regulatory capital outline the criteria that banks’ capital instruments must satisfy based on the Basel III standards. It also provides the requirements for banks operating in Nigeria in relation to minimum regulatory...

Nigeria • 2021 • Finance

Guidelines on Leverage Ratio (LeR)

Central Bank of Nigeria, Nigeria

These guidelines specify the Central Bank of Nigeria (CBN) requirements for the Leverage Ratio (LeR) and the public disclosure procedures for all licensed commercial, merchant, and non-interest banks in Nigeria.

Nigeria • 2021 • Finance

Guidelines on Liquidity Coverage Ratio (LCR)

Central Bank of Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Finance

National Environmental (Air Quality Control) Regulations, S. I. No. 88, 2021 (Amended)

National Environmental Standards and Regulations Enforcement Agency, Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Environment and Climate Change

National Environmental (Healthcare Waste Control) Regulations, B2565-2592, 2021

National Environmental Standards and Regulations Enforcement Agency, Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Environment and Climate Change

Revised National Digital Identity Policy on Sim 2021

National Information Technology Development Agency, Nigeria

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

Standards and Guidelines for Government Websites V3

National Information Technology Development Agency, Nigeria

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

National Policy on Fifth Generation (5G) Networks for Nigeria’s Digital Economy

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

Revised National Digital Identity Policy On Sim Card Registration

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

National Policy For The Promotion Of Indigenous Content

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

Nigcomsat’s Quality Policy

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

National Policy on VSAT Installation Core Skills for Nigerians

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

Banks and Other Financial Institutions Act, 2020

Ministry of Trade, Industry and Investment, Nigeria

This is an Act repealing the Banks and Other Financial Institutions Act, 2004 and enacting the Banks and Other Financial Institutions Act 2020, regulating the activities of banks and other financial institutions as well as...

Nigeria • 2020 • Trade, Industry and Investment

Communal Farm (Establishment) Bill, 2020

Ministry of Agriculture and Rural Development, Nigeria

This Bill seeks to provide a framework for the establishment of communal farms in each Local Government of the Federation to sustain agricultural business in Nigeria.

Nigeria • 2020 • Agriculture and Rural Development

Federal Savings Bank Act (Repeal) Bill, 2020

Ministry of Finance, Budget and National Planning, Nigeria

This Bill seeks to provide for an Act to repeal the Federal Savings Bank Act CAP F20 Laws of the Federation of Nigeria 2004.

Nigeria • 2020 • Finance

National HIV/AIDS Access to Justice Guidelines and Capacity Building Manual

National Agency for the Control of AIDS, Ministry of Health, Nigeria

These guidelines seek to achieve an increased legal literacy for the general population; especially the HIV and AIDS key and vulnerable group. The document also guides the utilization of quality data to improve programme planning...

Nigeria • 2020 • Health

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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