NITDA Warns Nigeria's Financial Stability Now Depends on Digital Infrastructure Control
NITDA Director-General Kashifu Inuwa warned on Thursday, August 20, 2026, at the CBN's Committee of Departmental Directors retreat in Lagos that Nigeria's financial stability can no longer be guaranteed through traditional regulatory approaches alone. He stated that financial stability now depends on resilient technology and Nigeria's capacity for digital self-determination, emphasizing that without sovereignty over critical digital infrastructure—including telecoms networks, cloud platforms, fintechs, and data systems—the integrity of the financial system cannot be assured. Inuwa cited Nigeria's electronic payments expansion, which reached approximately ₦1.07 quadrillion in 2024, as evidence that the financial system has extended far beyond traditional supervisory models, requiring real-time visibility across the entire digital ecosystem. He urged regulators to move beyond monitoring individual institutions to overseeing the whole ecosystem proactively, rather than waiting for periodic returns. The warning aligns with ongoing initiatives like the National Sovereign Cloud Initiative, which NITDA and the Budget Office are advancing through a newly inaugurated Joint Technical Committee to develop fiscal and investment structures. CBN Governor Olayemi Cardoso separately assured staff that ongoing reforms institutionalize protection rather than threaten careers. This shift reflects growing recognition that digital infrastructure control is foundational to Nigeria's financial future, affecting everyone using digital payments, banking, or fintech services nationwide.