Business
CBN creating business opportunities for indigenous tech companies
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Industry stakeholders have said the Central Bank of Nigeria’s (CBN) data localisation directive is creating significant opportunities for indigenous technology companies, accelerating investments in local data infrastructure, and strengthening the country’s digital economy.
The stakeholders noted that the policy, which requires banks, payment service providers, fintech firms, and other regulated financial institutions to store and process critical financial data within Nigeria, is expected to deepen local value creation, improve data security, and reduce dependence on foreign hosting services.
According to industry experts, the directive is driving increased demand for Nigerian-owned data centres, cloud computing services, cybersecurity solutions, software development, and other digital infrastructure provided by local technology firms.
Speaking on the development, technology analysts said the policy aligns with Nigeria’s broader ambition to build a resilient digital economy while ensuring that sensitive financial information remains under the country’s legal and regulatory jurisdiction.
They explained that data localisation would encourage financial institutions to migrate their operations to domestic cloud platforms and data centres, creating new business opportunities for indigenous technology companies and stimulating further investment in digital infrastructure.
The experts also noted that local hosting of financial data would enhance regulatory oversight, enable faster compliance monitoring by the CBN, and improve the country’s capacity to respond to cybersecurity threats and operational risks.
Industry operators believe the directive could trigger fresh investments in Tier III and Tier IV data centres across Nigeria as demand for secure and reliable hosting facilities continues to grow.
They added that indigenous cloud service providers, managed IT service companies, cybersecurity firms, and software developers are expected to benefit from increased patronage as financial institutions adjust to the new regulatory requirements.
Beyond the technology sector, stakeholders argued that the directive would have wider economic benefits through job creation, skills development, and increased local content participation in Nigeria’s fast-growing digital services industry.
They said expansion in domestic data infrastructure would generate employment for software engineers, network specialists, cybersecurity professionals, cloud architects, systems administrators, and other highly skilled technology workers.
The policy is also expected to reduce capital flight by retaining spending on data hosting and cloud services within Nigeria instead of relying heavily on foreign service providers.
According to analysts, greater investment in local digital infrastructure could improve internet resilience, reduce latency for financial transactions, and enhance service reliability for banks and fintech companies serving millions of customers nationwide.
Stakeholders, however, stressed that the success of the initiative would depend on sustained investment in electricity supply, broadband connectivity, data centre infrastructure, and cybersecurity capacity.
They urged both the public and private sectors to collaborate in expanding digital infrastructure capable of supporting the anticipated increase in demand for local data storage and cloud computing services.
Industry leaders also called for incentives to encourage indigenous technology firms to scale their operations, including access to affordable financing, tax incentives, and supportive regulatory policies that promote innovation.
Observers noted that as Nigeria’s financial services industry becomes increasingly digital, the localisation of critical financial data represents an important step toward enhancing digital sovereignty, protecting consumer information, and building confidence in the country’s financial ecosystem.
With Nigeria’s fintech industry continuing to attract investment and digital payment adoption rising rapidly, stakeholders believe the CBN’s data localisation directive could become a catalyst for the emergence of stronger indigenous technology champions while reinforcing the nation’s position as one of Africa’s leading digital economies.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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