Nigeria’s financial regulators say 57 per cent of surveyed financial institutions are prepared to meet data localization requirements scheduled to take effect on January 1, 2027. The Central Bank of Nigeria and the National Information Technology Development Agency disclosed the figure at a regulatory dialogue in Lagos.
The requirements, introduced through a June 2026 CBN directive, call for critical payment transaction data generated in Nigeria to be stored and managed locally. CBN official Rakiya Yusuf said the regulator would initially emphasize guidance and engagement but warned that deliberate attempts to evade compliance could attract sanctions.
NITDA Director-General Kashifu Inuwa Abdullahi said the financial sector was receiving priority because of its extensive digital operations. He also reported that 326 federal ministries, departments and agencies spent more than N3.8 trillion on technology between June 2023 and October 2026, suggesting that shared cloud infrastructure could improve efficiency.
CBN Deputy Governor Lamido Yuguda cautioned that local data storage alone would not guarantee resilience. He said banks and technology providers must continue to invest in cybersecurity, business continuity, disaster recovery and effective risk controls. The reported 57 per cent readiness rate reflects the regulators’ survey and does not establish that every institution has completed independent compliance testing.
