The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.

The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply.

By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.

The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.

During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp  into real and useful  solutions in real estate, hospital management, event management, food and agriculture.

Commenting, Felix Ike, co-founder and chief technology officer of Moniepoint, said,

“DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.

Felix added:

“Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.

“Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped.

“The Moniepoint DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.”

The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.

As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.

Held at Moniepoint’Headquarters in Lagos, themed “Break the Pattern,” the event was organised in partnership with Women Techmakers Lagos and Google Developer Group (GDG) Lagos with participants spanning both technical and non-technical backgrounds, reflecting the breadth of women currently active across Nigeria’s digital economy.

In a keynote address delivered by Kemi Nwogu, head of Product at Moniepoint Inc, titled “Breaking the Pattern: How Women Can Redefine the Future of Tech,” she made the case that progress for women in technology requires not just access to existing structures, but the tools and confidence to reshape them.

Furthermore, Nwogu issued a bold call to action, urging attendees to move beyond traditional career playbooks and take ownership of shaping the industry’s future.

“From a young age, many girls have been subtly discouraged from pursuing science and tech. They are told sometimes directly, sometimes indirectly, that tech is too hard, too technical, or simply not for them. These patterns are not facts, they are constructs. And what has been constructed can be deconstructed! The future of tech needs leaders who build people, not just products, cultures, not just systems,” said Nwogu.

On building skills with purpose, she urged women to “show up everyday, make small, steady progress with online courses, coding bootcamps, open-source projects while leveraging the full ecosystem; take on challenging tasks as your greatest classroom using real problems to build real skills; while knowing why you’re building a skill as every learning goal can be tied to a career journey.”

This thematic fare of the event was further explored in a panel discussion, “Unscripted: Leading Beyond the Patterns We Inherited”, moderated by Atinuke Oluwabamikemi Kayode and featuring leaders from fintech, creative design, and software engineering space, including Chukwu Adaeze (Creative Director, CAV Digital), Chinenye Ogbu (Customer Experience Lead, Hydrogen), and Motunrayo Koyejo (Senior Software Engineer, Cowrywise).

The robust and extensive conversation examined the professional archetypes that have historically defined leadership in the Nigerian tech ecosystem: the engineering culture that equates output with exhaustion, the creative industry’s tendency toward top-down authority, the script-driven rigidity of customer-facing roles.

The panelists also provided deep insights into how they had navigated and, in places, dismantled those patterns within their teams and organizations.

The event went beyond conversations to a hands-on workshop, Prompt to Production, facilitated by Taiwo Famakinde which guided attendees through modern product development from prompt design through rapid prototyping to the deployment of a functional application using AI tools.

A lot of the participants entered with little to no prior experience building software products.

The workshop then fed directly into a Buildathon, where participants developed and deployed their own solutions in real time, with the strongest builds recognised and rewarded at the closing ceremony.

“IWD celebrations are often heavy on inspiration, but we wanted to offer something more, a proof of capability. Oftentimes, there is a gap between having ideas and actually building them, and we set out to bridge that by creating a space where women could easily deploy their ideas into live products with AI in just a few hours. By the end of the day, something that once felt complex due to the fast pace of AI started to feel possible.

“Our participants left with both the technical confidence to build and the leadership frameworks to navigate their careers on their own terms, ensuring they are no longer just participants in the tech ecosystem, but the architects of its future. They are now ready to test their ideas and lead without waiting for perfect conditions or a full team.” said Funke Olasupo, co-organizer, Women Techmakers Lagos.

Interestingly, the “Break the Pattern” event sits within a broader investment in Nigeria’s technology talent pipeline that Moniepoint has deployed over the years.

As one of Nigeria’s most significant fintech employers, the company runs a critical engine that sustains Nigeria’s formal and informal economy.

Moniepoint has invested in developer community partnerships including its ongoing collaboration with GDG Lagos as well as internal programmes designed to build engineering depth across product domains that include its highly successful Women in Tech initiative, DreamDevs, HatchDev and the government’s acclaimed 3MTT programme.

At the 2026 GITEX Africa summit, Kashifu Inuwa, NITDA DG, sounded the alarm on the changing nature of digital warfare, asserting that technology alone is no longer enough.

Instead, Nigeria’s survival in the digital age now hinges on a strategic blend of policy, people, and proactive defense.

Speaking during a panel session on Cyber Resilience, at the 2026 GITEX Africa summit, Inuwa described the current global digital environment as being at a “critical turning point.”

He warned that emerging technologies are not only transforming industries and economies but are also reshaping the nature of cyber threats, demanding a proactive and multi-dimensional response from governments, institutions, and citizens alike.

“Cybersecurity is no longer just a technical issue. It is a strategic imperative for national development,” Inuwa stated. “We must think beyond technology alone and build resilience through people, processes, regulations, and infrastructure.”

Inuwa revealed that the focus of Nigeria’s cyber strategy is shifting from high-tech software to the people behind the screens. Pointing to data showing that 95% of all digital breaches stem from simple human mistakes, Inuwa argued that the world’s most advanced encryption is useless if the user is compromised.

“The most sophisticated technology cannot protect us if the human element is overlooked,” he noted. By prioritising human capacity and digital literacy, NITDA aims to turn every citizen into a “human firewall”, the first and most critical line of defense in a world where AI-driven attacks are the new normal.

In response, the Nigerian government has launched a comprehensive National Digital Literacy Programme aimed at achieving 95 percent digital literacy by 2030, with an interim target of 70 percent by 2027.

The programme emphasizes digital safety and cybersecurity awareness, equipping citizens with the knowledge to navigate an increasingly online world responsibly.

Inuwa highlighted initiatives such as the “3 Million Tech Talent” programme, designed to develop Nigerian expertise across key technology domains, including cybersecurity, data science, and AI.

The programme also leverages hackathons, innovation challenges, and mentorship schemes to channel young people’s skills into productive, lawful, and globally competitive ventures.

He argued that nurturing local talent is essential not just for national security but also for economic growth.

“We want to create an environment where young Nigerians are innovators, not just consumers of technology,” he said.

Addressing concerns about Nigeria’s ranking in global cybercrime indices, Inuwa urged contextual understanding.

“Countries with the most advanced digital economies also rank high in cybercrime because of the scale of their online activity,” he explained. “Our focus is on redirecting talent towards innovation and solutions that protect our citizens while contributing to global digital advancement.”

On the legal and regulatory front, Nigeria continues to review and enhance the Cybercrime Act of 2015 to keep pace with the rapidly evolving threat landscape.

The law underpins a structured National Cybersecurity Architecture coordinated by the Office of the National Security Adviser.

In addition, the country operates a 24-hour cybersecurity operations centre tasked with monitoring threats, issuing advisories, and providing real-time support to government institutions, businesses, and citizens.

Advanced technologies, including dark web monitoring and AI-enabled threat detection, are being deployed to enhance situational awareness and improve response times.

Inuwa emphasized that effective cyber resilience requires collaboration between public and private sectors. NITDA is working closely with ministries, departments, agencies, and private sector stakeholders to secure critical infrastructure and strengthen national resilience.

“Cyber resilience is not a solo effort; it is a collective responsibility. By integrating people, technology, and regulation, we can build a secure, globally competitive digital economy,” he added.

As Nigeria navigates a digital-first future, initiatives such as the National Digital Literacy Programme, 3 Million Tech Talent, and strengthened legal frameworks underscore a commitment to turning cybersecurity challenges into opportunities for innovation and growth.

The country’s strategy reflects a broader understanding that in an era of AI-driven threats, preparedness is as much about people and processes as it is about technology.

The company said the commencement follows a call for applications in January 2026 and a rigorous selection process that drew over 9,000 applications from across the country.

Monipoint DreamDevs initiative is aimed at bridging the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

The initiative brings together 20 high-potential engineering graduates for an intensive nine-week programme designed to accelerate their development into industry-ready engineers.

It will be recalled that candidates, who are recent university graduates from technology, computer science, and engineering fields were invited to showcase their foundational knowledge in HTML, CSS, and JavaScript.

The journey to the final 20 was marked by a multi-stage screening process designed to identify technical aptitude and learning potential.

After the initial application review, candidates underwent an online HackerRank technical assessment. From this pool, 50 shortlisted applicants were invited to a physical code challenge, which determined the final participants selected to join the bootcamp.

“At Moniepoint, we believe that Africa’s tech talent can compete on any global stage if given the right environment. DreamDevs is our way of providing that bridge. We’ve seen the success of our first cohort, and this year we’re doubling down to not just to train, but to create a definitive pathway into full-time roles for those ready to engineer financial happiness across the continent.

Moneipoint DreamDevs is about building engineers who can think, solve problems, and contribute meaningfully to systems at scale.

This bootcamp is where that journey begins,” said Felix Ike, Co-founder and CTO of Moniepoint Inc.

Delivered in partnership with Semicolon Africa, the bootcamp focuses on strengthening core engineering competencies through structured learning and real-world problem-solving.

The curriculum is designed to move participants from foundational principles to production-grade software development, covering Java OOP foundations, data structures and algorithms, Spring Boot API development, and cloud infrastructure.

Participants will gain direct exposure to Moniepoint’s engineering environment, engaging with internal teams to understand how large-scale financial systems are built and maintained.

Standout performers at the end of the nine weeks will secure six-month internship placements, with the strongest candidates eligible for full-time employment.

Wisdom Iyamu, one of the selected participants for the DreamDevs bootcamp expressed shock and appreciation.

“I was honestly shocked when I received the acceptance for the first stage. I have many friends who are equally talented and didn’t make it in, so I feel incredibly grateful and excited to be here. I actually applied because a close friend of mine, who is a huge fan of Moniepoint, convinced me to go for it. My expectation for this bootcamp is to learn exactly how to build products that scale. Whether it’s working at Moniepoint or being part of a team building the next billion-dollar idea, I want to be where high-impact engineering happens”, Iyamu noted.

DreamDevs aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa.

It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag and the popular Moniepoint Women-in-Tech initiative, now in its sixth year.

The programme also sits in tandem with the federal government’s 3 Million Technical Talent (3MTT) initiative, for which Moniepoint serves as a key sponsor.

By providing a specialised pathway from foundational training to employment, Moniepoint continues to invest in the people who will drive Africa’s digital economy forward while serving as the backbone of Nigeria’s small businesses and enterprises to catalyze economic prosperity.

Speaking at the recent Moment 2026, Africa’s Convergence of Creators, Kashifu Inuwa, the director general of NITDA, emphasised that the Agency is focused on building a technology-driven ecosystem where creators can thrive, innovate, and compete globally.

Highlighting the growing importance of the sector, the DG, who was represented by Dr Ayodeji Eniola, the director of the DG’s Office, noted that Nigeria’s creative industry, currently valued at over $9 billion, could exceed $13 billion in the coming years with the right support systems in place.

“Nigeria has always been a nation of storytellers, musicians, filmmakers, designers, and innovators. What is remarkable today is that this creativity has evolved beyond cultural expression to become a powerful economic force.”

He said that at the heart of NITDA’s interventions is digital talent development and mentioned that through flagship programmes such as the 3 Million Technical Talent (3MTT) initiative, the Agency is equipping young Nigerians with critical skills in animation, visual effects, game development, and digital media, ensuring they are prepared for emerging opportunities in the global creator economy.

The DG stressed that the intersection of creativity and technology is central to the future of the industry.

“Today, creativity is powered by connectivity, computing power, digital platforms, and data. A smartphone, a laptop, and access to the internet can enable a young Nigerian to reach millions of people around the world.”

To support this transformation, Inuwa stated that NITDA is driving the development of key digital infrastructure, including the National Sovereign Cloud Initiative, which provides secure, scalable local computing resources for creators and digital entrepreneurs.

He also noted the Agency is supporting national broadband expansion efforts, such as Project BRIDGE, to improve connectivity and expand participation in the digital economy.

In addition to infrastructure, Inuwa disclosed that NITDA continues to strengthen regulatory frameworks that promote cybersecurity, data protection, and digital trust, critical elements for safeguarding creators’ intellectual property and ensuring safe participation in online ecosystems.

He announced that the Agency is also leveraging emerging technologies to position Nigeria at the forefront of innovation in the creative space.

Through the National Centre for Artificial Intelligence and Robotics (NCAIR), he added that NITDA is advancing research and capacity building in artificial intelligence, enabling creators to integrate cutting-edge tools into content production and digital storytelling.

Reinforcing the broader national vision and calling on young creators to recognise the economic and global significance of their work, the DG said, “Your creativity is not just entertainment. It is innovation, intellectual property, economic opportunity, and national influence.”

He reiterated that the Agency will continue to implement policies, develop infrastructure, and foster innovation ecosystems that empower Nigeria’s creative sector to grow sustainably, create jobs, and contribute meaningfully to the country’s economic diversification agenda.

Titled the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the budget reflects a clear set of national priorities that will shape policy, spending, and public expectations throughout the year.

Not unmindful of the fact that the 2025 Nigerian Appropriation Act generally covers the fiscal year ending December 31, 2025, but its capital component has seen extensions, with a recent push to run until March 31, 2026, to close out prior projects, allowing the 2026 budget to start fresh with a single fiscal cycle in April 2026, here are top government spending to track most in 2026:

1. Security and Defence: Top of the Spending Ladder

Perhaps the most striking shift in the 2026 budget, but not surprising, is the emphasis on national security.

With insecurity remaining a major drag on economic activity, social stability, and investor confidence, the government has allocated a whopping ₦5.41 trillion to defence and security sectors, making it the single largest sectoral allocation in the budget.

This allocation is designed to support modernisation of the Armed Forces; intelligence-driven policing; border and community security initiatives, and a unified national counter-terrorism doctrine.

There is a saying that ‘good fences make good neighbours’, will Nigeria build wall across its borders, starting in 2026? Well, we are watching.

Officials argue that without security, economic reforms cannot thrive, especially in agriculture, mining, and trade sectors which depend on safe environments to operate.

2. Human Capital Development: Education and Health in Focus

Human capital development is another cornerstone of the 2026 budget. While not as large as defence, allocations to education (₦3.52 trillion) and health (₦2.48 trillion) represent major commitments to Nigeria’s future workforce and overall wellbeing.

Education spending is expected to support expanded access to learning like the NELFUND student loan scheme; skills development programmes like the 3MTT, amongst others.

On the other hand, health funding is targeted at strengthening primary health care networks; disease prevention and control, especially with the U.S. Government under President Donald Trump putting an end to health-related aids to countries like Nigeria.

Essentially, maternal and child health services must be given priority.

However, critics note that these allocations still fall below international benchmarks for education and health spending, raising questions about whether the funding will be sufficient to address deep-seated gaps in public services.

3. Infrastructure: Sustaining Growth through Capital Investment

In spite of a reduced allocation from the previous year, infrastructure remains a key government spending priority in 2026, with ₦3.56 trillion earmarked for transport, power, energy, and logistics development.

Government officials have reaffirmed that infrastructure underpins economic activity by reducing the cost of doing business; improving market access, and enhancing competitiveness.

But the downward adjustment compared to 2025 levels has sparked debate among stakeholders about the pace and scale of national development projects.

4. Capital Expenditure and Productive Investment

Overall, capital expenditure, investment in long-term assets like roads, ports, and factories, accounts for over ₦26 trillion of the total budget.

This signals the government’s continued focus on boosting productive sectors that can generate jobs and stimulate growth.

The 2026 budget also reflects efforts to attract private capital into strategic sectors; expand agricultural productivity through mechanisation and irrigation programmes, and support value chains that can reduce food insecurity.

5. Fiscal Discipline, Deficit and Debt Management

The government has emphasised fiscal discipline as a central theme of the 2026 budget. With projected revenue of ₦34.33 trillion and total spending of ₦58.18 trillion, the budget carries a deficit of ₦23.85 trillion, one of the largest in Nigeria’s history.

To manage this gap, the government has pledged:

• Tighter budget execution
• Stronger revenue mobilisation through tax reforms and improved compliance
• Greater oversight of Government-Owned Enterprises

Experts warn that heavy reliance on borrowing and weak social spending could compound inequality and slow inclusive development if not carefully managed.

6. Agriculture and Economic Diversification

Although not as headline-grabbing, agriculture and economic diversification remain important priorities. The 2026 budget includes measures to support smallholder farmers; enhance food value chains; and promote rural mechanisation and climate-resilient farming

These allocations reflect ongoing efforts to reduce Nigeria’s overdependence on oil revenues and stimulate broad-based economic growth.

The Big Picture:

The 2026 Appropriation Bill reveals a government balancing immediate security needs with long-term investments in human capital and economic infrastructure.

While critics caution that social sector funding lags behind global benchmarks, the government’s emphasis on discipline, transparency, and implementation efficiency could be defining features of public finance in the year ahead.

Telecommunications has once again proven itself to be one of Nigeria’s most resilient and strategic sectors. Even in the face of economic headwinds, it continued to underpin financial services, commerce, education, healthcare, security, and government operations.

As we look ahead, the central question is no longer whether the sector can withstand pressure, but how quickly it can scale to meet Nigeria’s growing digital ambitions.

2025: A Year of Stabilisation, Industry Resilience, and Continued Investment

The operating environment in 2025 was far from easy. Telecom operators, tower companies, fibre infrastructure providers, internet service providers, and data-centre operators all had to contend with rising energy costs, foreign exchange volatility, equipment import pressures, Right-of-Way challenges, and persistent infrastructure risks.

Yet, the most important story of 2025 is that the industry did not retreat. Instead, telecom companies across the value chain continued to:

• Expand and densify their networks in high-demand corridors
• Upgrade site power solutions, accelerating the transition to solar and hybrid energy systems to improve uptime and reduce diesel dependency
• Invest in backbone, metro, and access fibre to support rising data demand
• Optimise networks and maintain service availability despite cost pressures

According to data published by the Nigerian Communications Commission (NCC), Nigeria crossed a major milestone in 2025, with broadband penetration exceeding 50 percent.

This achievement reflects sustained growth in mobile broadband, fixed wireless access, and fibre-backed connectivity across the country.

Data consumption also reached record highs during the year, underscoring how deeply digital services have become embedded in everyday Nigerian life.

From digital payments and online commerce to streaming, remote work, and cloud services, demand for connectivity continued to rise steadily.

This progress is significant because it reinforces a fundamental truth: industry investment, not policy alone, delivered the measurable gains of 2025.

Regulatory and Policy Stewardship: Government’s Role in Market Stability and Long-Term Direction

Beyond physical infrastructure and private-sector investment, government stewardship through both regulation and policy was a critical pillar of sector performance in 2025.

On the regulatory front, the Nigerian Communications Commission played a steadying and confidence-building role throughout the year.

At a time of economic uncertainty, the Commission’s actions helped preserve stability and predictability across the industry. Key areas of focus included:

• Maintaining transparent industry reporting and broadband performance monitoring, which allowed operators and investors to track progress and plan effectively
• Enforcing Quality of Service (QoS) standards to protect consumers and sustain trust in telecom services
• Encouraging infrastructure sharing and colocation, reducing duplication of assets, and easing capital strain on operators
• Managing spectrum efficiency and refarming, ensuring that available spectrum supported rising data demand
• Engaging operators and security agencies on the protection of telecom assets as Critical National Infrastructure

This consistency in regulatory oversight was essential in sustaining investor confidence. In capital-intensive sectors like telecommunications, regulatory certainty often determines whether long-term projects proceed or stall.

Complementing regulatory stability, policy leadership, and strategic direction were provided by the Federal Ministry of Communications, Innovation, and Digital Economy, under the leadership of the Honorable Minister ‘Bosun Tijani.

During 2025, several government-led initiatives were announced or advanced to strengthen Nigeria’s long-term digital foundations, including:

• Project BRIDGE, the proposed 90,000-kilometre open-access national fibre backbone aimed at closing connectivity gaps, reducing infrastructure duplication, and lowering wholesale bandwidth costs
• Expansion of digital inclusion and rural connectivity programmes, including Project 774 and initiatives supported by the Universal Service Provision Fund (USPF)
• Scaling of digital skills development through the 3 Million Technical Talent (3MTT) programme, focused on building capacity in software development, cloud computing, cybersecurity, data, and artificial intelligence
• Advancement of Nigeria’s National AI Strategy, positioning the country early in AI governance, ethics, and adoption across public and private sectors.

Together, these regulatory and policy interventions strengthened the long-term fundamentals of Nigeria’s digital economy. However, their effectiveness ultimately depends on sustained private-sector investment and execution, which the industry continued to provide in 2025 despite operating headwinds.

Why 2026 Is Different: From Endurance to Acceleration

If 2025 was about endurance and consolidation, 2026 must be about execution, speed, and scale.

The outlook for the telecom sector in 2026 is positive, driven by three reinforcing forces: industry-led expansion, regulatory alignment, and rising digital demand.

Industry Ambition and Planned Investment in 2026

In 2026, telecom operators and infrastructure providers are expected to intensify investment across several fronts:

• Accelerating fibre rollout and densification using open-access and wholesale models
• Deepening infrastructure sharing across towers, fibre, and power systems
• Expanding last-mile broadband access through FTTH, FWA, enterprise connectivity, and neutral-host solutions
• Increasing investment in data centres and cloud-ready infrastructure
• Improving network resilience, redundancy, and energy efficiency

These investments are being driven by strong demand signals from fintech, digital payments, cloud services, content platforms, AI workloads, and enterprise customers.

From Policy to Infrastructure Execution

As Project BRIDGE and other backbone initiatives move closer to execution and commercialisation, Nigeria stands to unlock significant wholesale fibre capacity.

This will ease network congestion, reduce rollout costs, and enable ISPs and mobile operators to expand coverage more rapidly, particularly into underserved areas.

Policy, Protection, and the Investment Climate

For 2026 to deliver on its promise, policy execution must match policy intent.

The designation of telecom assets as Critical National Infrastructure was a landmark decision. In 2026, this must translate into visible enforcement – protecting fibre routes, towers, and network facilities through coordinated action involving regulators, security agencies, state governments, and host communities.

Equally critical is Right-of-Way harmonisation and the reduction of multiple taxation. Experience has shown that states that adopt progressive RoW policies benefit from faster rollout, lower costs, and improved service availability.

Replicating these best practices nationally remains one of the fastest ways to unlock additional private-sector investment.

ATCON’s Focus for 2026

As the Association of Telecommunication Companies of Nigeria, our priorities for 2026 are clear:

• Champion industry-led infrastructure expansion
• Advocate for open-access networks and fair wholesale pricing
• Support NCC-driven regulatory consistency and QoS enforcement
• Push for RoW harmonisation and effective infrastructure protection
• Strengthen collaboration between industry, regulators, ministries, and security agencies
• Amplify the voice of indigenous operators and infrastructure providers

Telecoms must continue to be treated not merely as a commercial sector, but as strategic national infrastructure essential to economic growth, innovation, and social development.

A Positive Outlook

Nigeria’s telecommunications sector has proven its resilience not in theory, but in practice.

The question for 2026 is no longer whether the industry can survive; it is how quickly it can scale.

With continued industry investment, regulatory stability, and policy execution aligned with market realities, 2026 will mark the beginning of a new phase of accelerated growth, deeper digital inclusion, and stronger digital foundations for Nigeria’s economy.

At the centre of that sequencing has been the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, whose framing of security, capital mobilisation, and reform discipline has increasingly influenced how investors perceive Nigeria.

The year began with the government focused on repairing the analytical foundations of economic planning.

In early 2025, Nigeria completed a long-awaited rebasing of its Gross Domestic Product to a 2019 base year, a technical exercise led by the National Bureau of Statistics (NBS) that expanded the measured contribution of services, ICT, and the informal economy.

According to the NBS, the rebasing placed nominal GDP at about ₦372.8 trillion, equivalent to roughly $240–250 billion, giving policymakers and investors a clearer picture of economic structure and scale.

That reset mattered. It framed the fiscal choices that followed, including tighter expenditure controls, tax administration reforms, and coordination with monetary authorities to slow inflation and stabilise the foreign-exchange market.

By the fourth quarter of 2025, inflation which had exceeded 24 percent earlier in the year, began a steady descent, reaching about 14.45 percent by November 2025.

Foreign reserves strengthened toward $47 billion, reinforcing external buffers and signalling improved balance-of-payments management, trends noted by multilateral institutions including the World Bank and Afreximbank in their 2025 outlooks for Nigeria.

By mid-year, the reform narrative shifted from stabilisation to confidence, and nowhere was that clearer than in Nigeria’s capital markets.

The Nigerian Exchange closed 2025 as one of Africa’s strongest-performing bourses, with the All-Share Index up about 49 per cent year-to-date by late December.

Total market capitalisation across equities, debt, and ETFs rose to nearly ₦150 trillion, driven by strong earnings, bank recapitalisation, and new listings, according to the NGX Group chairman, Umaru Kwairanga.

Banking reform was pivotal. As part of recapitalisation efforts aimed at strengthening credit transmission and financial stability, Nigerian banks raised an estimated ₦2.5 trillion in fresh capital by December 2025 through rights issues, private placements, and public offers, according to NGX filings and Securities and Exchange Commission (SEC) approvals.

The capital raising reinforced balance sheets and helped drive the market rally, underscoring the link between prudential reform and investor confidence.

Debt markets told a similar story. Between April and October 2025, companies raised over ₦753 billion through commercial paper issuances to finance short-term working capital needs across manufacturing, energy, and agriculture.

“These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” said Emomotimi Agama, director-general of the SEC, in a public briefing on capital-raising approvals. Landmark transactions, including a ₦500 billion climate-linked SPV and a ₦200 billion Elektron Finance bond, pointed to growing appetite for infrastructure and sustainable finance.

Corporate earnings reinforced the macro signal. MTN Nigeria Communications Plc, one of the Exchange’s largest listed companies, delivered one of the year’s most striking turnarounds.

By the first nine months of 2025, the telecoms giant reported revenues of ₦3.73 trillion, up 57 per cent year-on-year, and profit after tax of about ₦750 billion, reversing prior losses.

Capital expenditure exceeded ₦565 billion in the first half of the year alone, underscoring confidence in Nigeria’s digital future and the policy direction of the telecoms sector.

Other blue-chip firms, including Dangote Cement, posted strong earnings with profit after tax exceeding ₦520 billion, reinforcing the sense that reform was translating into corporate resilience rather than contraction.

Amid these developments, Nigeria’s fast-moving consumer goods (FMCG) sector also began to reflect the macroeconomic stabilisation delivered by policy reforms. After several years of losses driven by foreign-exchange volatility and inflationary pressures, major FMCG firms recorded a notable rebound in 2025 as currency conditions improved.

The sector posted 54.1 per cent value growth in 2025, up from 34.3 per cent in 2024, according to a report by global data and analytics firm NielsenIQ.

Nigerian consumers continued to underpin demand, lifting the FMCG market to an estimated value of $25 billion, the second largest in Africa after South Africa’s $27.5 billion market.

Across the continent, the five largest FMCG markets; South Africa, Nigeria, Egypt, Morocco and Kenya, together account for about $42 billion in total value.

Nigeria’s growth rate outpaced its peers. Egypt expanded by 23.1 per cent to $10.2 billion, Morocco grew 7.6 per cent to $7.5 billion, and Kenya increased 5.5 per cent to $3.3 billion, highlighting Nigeria’s outsized contribution to regional momentum.

At the company level, Nestlé Nigeria Plc returned to profitability, posting a ₦88.4 billion pre-tax profit in the first half of 2025, compared with a ₦252.5 billion loss in the same period a year earlier.

The turnaround was supported by a 43 per cent increase in revenue to ₦581.1 billion and more stable cost structures.

Broader market data reflected the recovery. FMCG stocks delivered strong performances on the Nigerian Exchange, with the consumer goods index posting solid gains and several stocks recording returns of more than 100 per cent over the year as investor confidence returned to the sector.

“Nigeria’s FMCG story is one of grit and innovation,” said Dr Tayo Ajayi, a Lagos-based consumer market analyst. “Even when the economy is under pressure, Nigerians adjust their spending habits rather than stop spending. That adaptability is what keeps the sector alive.”

Energy and industrial policy formed the next layer of the reform arc. The Dangote Refinery, already operating at 650,000 barrels per day, confirmed plans to expand capacity to 1.4 million barrels per day, a move analysts say could significantly reduce fuel imports, ease pressure on foreign exchange, and strengthen Nigeria’s trade balance.

The refinery has become emblematic of the government’s push to support large-scale local production as a substitute for imports and a magnet for global capital.

At the national level, NNPC Ltd continued its post-commercialisation reset. Group Chief Executive Bayo Ojulari said recent operational improvements reflected structural reforms within the company, noting that oil production rose from about 1.5 million barrels per day in 2024 to over 1.7 million barrels per day in 2025.

He also highlighted the strategic importance of the 614-kilometre Ajaokuta–Kaduna–Kano (AKK) gas pipeline, designed to transport 2.2 billion standard cubic feet of gas per day, in unlocking industrial growth in northern Nigeria.

Ojulari said the company’s focus for 2026 would be attracting new investments, lifting output to at least 1.8 million barrels per day, and supporting President Bola Tinubu’s directive for NNPC to help attract $30 billion in investments by 2030.

Infrastructure and future-facing sectors rounded out the year. Progress continued on the Lagos–Calabar Coastal Highway, with financing of approximately $1.126 billion secured by the Ministry of Finance and the Economy for Phase 1, Section 2 of the road, a signature project of the Tinubu administration.

President Tinubu stated:

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded. Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country”.

Port decentralisation plans in southern Nigeria, along with digital-skills programmes under the Ministry of Communications, Innovation and Digital Economy including the 3 Million Technical Talent (3MTT) initiative led by Minister Bosun Tijani, complemented the infrastructure drive (FMOCDE). The creative economy, encompassing film, music, fashion, and digital content, remained a fast-growing source of jobs and exports, increasingly recognised in policy circles as a serious economic asset.

The year’s most sensitive test of investor confidence came in its final week. On 25 December, US forces conducted targeted airstrikes against Islamic State-linked camps in Sokoto State, in coordination with Nigerian authorities.

The government moved quickly to frame the action as part of a broader stability agenda. In a statement released on 28 December, Wale Edun stressed that “security and economic stability are inseparable,” describing the operation as “precise, intelligence-led and focused exclusively on terrorist elements that threaten lives, national stability, and economic activity.”

He added that Nigeria “is not at war with itself or any nation, but is confronting terrorism alongside trusted international partners,” a distinction aimed squarely at markets and multilateral partners.

That framing captured the essence of Nigeria’s 2025 reform story. Security was not presented as an isolated military matter, but as an economic input, a prerequisite for investment, production, and growth.

As Edun noted,

“Every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment,” a message calibrated for investors as markets prepared to reopen.

Nigeria enters 2026 with risks still evident, but with clearer direction. The proposed ₦58.18 trillion federal budget for 2026, anchored on revenue mobilisation, infrastructure spending, and deficit restraint, reflects an effort to consolidate gains rather than reset strategy.

For investors, the signal from 2025 is not perfection, but coherence: policy, security, and markets increasingly moving in the same direction.

For an economy long defined by stops and starts, that alignment may prove the most valuable reform of all.

*David Okon is a marketing communications and policy consultant at Quadrant MSL, a part of the Publicis Groupe and Troyka+Insight Redefini Group.

Speaking at the Kano Startup Weekend, Inuwa acknowledged Kano’s historic status as the commercial hub of Northern Nigeria and the wider Sahelian region, noting that its deep-rooted culture of trade, enterprise and human capital provides a strong platform for future prosperity.

He stressed, however, that while these strengths sustained Kano’s economy for centuries, today’s digital economy presents even greater opportunities that can be unlocked through technology-driven innovation.

The DG described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development.

However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels.

According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes.

He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said,

“Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential.

He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.

Over three landmark events, ICEGOV 2025, the West African Digital Governance Forum (WADGov), and the African Peer Review Mechanism (APRM) E-Governance Expert Meeting, Inuwa emphasised that Africa’s digital transformation must be driven by trust, collaboration, and a strong commitment to data sovereignty.

Hosted for the first time in West Africa, ICEGOV 2025 brought together ministers, regulators, development partners, and digital innovators from over 50 countries under the theme “Shaping the Future of Digital Governance through Cooperation, Innovation, and Inclusion.”

Speaking at the opening ceremony at the Shehu Musa Yar’Adua Centre, he described digital governance as a social contract built on accountability and shared progress.

“Digital is not an accessory to development – it is its backbone,” he stated. “Africa’s digital sovereignty must be built on systems that protect our data, empower our people, and strengthen our capacity to innovate locally and compete globally.”

Despite accounting for nearly 18% of the world’s population, Africa contributes less than 1% to global data center capacity and cloud infrastructure – a gap that poses significant risks to the continent’s digital independence.

Inuwa emphasized that data sovereignty cannot exist without local infrastructure capable of hosting, processing, and securing Africa’s data.

He noted that strengthening domestic cloud capacity, encouraging local data hosting, and promoting regional interconnection are essential for achieving true sovereignty in the digital era. He underscored that Africa must build the systems to govern and protect its own data, rather than outsourcing its digital destiny to external actors.

At the West African Digital Governance Forum (WADGov), he called on member states to adopt shared frameworks that align with the African Union Digital Transformation Strategy (2020–2030).

He underscored the need for interoperable systems, cross-border collaboration, and open digital ecosystems that reflect Africa’s unique realities.

“When our services interconnect, our nations progress together. The real power of digital governance lies not in competition, but in cooperation,” Inuwa told regional delegates.

At the APRM E-Governance Expert Meeting, Inuwa urged African leaders to co-create a continental framework for measuring digital governance maturity that is uniquely African, people-centred, and grounded in transparency, inclusion, and accountability.

“E-Governance is not about automating bureaucracy; it is about humanising public service,” he said. “Citizens should experience government as moments of trust, registering a business in hours, accessing healthcare securely, or paying for services without barriers. When those moments work, trust grows; when they don’t, trust erodes.”

Throughout the week, Inuwa also showcased Nigeria’s achievements in building Digital Public Infrastructure (DPI) – spanning identity, payments, and data exchange, and highlighted the Data Protection Act 2023, which institutionalises digital trust.

He cited over 126 million Nigerians now enrolled in the National Identification Number (NIN) system and referenced the 3 Million Technical Talent (3MTT) and Digital Literacy for All (DL4ALL) programmes as examples of Nigeria’s commitment to inclusive digital capacity building.

Inuwa concluded his remarks across the events by reiterating that Africa’s digital future will be written by Africans through collaboration, innovation, and shared responsibility.

“The future of governance will be co-created, not imported. When we connect our systems and our hearts, we can deliver a generation-defining transformation in governance – one that citizens everywhere can see, feel, and trust.”

In reaffirming NITDA’s commitment to digital sovereignty, Inuwa noted that the Agency continues to work closely with regulators, operators, and development partners to localise data sustainably in Nigeria and across Africa.

He highlighted that NITDA’s efforts are guided by a vision of responsible data stewardship, one that ensures national data assets remain under sovereign control while enabling innovation, investment, and efficiency.

Through initiatives supporting local cloud adoption, compliance with the Nigeria Data Protection Act 2023, and the development of Digital Public Infrastructure, NITDA is laying the groundwork for a trusted and self-reliant data ecosystem that advances both national resilience and continental integration.

The successful hosting of ICEGOV 2025 in Abuja not only cements Nigeria’s position as a continental leader in digital governance but also signals a renewed commitment across West Africa to work together toward a digitally sovereign, inclusive, and trusted future.