From the shadow bans in the banking sector to the skepticism of national security agencies, the wild west of crypto has often been viewed more as a threat to be contained than an opportunity to be harnessed.

That narrative shifted today.

The Virtual Asset Service Providers Association (VASPA), a Pan-African industry association, has officially unveiled Project Green-White-Green, a comprehensive whitepaper that aims to do the unthinkable: bridge the gap between the chaotic liquidity of global digital assets and the structured requirements of the Nigerian state.

This isn’t just a policy paper; it is a multi-billion dollar roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy.

Protecting the Naira: From Restrictions to Dynamic Alignment

Perhaps the most topical issue for Nigerians today is the volatility of the Naira. In a bold move, VASPA’s Market Integrity pillar proposes a dynamic FX alignment  standard. Instead of trying to shut down markets, an effort that often only drives them deeper underground, the framework suggests linking trading spreads to official NAFEM rates.

This coordinated superhighway aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC.

By resolving the chicken-and-egg paradox, where the CAC won’t incorporate a business without a SEC license, and the SEC won’t license without incorporation, the project clears the path for indigenous “Web3” startups to flourish legally.

A National Security Asset, Not a Threat

For the security conscious, the whitepaper flips the script on anonymity. Through mandatory integration with the National Identity Management Commission (NIMC), the framework seeks to ensure every participant is a verified, accountable citizen.

“We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it,” said Franklin Peters, executive chair of VASPA and CEO/founder of Boundlesspay. “One of our country-specific, practitioner-led projects for the constructive realignment of the virtual asset sector, Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in the next decade of our digital economy. While Project Green-White-Green is designed for Nigeria, similar projects will be designed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead in what we consider Nigeria’s most massive growth phase.”

The $1 Trillion Ambition and the Fiscal Opportunity

As the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of “where will the revenue come from?” looms large. Project Green-White-Green answers this with Pillar III: Fiscal Sovereignty.

The whitepaper reveals that between July 2024 and June 2025 alone, Nigerians conducted over $92 billion in transactions, most of which generated zero tax revenue due to a lack of infrastructure. VASPA’s solution? zero-friction automated taxation.

By proposing an API-driven interface that automates VAT and Capital Gains Tax (CGT) at the point of transaction, the project promises to turn a “grey market” into a sustainable revenue engine for the Federation.

To encourage this shift, the project advocates for a “Clean Slate” regularization, removing the fear of retroactive liability for those who operated during previous periods of regulatory ambiguity.

The Architect’s View

The development of this framework was not just an industry wish-list, but an exercise in deep technical and legal alignment.

“This whitepaper is the culmination of meticulous legal, technical, and economic engineering,” stated Favour Uche, project manager for Project Green-White-Green and Star Associate at Infusion Lawyers. “We didn’t just compile industry feedback, but articulated and aggregated them into the frameworks proposed, ensuring alignment with national interest. We are now fully prepared to take this blueprint to the highest levels of government. The groundwork is officially laid, and the execution phase begins now.”

The Safe Harbor: A Bridge to the Future

Recognizing that you cannot change an entire industry overnight, VASPA has proposed a Safe Harbor Pilot. This acts as a non-punitive protected window where operators can transition into full compliance under the watchful eye of regulators without the threat of immediate penalties.

This pilot includes a 24-Month Sovereign Integration Roadmap, specifically designed to bring global offshore exchanges into the fold as Digital Residents, eventually requiring them to localize operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.

With the successful exit from the FATF Grey List in October 2025, Nigeria has already proven its commitment to global financial standards.

Project Green-White-Green is the next logical step, a sophisticated, made-in-Nigeria response to the global crypto phenomenon.

As the document moves toward high-level engagements with the CBN, SEC, NFIU, NRS, EFCC, ONSA, the Presidency in Abuja, the message to the industry and the government is clear: The digital economy is no longer a peripheral experiment. It is a sovereign priority.

*Project Green-White-Green is the primary instrument for VASPA’s upcoming engagements with Nigeria’s top financial and security authorities. The public version is currently available here.

The Pre-Enrolment Portal allows applicants, local or in the Diaspora, to conveniently capture and submit their biodata online before visiting enrolment centres for biometric capture.

This is part of NIMC’s broader strategy to reduce congestion at enrolment centres.

The introduction of the portal, the Commission said, reflects the unwavering commitment of Engr. (Dr). Abisoye Coker-Odusote, the DG/CEO, to strengthen institutional performance through technology-driven solutions, in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritises efficient public service delivery, digital transformation, and inclusive national development.

Five Key Benefits of the NIMC Pre-Enrolment Portal include:

• Simplified enrolment through online capture and management of NIN biodata before biometric enrolment.
  Reduced congestion and waiting time at enrolment centres through appointment scheduling.
• Improved data accuracy, as applicants directly input their information.
• Secure and confidential handling of user data through enhanced security measures.
• Seamless online upload of required supporting documents.
• Improved overall user experience and service efficiency.
• Increased enrolment accuracy and operational effectiveness.

NIMC encourages all prospective NIN applicants to utilise the Pre-Enrolment Portal to enjoy a smoother, faster, and more efficient enrolment process.

This initiative further underscores the Commission’s commitment to building and sustaining a reliable digital identity ecosystem in support of national development.

NIN applicants can visit penrol.nimc.gov.ng – for the use of the Pre-Enrolment Portal.

Startups are attracting more funding, digital infrastructure is growing, and recent tech developments show strong momentum in Nigeria’s tech sector.

This is a quick look at key tech news updates worth knowing as the year wraps up.

Funding and Investment: Africa’s Tech Funding Picks Up Again

African startups raised about $441.9 million from 59 deals in October 2025 alone. This is a 217% jump from the $139.4 million recorded in September.

Between January and October 2025, startups across the continent secured a total of $2.65 billion, up 56% from the $1.7 billion raised in the same period in 2024.

Around 76% of the October funding came as equity, meaning investors are buying ownership stakes again rather than offering short-term loans.

Unlike the hype-driven boom of 2021–2022, funding is now going to startups with clear business models, real revenue, and practical, infrastructure-focused solutions.

Nigeria is one of the top beneficiaries. In the first quarter of 2025 alone, Nigerian startups raised over $100 million, with fintech leading the way. LemFi, a cross-border payments company, raised $53 million to expand into Europe and Asia.

Moniepoint also secured an additional $90 million in Series C funding this year, keeping its position as one of Africa’s largest fintech players.

As the year ends, many analysts expect investment activity to improve further in 2026 based on this year’s trends.

Beyond fintech, sectors such as clean energy, logistics, and health tech are also attracting steady funding. This shows investors are backing solutions that address Africa’s core challenges, including power, transport, payments, and connectivity.

Growing Infrastructure: Nigeria’s Digital Backbone Gets Stronger

While funding usually gets the headlines, infrastructure goes in another direction. Nigeria’s data centre capacity is expected to grow from the current 65–86 MW to over 400 MW in the next three to five years, according to recent reports. That is almost a six-fold increase and could change Nigeria’s role in West Africa’s digital economy.

The impact could be far-reaching. A $10 million data centre can generate about $17 million in economic output during construction and more than $39 million by its tenth year of operation. Beyond direct returns, increased capacity allows businesses to host data locally. This reduces costs, improves speed, and supports services such as cloud computing, artificial intelligence, and real-time data processing.

Telecom companies are already investing heavily. MTN Nigeria has begun work on a 150 MW data centre, while Airtel is building a 38 MW Nxtra Data Centre in Eko Atlantic.

Other firms are also entering the space, increasing competition and capacity. These projects place Nigeria as a serious alternative to European data centres, many of which are facing capacity pressure.

For Nigerian startups, this transition could be transformational. Stronger infrastructure supports the growth of SaaS platforms, fintech, AI, and health tech, all of which depend on fast and reliable data access.

It also helps reduce the long-standing problem of high cloud costs, often priced in dollars, which eat into local companies’ margins.

Nigeria’s National ID Transition: A Big Move with Real Risks

Alongside infrastructure growth, Nigeria is undergoing one of its largest technology transitions. The country is moving its National Identity Management System to an open-source platform known as MOSIP. The National Identity Management Commission (NIMC) began this migration in July 2025 under an $83 million contract.

By October 2025, around 124 million National Identification Numbers had been issued. Migrating data of this scale, including biometric information, is one of the most sensitive tasks in digital government. Errors could disrupt access to banking, telecom services, and other systems that rely on NIN verification.

The transition has happened quietly. The old NIMC portal is no longer active, and its app has been removed from app stores.

This followed the launch of a new platform called NINAuth, but with limited public explanation. Banks, telecom operators, and fintech companies that depend on the old system are still unclear about integration timelines and requirements.

When a system this important is changing, poor communication creates uncertainty. Digital systems need stability, and institutions need clear guidance to adjust.

At the moment, Nigeria’s ID system sits in an unclear transition phase. Whether the change proves successful or disruptive depends largely on information that has yet to be shared.

Conclusion

The tech sector in Nigeria is not returning to the hype-driven peaks of 2021–2022, and that may be a positive shift. Instead, the focus is on building solid foundations through disciplined funding, improved infrastructure, and solutions to real problems.

The return of strong funding shows that investors still believe in African tech, but expectations are higher. At the same time, growing infrastructure, especially data centres, signals that Nigeria is preparing for a future where digital services are hosted locally, faster, and more reliably.

However, there are still challenges. The national ID transition carries real risks. Power supply issues continue to raise operating costs. Currency instability still makes long-term planning difficult. Even so, the direction is clear. Nigeria is investing in infrastructure, attracting capital, and building the support systems needed to compete across Africa and beyond.

The next phase is not about how much money is raised, but how effectively it is used, and whether today’s infrastructure can support tomorrow’s innovations.

He was accompanied by senior members of his management team, as both agencies explored opportunities for deeper institutional collaboration.

During the meeting, the leadership of NIHOTOUR and NIMC underscored the importance of a robust partnership to advance their mandates, particularly in strengthening national identity systems within the hospitality, travel, and tourism ecosystem.

At the heart of the proposed collaboration is the integration of NIMC’s comprehensive national identity database, consisting of all registered persons under the NIMC Act, into NIHOTOUR’s certification and registration processes for qualified practitioners, as provided in the NIHOTOUR Establishment Act.

This alignment is expected to boost the credibility, traceability, and professionalization of Nigeria’s tourism and hospitality workforce.

It will also support national security, elevate service standards, and promote data-driven development across the sector.

Engr. (Dr.) Abisoye Coker-Odusote reaffirmed NIMC’s commitment to supporting institutions whose operations depend on accurate identity verification.

She emphasized that interoperability and secure data exchange are essential to modern governance and economic growth, applauding NIHOTOUR’s proactive approach and expressing confidence in the partnership’s national impact.

Aare Bisoye Fagade, on his part, noted that the collaboration would strengthen NIHOTOUR’s institutional processes while raising standards across Nigeria’s expanding hospitality and tourism landscape.

Both agencies agreed to establish a joint technical working group to design an implementation framework, marking a significant step toward a more secure, integrated, and professional sector.

Organized by the Federal Ministry of Labour and Employment (FMLE) in partnership with the National Identity Management Commission (NIMC), Tech4Dev, Semicolon Africa, and Avaara Partners, the high-level gathering convened policymakers, private sector leaders, development partners, and innovators to showcase Nigeria’s bold steps in linking education, skills, and employment for sustainable growth.

In her opening remarks, Nkeiruka Onyejeocha, Nigeria’s Minister of State for Labour and Employment, emphasized the government’s determination to deliver systemic workforce reform.

“The future of work demands bold action. Our ministry, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, is investing in systems that prepare young Nigerians for the jobs of tomorrow, building bridges between skills providers, employers, and industries to ensure that no talent is left behind,” she stated.

Delivering the keynote, Dr. Maruf Tunji Alausa, minister of Education, reaffirmed Nigeria’s commitment to aligning education with labour market realities.

“Our vision is to ensure that every Nigerian learner is not only acquiring knowledge but also future-ready skills that unlock decent work opportunities. By strengthening the connection between classrooms and careers, we are laying the foundation for inclusive growth and national prosperity,” he said.

The first high-level panel explored policy reforms, digital infrastructure, and opportunities in the creative and green economy.

Key contributors included Mr. Rimamskeb Nuhu, special assistant to the Vice President on Strategy and Policy; Moriam Ajaga, special adviser to the President on Art & Culture; Barr. Ismaeel Ahmed, executive chairman, Presidential CNG Initiative; Olumbe Akinkugbe, executive director, Galaxy Backbone, and Sam Immanuel, CEO, Semicolon Africa.

A second panel examined skill-to-job linkages with insights from Rosy Fynn, country director, Mastercard Foundation Nigeria; Victoria Strokova, program manager, Partnership for Economic Inclusion at HSPGE; Oladiwura Oladepo, executive director, Tech4Dev, and Sanyade Okoli, special adviser to the President on Finance and the Economy.

Mrs. Okoli stressed that reforms must translate into livelihoods:

“Finance must show up on payslips, not just in statistics. That is why we are linking innovation, credit, and social protection directly to employment outcomes, so that every investment fuels opportunities for young Nigerians.”

The event concluded with an interactive dialogue featuring youth voices, development partners, and private sector leaders. Discussions reinforced Nigeria’s commitment to closing the training-to-employment gap, strengthening cross-sector partnerships, and advancing reforms under the Renewed Hope Agenda.

By aligning education, skills development, and labour policies, Nigeria is not only positioning its youth for the jobs of tomorrow but also cementing its influence in shaping the global future of work.

Leaders and stakeholders gathered at the “Strengthening Workforce Systems for Economic Growth” event, hosted in partnership with the Federal Ministry of Labour and Employment, NIMC, Tech4Dev, and global development partners.

A cross-section of distinguished women leaders and development practitioners driving conversations on building resilient workforce systems and creating inclusive pathways to jobs.

Government officials, private sector leaders, and international partners joined forces to reaffirm commitments to advancing workforce development, fostering collaboration, and positioning Nigeria’s labour force for global competitiveness

The message was clear and urgent: Nigeria’s future must be built on real-time data and digital identity.

Speaking at the inaugural meeting of the National CRVS Coordination Committee, held at the Ladi Kwali Hall, Abuja Continental Hotel, Kashifu Inuwa Abdullahi, NITDA’s director general, stressed the pivotal role of CRVS in driving inclusive development, national planning, and effective governance.

“From registering people at birth to giving them legal identity and connecting that data to national planning, budgeting, and service delivery, technology can help us stitch everything together,” Inuwa said.

CRVS Reform Anchored on the Renewed Hope Agenda

The engagement brought together key national institutions, National Population Commission (NPC), National Identity Management Commission (NIMC), and the National Bureau of Statistics (NBS), in a collaborative forum designed to align CRVS reform with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

At the heart of the agenda: digital public infrastructure, efficient service delivery, and data-driven policymaking.

Inuwa pointed out that fragmented and siloed data systems continue to undermine Nigeria’s ability to plan, allocate resources, and deliver services effectively.

“Without harmonised data, we can’t generate the insight we need for real progress. Civil registration and vital statistics are foundational to smart governance, at federal, state, and local levels,” he said.

NITDA’s Role: Standards, Advisory, and Technology Enablement

As Nigeria transitions toward a fully digital identity ecosystem, Inuwa pledged NITDA’s full support to the CRVS digital transformation effort.

He reaffirmed the agency’s commitment to setting standards, providing digital advisory services, and enabling the technological backbone that institutions will need to implement integrated, citizen-focused systems.

“At NITDA, our job is to ensure that the right frameworks are in place, so that every birth, death, and life event is captured securely and efficiently. Everything must be digital, seamless, and citizen-centric,” he added.

He emphasized that digital identity is no longer a luxury but a necessity for everyday life, from accessing healthcare to schooling, finance, and public benefits.

“Digital is a lifestyle now. No one wants to fill forms on paper or move from office to office. Nigerians deserve better, and technology can deliver that.”

High-Level Support for a Unified Vision

The meeting was attended by an array of high-level stakeholders, reflecting broad political and institutional support for CRVS reform. Dignitaries included:

• Senator Victor Umeh, chairman, Senate Committee on National Identity & National Population
• Nasir Isa Kwarra, chairman, National Population Commission (NPC)
• Prince Adeyemi Adeniran, Statistician-General of the Federation & CEO, National Bureau of Statistics (NBS)
• Abisoye Coker-Odusote, DG/CEO, National Identity Management Commission (NIMC)
• Bello Lawal, president, Association of Local Governments of Nigeria (ALGON)

Together, the stakeholders agreed that the time for action is now, to build a national CRVS system that is integrated, interoperable, and inclusive.

A Future Written in Data

As the meeting wrapped up, it was clear that the path forward for Nigeria’s national development depends on more than good intentions, it requires trusted data, unified systems, and the collective will to digitise the very foundation of governance: the people.

With NITDA’s support and the shared commitment of partner agencies, Nigeria is taking critical steps toward a future where every citizen counts, every birth is recorded, and every service is just a click away.

It sounded harmless, even helpful, especially in these tough economic times. But behind that offer lies a much darker reality.

The National Identity Management Commission (NIMC) is deeply concerned about a disturbing trend recently highlighted by the Economic and Financial Crimes Commission (EFCC): a growing number of Nigerians, especially the youth, are being enticed into selling their personal data for as little as ₦1,500 to ₦2,000.

These details are then resold to certain fintech platforms for as much as ₦5,000, fueling an underground economy that puts every NIN holder at risk.

“This is not just a case of minor fraud, it’s a threat to national security and personal safety,” said Dr. Kayode Adegoke, head of Corporate Communications at NIMC. “When you hand over your data to unknown agents, you are essentially handing over control of your identity.”

The Commission wishes to make one thing unequivocally clear: NIMC will not be held liable for any misuse of personal data shared willingly by individuals or through third parties for money or inducement.

The public has been repeatedly warned not to disclose their NIN or related information to anyone not officially authorised.

Moreover, NIMC reminds all service providers that every NIN presented for services must be properly verified using the appropriate channels before access is granted.

To protect yourself and your identity, Nigerians are strongly encouraged to download the NINAuth App, available on both Apple iOS and Google Play Store.

This tool empowers you to manage, secure, and control access to your personal NIN data, anytime, anywhere.

The story of your identity should be written by you, not sold for a quick payout.

This development is being hailed as a major boost for digital governance and inclusive access to services in Nigeria.

Speaking at a two-day Roundtable with Guild of corporate Online Editors (GOCOP) in Lagos, Engineer Abisoye Coker-Odusote, NIMC director general/CEO, revealed that more than 3 million farmers and 800,000 students have already benefited from NIN-linked services across sectors like agriculture, education, and social protection.

The DG represented by Lanre Yusuf, director of Software and Biometrics at NIMC, said:

“With NIN now a prerequisite for accessing student loans, farmer subsidies, SIM card registration, and social welfare schemes, we are seeing unprecedented levels of financial inclusion.

“Over 3 million farmers and 800,000 students have already benefited from NIN-linked services.

“In addition, SIM-NIN linkage as at May, 2025, has reached 172.67 million, enhancing regulatory compliance and financial service accessibility.

“Our partnership with the National Social Safety Net Coordinating Office (NASSCO) has further expanded enrolment coverage among Nigeria’s most vulnerable populations, validating entries into the National Social Register and enabling better-targeted poverty alleviation programs”.

The SIM-NIN integration also enhances national security and financial inclusion, enabling regulatory bodies like the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) to strengthen digital compliance frameworks. Additionally, NIN validation now underpins service delivery across JAMB, NHIS, FRSC, INEC, and PENCOM.

The Commission pledged to continue expanding coverage to underserved groups, with over 7,000 trained front-end agents and dedicated outreach initiatives under the Nigeria Digital ID4D project.

NIMC says its overarching goal is to ensure that every Nigerian can say: “I am recognised, I am included, I am identified.”

According to NIMC, the initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda of enrolling and issuing the NIN to all Nigerians and legal residents within the shortest time possible.

NIMC has enrolled and issued the NIN to over 120M Nigerians and legal residents and, therefore, intends to cover hitherto unreachable areas through the Ward Enrolment initiative.

The Corps members selected are currently undergoing intensive training in preparation for the kick-off of the ward enrollment.

Consequently, Nigerians, most especially children below the age of 16 years are by this initiative encouraged to enrol for the NIN in their respective wards. This initiative aims to take NIN enrolment closer to the people.

Engineer Abisoye Coker-Odusote, NIMC DG/CEO, lauded the immeasurable support of President Tinubu towards the achievements of the NIMC mandate.

She also appreciated the commendable efforts of the Honourable Minister of Youth Development, Mr Ayodele Olawande, and the DG, NYSC, Brigade-General, Olakunle Oluseye Nafiu.

A statement available to Techeconomy, signed by Dr. Kayode Adegoke, head, Corporate Communications Unit at NIMC, the Commission said that all its verification service platforms are functional and accessible to all partners including all security agencies.

“Furthermore, the Commission is aware of the purported ‘inability of the Police Service Commission (PSC) to access the NIMC verification server.’ This information is not only misleading but also inaccurate”.

“To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN).

The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.

“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.

“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission.

“The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations. NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters”.

He said that the framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available.

“We therefore believe that any service interruption experienced by PSC may be due to internal matters.

“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service”, Dr. Adegoke, said.