Economy
CBN unveils strategy development for payment system vision 2028
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The Central Bank of Nigeria, CBN, says it has commenced the development a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028).
The apex financial institution says the move sets the stage for a more inclusive, innovative, and globally competitive digital financial ecosystem.
At the inaugural meeting of the PSV 2028 Project Committee in Lagos, the Director of the Payments System Policy Department, PSPD, Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial sector.
Jimoh noted that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow.
He said PSV 2028 presents the country a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.
Jimoh explained that the framework will unite regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.
He said, ‘‘this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.
‘‘To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.’’
Economy
‘NDPC secures major court victory on data accountability’
The Nigeria Data Protection Commission (NDPC) has secured a legal victory confirming its authority to register data controllers and processors of major importance (DCPMIs).
In a judgment delivered by Justice Friday Ogazi of the Federal High Court, Lagos, in Emmanuel Harunna v. NDPC, the court dismissed a suit seeking to restrain the commission from registering point of sale (POS) agents and key data processors.
In a statement yesterday by the NDPC Head, Legal, Enforcement and Regulations, Babatunde Bamigboye, the court ruled that NDPC’s regulatory oversight strengthens data security and upholds citizens’ constitutional rights to privacy.
It further reaffirmed that the Nigeria Data Protection Act, 2023, overrides any conflicting laws concerning personal data handling.
Following the ruling, NDPC National Commissioner, Dr Vincent Olatunji, has ordered all unregistered major data controllers and processors to register forthwith or risk statutory penalties.
According to the court, “the Nigeria Data Protection Act was enacted to promote accountability, transparency and responsible data governance. Registration enables the respondent to identify entities engaged in significant data processing activities and monitor compliance.
“Far from undermining the constitutional right to privacy, the registration framework is one of the statutory mechanisms designed to safeguard that very right by subjecting data controllers and data processors to effective regulatory oversight.”
Among others, it noted that “There is every indication that the Guidance Notice is also aimed at protecting the privacy and security of data subjects, thus bringing the registration requirement of the Guidance Notice within the protective shield of section 45 of the 1999 Constitution.”
Meanwhile, to ensure full compliance with the judgment, the NDPC National Commissioner and Chief Executive Officer, Dr Vincent Olatunji, has directed all DCPMIs that are yet to register with the Commission to do so forthwith or face serious legal liabilities.
Economy
Cardoso, Okonjo-Iweala to lead Africa emerging markets forum
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum scheduled to hold in Abuja on July 29 and 30, 2026.
The two global economic leaders are expected to feature in a high-level fireside dialogue that will focus on how African economies can navigate growing global uncertainties, sustain reform efforts, deepen regional integration and unlock long-term growth opportunities.
Hosted by the Central Bank of Nigeria in partnership with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), the forum will bring together senior policymakers, central bankers, ministers, economists, development partners and private-sector leaders from across Africa and beyond.
The event, which will take place at the CBN Headquarters in Abuja, is themed “Building Resilience Amidst Geoeconomic Uncertainties.”
Organisers said discussions will centre on practical policy responses to an increasingly fragmented and unpredictable global economic landscape.
The forum will also feature keynote addresses from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, highlighting the role of coordinated fiscal, monetary and innovation policies in driving Africa’s economic transformation.
Other notable participants expected at the gathering include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; and Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University.
Over the two-day event, participants will examine issues shaping the future of emerging economies, including macroeconomic stability, regional integration, cross-border payments, financial technology, infrastructure development, foreign direct investment, technology transfer and artificial intelligence.
Deliberations will also focus on food price volatility, inflation management and the effectiveness of monetary policy transmission in fragile and post-crisis economies.
According to the organisers, the forum is designed to encourage open dialogue on strategic economic challenges facing emerging markets while identifying practical and adaptable policy solutions.
They noted that the event reflects the commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, promoting evidence-based policymaking and advancing innovative approaches that support sustainable and inclusive economic growth across Africa.
Economy
Again, NNPCL Increases Fuel Price For Second Time In Two Days
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS at its retail outlets for the second time in less than two days.
A market survey by DAILY POST showed that NNPCL raised its petrol price to N1,335 per litre on Wednesday from N1,270 per litre on Tuesday.
This means that the state-owned filling station increased its fuel price by N65 per litre.
The new price has been implemented at NNPCL filling stations in Wuse Zone 6 (Berger), Zone 4, and other outlets in Abuja and its environs.
Recall that on Tuesday, NNPCL increased its petrol pump price by N115 per litre to N1,270 per litre.
The latest increase comes amid continued petrol price volatility in the country’s downstream oil sector following Dangote Refinery’s resumption of the sale of refined petroleum products in U.S. dollars.
DAILY POST reports that crude oil prices rose by nearly 4 percent on Wednesday as airstrikes intensified in the Middle East.
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