As the January 1, 2027 deadline for the Central Bank of Nigeria’s (CBN) data localisation directive draws closer, key players in Nigeria’s technology ecosystem have expressed strong confidence in the country’s readiness to host critical financial data locally. Industry leaders believe the policy will not only strengthen Nigeria’s digital infrastructure but also unlock new opportunities for economic growth, innovation, and technological independence.
Speaking at a forum organised by Hyperscalers Africa, technology experts described the directive as a long-awaited step toward digital sovereignty rather than a regulatory burden. Chief Executive Officer of Open Access Data Centre, Dr Ayotunde Coker, stressed that data has become one of the world’s most valuable resources, especially in the era of Artificial Intelligence (AI). According to him, retaining and managing data within Nigeria will help the country secure its place in the global digital economy and reduce dependence on foreign platforms.
Experts at the event noted that Nigeria currently has about 21 data centres, most of which are located in Lagos. While this figure remains significantly below the estimated 72 facilities needed to support a projected $1 trillion economy by 2030, stakeholders see the directive as a catalyst for accelerating investment in local infrastructure. They argued that just as nations seek to control natural resources, countries that effectively manage their digital assets will enjoy a stronger competitive advantage in the years ahead.
Chief Executive Officer of Precise Financial Systems, Dr Yele Okeremi, described the policy shift as a return to the industry’s roots. He recalled how Nigerian banks previously operated their own on-premise data centres before migrating to co-location facilities and later relying heavily on global cloud providers such as Microsoft Azure, Amazon Web Services (AWS), and Huawei Cloud. He believes the 2027 directive presents an opportunity for local providers to rebuild capacity and strengthen Nigeria’s technological self-reliance.
While optimism remains high, industry leaders acknowledged that challenges still exist, particularly around power reliability and the migration of sensitive financial data. Geniserve CEO, Gbenga Adegbiji, said local operators have developed unique expertise in overcoming Nigeria’s infrastructure limitations and are capable of meeting global standards. He added that the successful implementation of the directive will depend on collaboration among banks, fintech companies, and data centre providers. According to stakeholders, the transition could ultimately position Nigeria as a regional leader in AI development, cybersecurity, and digital innovation, while securing the nation’s data within its borders.
source: The Guardian