GFA Technologies Group asserts that the Central Bank of Nigeria’s (CBN) recent move to localise data will spark lasting demand for domestic cloud services, data centres, and other essential digital assets. According to Adebola Omololu, a co-founder at GFA, this regulatory shift serves as a primary driver for the next stage of the nation’s technological expansion.
By January 1, 2027, all banks, fintech firms, and mobile money operators must store payment transaction data within Nigeria. Omololu believes this mandate moves beyond mere regulatory adherence, creating a foundation for consistent growth in sovereign cloud platforms, cybersecurity, and disaster recovery tools. This requirement directly benefits projects like the proposed 200-megawatt Abeokuta Technology Zone, which is designed to host large-scale data and AI operations.
The growth of Nigeria’s digital payment sector highlights the urgency for these investments. Electronic payment transaction volume reached 38.7 billion in 2023, up from 16.3 billion in 2021. With projections estimating these figures will climb to 60.1 billion by 2026, the need for robust, locally managed infrastructure has become increasingly critical.
