Nigeria's central bank has set a 14-week deadline for commercial banks to identify and relocate critical data and technology workloads to the country. The directive, part of broader efforts to enhance financial sovereignty and data security, requires banks to assess which systems must be moved from offshore servers to domestic data centers.
The move follows growing concerns over data privacy and the risks associated with storing sensitive financial information abroad. Nigerian regulators argue that localizing data will improve response times, reduce dependency on foreign infrastructure, and align with international data protection standards.
Banks are now tasked with prioritizing which data sets are most vital for operations and ensuring compliance with new cybersecurity protocols. The timeline, set for mid-2025, has raised questions about the readiness of the local tech infrastructure to support the increased demand.
Industry experts note that while the deadline is tight, it reflects a strategic shift toward greater control over financial data. The outcome could reshape how Nigerian banks operate and interact with global financial systems.
