In 2024, Nigeria’s leading banks collectively spent N518.5 billion on information technology infrastructure, more than doubling their investment compared to the previous year’s N248 billion. This sharp 109% increase—based on audited reports from eight prominent banks—underscores a critical strategic pivot: digital transformation is now central to banking operations, not just an added feature.....KINDLY READ THE FULL STORY HERE▶

The surge in IT spending reflects a broad shift across the industry, with banks upgrading core systems, deploying AI-powered platforms, and enhancing mobile and digital banking experiences to meet evolving customer demands and compete with fast-growing fintech firms.

Top Spenders Access Holdings led the pack with a remarkable N193.5 billion in IT expenditures, marking a 148% rise from 2023. While the bank didn’t announce any sweeping core banking overhaul, it executed multiple backend upgrades seamlessly to avoid service disruption—demonstrating a strong commitment to scaling its digital infrastructure in line with its pan-African growth objectives.

GTCO followed closely, raising its IT investment to N88 billion, a 48.4% increase. A key highlight was its migration to Infosys’ Finnacle banking platform from its earlier software—signaling a major systems revamp.

Zenith Bank nearly doubled its own IT budget, moving from N33.5 billion in 2023 to N67.3 billion. The shift included a switch from Finastra’s Phoenix to Oracle’s Flexcube, intended to enhance both customer interface and backend operations.

Mid-Tier Banks Catch Up Fidelity Bank saw one of the most significant jumps, increasing its IT investment by 239%—from N16.5 billion to N56 billion. This leap signals an aggressive shift towards digital competitiveness.

UBA’s IT spend also doubled, hitting N48 billion from N23.2 billion, driven by upgrades to digital channels and mobile applications. Similarly, Stanbic IBTC ramped up its tech budget by 73.1% to N33.4 billion, while FCMB grew its spending by 58.6% to N26.8 billion.

Wema Bank, despite having the lowest absolute figure (N5.5 billion), registered the highest growth rate at 292.9%, up from just N1.4 billion the previous year.

Although First Bank Holdings has released its 2024 financials, it did not break down IT expenditures, while Sterling Bank’s full-year results were yet to be released at the time of reporting.

What’s Driving the Investment? Traditional banks are feeling the heat from agile fintech challengers like OPay, PalmPay, and Moniepoint, which offer speed, lower costs, and superior digital experiences. To stay competitive, banks are scaling their digital capabilities.

According to Mr. Dipo Alabede, CEO of mobile payments firm Clane, banks must continue investing in IT—not only to expand digital offerings but also to defend against rising cybersecurity threats as digital transactions increase.

Mr. Tayo Ogunlade, CTO at Onafriq, emphasized the need for robust cybersecurity measures and interbank collaboration to protect the growing digital ecosystem.

In summary, Nigeria’s banking sector is undergoing a significant digital shift, with record investments aimed at reshaping financial services, boosting user experience, and maintaining a competitive edge in a rapidly evolving market.

The Federal Government of Nigeria has called on International Oil Companies (IOCs) to increase their investments in the country’s oil and gas sector, emphasizing the favorable investment climate created by the nation’s fiscal policies.....KINDLY READ THE FULL STORY HERE▶

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, made the appeal during the Cross Industry Group (CIG) meeting in Florence, Italy, organized by IOCs operating in Nigeria. The meeting aimed to address challenges, expectations, and strategies to enhance Nigeria’s contribution to regional energy needs across Sub-Saharan Africa.

In a statement released by his Special Adviser, Nneamaka Okafor, the minister highlighted that the President Bola Tinubu administration had implemented investment-friendly policies, including incentives for deep water investments. Lokpobiri stressed that while IOCs face challenges related to engineering, procurement, and construction (EPC) contractors, these obstacles can be overcome if IOCs make strong, strategic investment decisions.

“The ball is in the court of the IOCs and other operators to make the investment decisions that will drive increased production and sustainability in the sector,” the minister said, emphasizing the government’s role in creating an environment conducive to investment.

Furthermore, Lokpobiri called for support from IOCs for local refining efforts, noting the government’s push to bring more refineries online, which will require a steady supply of crude oil. He also reiterated the government’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to ensure that idle assets are developed or redistributed to willing investors.

The minister’s remarks also encouraged collaborative measures such as resource sharing and farm-outs, particularly for underutilized assets, to promote production. He warned that the government would reclaim assets that remained underdeveloped for decades.

In response, Osagie Osunbor, Chairman of the Oil Producers Trade Section (OPTS), praised the minister for engaging directly with industry players and affirmed the government’s commitment to creating a favorable investment environment.

The Federal Government remains steadfast in fostering a thriving oil and gas industry and expects IOCs to match this commitment by making tangible investment decisions that will contribute to Nigeria’s energy security and economic growth.

The black market exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) for today, March 31, 2025, has been released.....KINDLY READ THE FULL STORY HERE▶

According to reliable sources at the Bureau De Change (BDC), the exchange rate at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX, shows that traders are buying dollars at ₦1,560 and selling at ₦1,580 as of Sunday, March 30, 2025.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market rates. Instead, the CBN advises individuals who wish to engage in forex transactions to approach their respective commercial banks.

For comparison, the official CBN rate for the dollar today shows a highest rate of ₦1,542 and a lowest rate of ₦1,520. However, exchange rates may vary depending on the provider or location.

Foreign exchange rates in the black market often differ from the official rates set by the CBN, influenced by factors such as demand and availability. As a result, forex traders and individuals looking to convert dollars to naira are advised to verify rates before making transactions.

Stay informed with the latest updates on the dollar to naira exchange rate and other economic news.