Policies introduced during Buhari's presidency that significantly influenced Nigeria's technological landscape
During the tenure of President Muhammadu Buhari, Nigeria's tech landscape underwent significant transformations. The administration implemented various policies that both propelled and stifled the country's tech ecosystem.
One of the most notable initiatives was the National Digital Economy Policy and Strategy (NDEPS) 2020–2030, accompanied by the National Broadband Plan 2020–2025. The aim was to achieve 70% broadband penetration and enhance internet speeds. By 2023, mobile broadband coverage increased from 6% in 2015 to 46%, driven by 4G expansion and early adoption of 5G in major cities. However, as of May 2025, penetration remains below target at 48.81%.
However, regulatory actions such as the Twitter ban of 2021 had disruptive effects. The government suspended Twitter after a tweet deletion incident, which lasted seven months. This forced users to rely on Virtual Private Networks (VPNs), causing harm to small businesses, digital creators, and political dialogue. The ban is estimated to have cost Nigeria an estimated $26.1 billion due to lost revenues.
Another regulatory move was the cryptocurrency crackdown. Restrictions on cryptocurrencies led to a shift towards underground transactions. Despite the crackdown, cryptocurrency transactions surged in volume as users found alternative platforms.
A significant policy achievement was the introduction of Africa's first central bank digital currency, the eNaira, aimed at enhancing financial inclusion and digital payments. However, its widespread adoption is still evolving.
Support for small and medium enterprises (SMEs) was another focus, with programs like MSME Survival Fund and Trader Moni implemented to foster economic growth and innovation. The Presidential Enabling Business Environment Council (PEBEC) also simplified business registration and operations, improving Nigeria's ranking in the World Bank Ease of Doing Business index.
The naira redesign policy of 2022 led to a nationwide cash crisis but boosted digital financial adoption at scale. Fintechs like OPay, PalmPay, and Moniepoint became the default financial rails for many Nigerians during this period.
In December 2020, the Nigerian Communications Commission mandated that all SIM cards be linked to a National Identification Number (NIN). In February 2021, the Nigerian Central Bank prohibited banks from facilitating crypto-related transactions, pushing crypto activity to peer-to-peer networks.
The Nigeria Startup Act was signed into law in October 2022, providing support and clarity for the tech ecosystem. However, the implementation of the NIN-SIM linkage policy resulted in a sweeping disconnection exercise and a drop in Nigeria's mobile subscriber base by 30%.
Despite the challenges, the Nigerian tech ecosystem experienced rapid growth, regulation, and disruptions under Buhari's administration. The eNaira, despite being a bold monetary innovation, failed to engage the digital users it was built for. The foreign exchange and import restrictions of 2015 created hurdles for tech businesses that relied on cross-border tools and international payments.
The Twitter ban was later ruled illegal by an ECOWAS court, allowing the platform to be restored. Data from 2023 shows that 58% of Nigerians switched to fintechs during the naira redesign crisis, and digital payments rose by 52% between January 2023 and October 2023.
In conclusion, President Buhari's administration left a mixed legacy in the tech ecosystem of Nigeria. While there were significant advancements in digital infrastructure and innovation, regulatory actions like the Twitter ban and cryptocurrency crackdown had disruptive effects. Navigating and reacting to abrupt shifts in tech policies became a necessity for many Nigerians and tech startups during Buhari's presidency.
- The government's cryptocurrency crackdown, although restrictive, drove an increase in underground crypto transactions, showcasing adaptability within the fintech sector in Nigeria.
- The widespread adoption of mobile broadband, fueled by 4G expansion and early 5G adaptation in major cities, highlighted the impact of technology on finance and payments in Nigeria during the Buhari administration.
- The policy achievement of introducing Africa's first central bank digital currency, the eNaira, aims to boost financial inclusion and digital payments, yet its acceptance continues to evolve.
- The Nigeria Startup Act, signed into law in 2022, offers support and clarity for startups in the tech ecosystem, while the NIN-SIM linkage policy led to a significant drop in the country's mobile subscriber base.
- Fintech companies such as OPay, PalmPay, and Moniepoint thrived during the nationwide cash crisis caused by the naira redesign policy, indicating a shift towards digital finance among Nigerians.
