The Central Bank of Nigeria (CBN) has confirmed that Nigeria’s much-anticipated open banking framework has not yet been launched, despite earlier expectations of a rollout by August 2025. The regulator assured stakeholders that efforts are underway to finalise the governance framework and API standardisation necessary for a secure and effective open banking ecosystem. Open banking, a system that allows secure data sharing between banks and third-party providers through application programming interfaces (APIs), promises to revolutionise financial services by enabling innovation, improving customer experiences, and expanding access to credit and payments across Nigeria. In a recent statement, the CBN emphasised that while the timeline for launch has shifted, work remains focused on building a robust governance structure to protect consumers and financial institutions alike. “We are committed to ensuring that the open banking environment is safe, functional, and beneficial for all stakeholders,” a CBN spokesperson explained. The regulator is collaborating with key industry players, fintech firms, and technology experts to develop standard API protocols, a critical component for interoperability across diverse financial platforms. The delay reflects the complexity of aligning multiple banks, fintechs, and regulators under common technical and legal frameworks, a challenge seen globally in open banking initiatives. Nigeria stands to benefit significantly from open banking, particularly in expanding financial inclusion. According to the National Bureau of Statistics, about 36% of adult Nigerians remain unbanked or underbanked, a gap that open banking could help close by enabling alternative credit scoring and payment solutions. Experts, such as fintech analyst Adaobi Umeh, note, “Open banking will unlock new opportunities for startups and traditional banks to collaborate, creating tailored financial products that serve millions of Nigerians currently underserved by the system.” However, Umeh warns that careful regulation and technology standardisation are critical to safeguard data privacy and prevent fraud.
Nigerian private sector records strongest job growth in nearly two years
The Nigerian private sector recorded its strongest job growth in 23 months, with employment rising by 3.8% month-on-month in September 2025, according to a joint report from the National Bureau of Statistics (NBS) and the Nigerian Employers’ Consultative Association (NECA). The growth was driven by expansions in manufacturing, information technology, and financial services. NBS Director of Labour Market Statistics, Mrs. Efe Osagie, said, This increase reflects growing business confidence following government reforms and stimulus efforts. Mr. Tunde Adetunji, NECA spokesperson, noted that employers are hiring cautiously while investing in skill development. He emphasised the need for ongoing government-private sector collaboration to sustain job creation and address challenges like infrastructure and finance. The report follows gradual labour market improvements since early 2024 after prior job losses caused by economic shocks. Experts caution that sustaining growth requires continued policy support and investment in workforce development.
Theatre & Performance arts take the spotlight in Nigeria’s digital economy
For decades, Theatre and Performance Arts departments across Nigerian universities have been dismissed, even ridiculed, as a soft option – perceived as the course students “settle for” when other choices fall through. But in a digital world now driven by content, culture, and creativity, the tables are turning – fast. According to data from UN Trade and Development (UNCTAD), the global creative economy is now valued at over $2.3 trillion, with Africa’s media and entertainment sector projected to reach $14.8 billion in 2025. Social media platforms like TikTok, Instagram, and YouTube have democratized fame, offering talented performers a direct path to influence – and income. In Nigeria, this trend is unfolding in real time. Former theatre students and trained performers are now among the country’s most powerful cultural figures, leveraging storytelling, skits, stage presence, and character mastery to dominate the influencer economy. Names like Debo “Mr. Macaroni” Adebayo, KieKie, and Broda Shaggi – all with backgrounds in theatre – are now household names, celebrated not just for entertainment, but for shaping youth culture and national conversations. “It’s ironic,” says Kemi Olatunji, a performance studies lecturer. “The same society that mocked students in Theatre Arts is now hooked on the very skills they learned in school – delivery, presence, improvisation, storytelling. These are now essential digital-era tools.” Experts argue that Nigeria’s growing tech and content economy needs to do more to formally recognize the role of performance art in innovation. From digital storytelling to immersive experiences, the skills honed in rehearsal rooms are now fueling some of the country’s most viral and impactful content. The era of underestimating the arts is ending. In its place, a new narrative is emerging – one that positions creativity not as a backup plan, but as a bold, strategic career choice in a tech-driven world. Photo credit: X/theabusite