From launching Africa’s first central bank digital currency to a Twitter ban that disrupted digital livelihoods, Muhammadu Buhari’s presidential administration (2015–2023) left an indelible mark on Nigeria’s tech ecosystem. A former military head of state who became an elected president, Buhari served for eight years, during which Nigeria’s tech ecosystem experienced a whirlwind of growth, regulation, and stifling disruptions.
Policy decisions defined much of the technology terrain. A cash redesign caused scarcity, which in turn deepened fintech penetration. Cryptocurrency crackdown caused the movement to go underground and, in turn, soar in transaction volumes. Between 2015 and 2023, the Nigerian tech sector saw a rapid expansion and contended with abrupt regulations.
As the nation mourns his passing over the weekend, here are 7 of the most consequential policies from Buhari’s administration that shaped what Nigeria tech became.
The Twitter ban of 2021
In June 2021, the Nigerian government indefinitely suspended Twitter’s operations, hours after the platform deleted a tweet from Buhari that referenced the country’s civil war. Overnight, the platform went dark. This move shocked many users, especially given Twitter’s role in amplifying Buhari’s political messaging during his campaign years. The ban lasted seven months, forcing many Nigerians to turn to VPNs to access the platform. The impact of this ban was immediate. Small businesses lost visibility, digital creators were cut off from their audiences, and political dialogues were pushed underground. An ECOWAS court later ruled this ban illegal, and the platform was restored. However, the damage, particularly to investor confidence, had been done.
The cryptocurrency ban of 2021
While Nigeria’s Central Bank had first issued a cautionary note on crypto in 2017, the regulator prohibited banks from facilitating crypto-related transactions in February 2021. It instructed these banks to find and shut down any accounts linked to digital asset trading. Yet, instead of killing interest in crypto, the ban pushed activity to peer-to-peer (P2P) networks, which made it harder to control and regulate. According to a KPMG and Chainanalysis report, between July 2023 and June 2024, Nigeria accounted for $59 billion in crypto transactions, nearly half of Sub-Saharan Africa’s $125 billion. This policy may have slowed participation from formal institutions, but it accelerated crypto adoption. The ban was later lifted in December 2024 by the CBN.
The NIN-SIM linkage of 2020
In December 2020, the Nigerian Communications Commission (NCC) mandated that all SIM cards be linked to a National Identification Number (NIN). This policy was to curb insecurity and improve digital identity trust, as it was revealed that some individuals had tens of thousands of SIMs. By 2023, telecom operators were instructed to block lines not linked to an NIN. This resulted in a sweeping disconnection exercise. Nigeria’s mobile subscriber base dropped by 30%. MTN Nigeria reported losing 8.6 million subscribers in Q1 2024 after barring their lines. Airtel Africa warned that the process of NIN verification could cost up to $4 million monthly. The policy disrupted user access and drove mobile subscriber counts down.
The Startup Act of 2022
At the dusk of his administration in October 2022, Buhari signed the Nigeria Startup Act into law. This framework is designed to provide support and clarity for the tech ecosystem. This act was a direct response to previous regulatory missteps like the sudden bike bans in Lagos that led to the closure of some companies and crypto crackdowns. The Act introduced incentives like tax breaks, government loans, and credit guarantee schemes.. It aimed to ease friction between startups and regulatory bodies, representing a shift in how the government approached tech and innovation.
Foreign exchange and import restrictions of 2015
Buhari began his administration by restricting the importation of 41 items, including rice. Over time, additional restrictions followed. By 2019, monthly dollar spending on naira cards for overseas payments had been cut by 99%, from $12,500 to $100. This policy created hurdles for tech businesses that relied on cross-border tools and international payments. From paying for servers and onboarding global tools, startups were forced to find other alternatives.
The cash redesign of 2022
In late 2022, Buhari’s administration introduced a naira redesign policy that snowballed into a nationwide cash crisis. As old naira notes were pulled from circulation and new ones failed to arrive in time, Nigerians were left stranded. Amid that chaos, fintechs surged. Platforms like OPay, PalmPay, and Moniepoint became the default financial rails for many Nigerians. A KPMG survey found that 58% of Nigerians switched to fintechs during the crisis, while digital payments rose by 52% between January 2023 and October 2023. Data from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that mobile money operators processed ₦46.6 trillion in transactions in 2023, a 140% year-on-year increase. While the policy hurt informal economies and exposed weaknesses in Nigeria’s banking infrastructure, it boosted digital financial adoption at scale.
The eNaira launch of 2021
In October 2021, Nigeria became the first African country to launch a central bank digital currency, the eNaira. It was positioned as a way to modernise payments and reduce reliance on crypto, and was regarded as one of CBN’s boldest monetary innovations. However, adoption was lukewarm as users struggled with app glitches and limited merchant acceptance. The eNaira represented a missed opportunity where a government-backed product lacked a market fit and failed to engage the digital users it was built for.
Buhari’s tech legacy is a mix of tension and contradictions. For many Nigerians and tech startups, surviving the Buhari years meant navigating and reacting to abrupt shifts in policies.
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