Nigerian regulators poised to be Africa’s best as NCC, CBN, NNPC adopt global practices
Nigeria’s regulatory landscape is undergoing significant transformation as key agencies align with international standards, according to research by Neusroom journalists.
Our editors examined key documents such as the NCC Industry Statistics & Reports, CBN Monetary Policy Data & National Bureau of Statistics, NUPRC Oil Production Reports & NNPC Data between 2022 and 2025.
The results show how the Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), and Nigerian National Petroleum Company Limited (NNPC) are adopting global best practices and enabling healthy regulatory environments, despite obvious ongoing challenges
Nigerian Communications Commission (NCC): Leading the Pack
The NCC demonstrates strong alignment with global standards through research-based policymaking and stakeholder engagement.
Industry insiders have said the current regulatory environment, being driven by the NCC leadership, is one of the best in recent history, and experts expect the outcomes to benefit Nigeria at the macro and micro levels.
In 2025, the Commission, under the leadership of Aminu Maida, revised its Corporate Governance Guidelines to incorporate mandatory sustainability reporting and emphasise regulatory compliance, reflecting evolving sector needs.
Telecommunications subscriptions have surged to 169.3 million in January 2025, up from 164.9 million previously, demonstrating sector growth under NCC’s guidance. The Commission’s approval of a 50% tariff increase demanded by the telco operators in January 2025 strategically enables infrastructure development.
According to the GSMA, this adjustment could generate over $150 million in additional investment and expand 4G coverage to 94% of the population, potentially connecting 9 million more Nigerians.
NCC Performance Metrics from 2022 to 2025 (Photo: Neusroom)
Central Bank of Nigeria (CBN): Mixed Progress
The CBN has transitioned from direct controls to indirect monetary management, with Open Market Operations as its principal liquidity management tool.
The apex bank has modernised Nigeria’s payment system through MICR implementation, ATM expansion, and comprehensive e-banking guidelines over the years. After unconventional approaches, the CBN recently committed to orthodox monetary policy, representing alignment with international standards.
However, inflation management remains challenging, with rates fluctuating from 29.90% in January 2024 to 24.23% in March 2025.
Nigerian National Petroleum Corporation (NNPC): Early in Transformation
NNPC Ltd’s corporate restructuring under the Petroleum Industry Act represents progress toward global standards seen in companies like Saudi Aramco. The company is working to attract global investors through regulatory reforms.
Neusroom findings reveal that the Tinubu administration has set an ambitious goal to increase crude oil production to 3 million bpd by December 2025, although current production stands at approximately 1.74 million bpd as of January 2025.
Despite these efforts, NNPC faces challenges in operational efficiency and energy transition planning. Nigeria’s oil production costs remain among the highest globally at over $10 per barrel, compared to Saudi Arabia’s costs.
Nigerian regulators show varying progress toward global best practices. The NCC demonstrates the strongest alignment, followed by the CBN, while NNPC, despite important reforms, has significant ground to cover.
To become “Africa’s best,” these regulators must address remaining implementation challenges, enhance operational independence, and consistently apply adopted principles.
