“FICAN at 35: Nwokoji Rallies Nigeria to Lead Africa’s Digital Economy with Trust, Collaboration, and Bold Action”

The Finance Correspondents Association of Nigeria (FICAN) on Saturday, September 20, 2025, celebrated its 35th anniversary conference at Orchid Hotels, Lekki, Lagos, with a rallying call for Nigeria to take bold steps in shaping its digital economy future.

Delivering the welcome address, Mr. Chima Titus Nwokoji, National Chairman of FICAN, reflected on the Association’s historic journey and the urgency of this year’s theme: “Bracing for the Digital Economy – Taxation, Banking, and Finance.”

Reflecting on FICAN’s Journey

Nwokoji recalled that last year’s edition focused on “Nigeria’s Journey Towards a $1 Trillion Economy: Impacts of Banks’ Recapitalization for Fintechs and the Real Sector.” That conversation, he said, underscored the significance of strengthening Nigeria’s banking system to withstand global shocks.

This year, however, the conversation shifted decisively toward the digital economy, which has moved from being a frontier of promise to becoming the backbone of global growth.

“The digital economy is not tomorrow’s story. It is today’s reality. The choices we make now will determine Nigeria’s competitiveness for decades to come,” he declared.

Digital Economy: Nigeria’s Emerging Strength

According to Nwokoji, Nigeria’s digital economy is already a powerhouse:

• The ICT sector contributed 18.3% to GDP in Q2 2025.
• Digital payments surpassed ₦600 trillion in the first half of 2025, a 22% year-on-year growth.
• Mobile money adoption reached 73 million users, extending financial inclusion to rural communities.

He highlighted the Central Bank of Nigeria’s (CBN) Payments System Vision 2028 (PSV 2028), which introduces artificial intelligence (AI), blockchain settlements, and AfCFTA-driven cross-border payments. The roadmap, he said, is more than policy; it is a blueprint for Nigeria’s digital future.

Taxation in the Digital Age

Nwokoji praised the Federal Inland Revenue Service (FIRS) for collecting ₦600 billion in VAT from foreign digital service providers in 2025, including Meta, Amazon, Netflix, and Google. This, he said, proves Nigeria’s seriousness in plugging revenue leakages while demonstrating that even global tech giants can be taxed fairly.

However, he warned of challenges:

• Smaller firms struggling with heavy tax burdens,
• Risks of double taxation, and
• Lack of harmonized digital tax rules across Africa.

He urged Nigeria to play an active role in OECD global tax talks and the African Tax Administration Forum (ATAF) to ensure fairness and efficiency in digital taxation.

Banking, Fintechs, and Consumer Trust

While celebrating banks’ resilience and fintech innovation, Nwokoji noted growing concerns about trust and consumer protection. In the first half of 2025 alone, the Federal Competition and Consumer Protection Commission (FCCPC) received over 9,000 complaints, with banking, fintech, and FMCG sectors leading the list.

Cybersecurity also remains a major concern, with a 32% rise in cyber incidents in 2025 costing businesses billions of naira. He urged financial institutions to invest more in cyber-defence and consumer trust, while regulators balance innovation with systemic stability.

Despite these challenges, Nwokoji highlighted positives:

• Nigerian banks recorded double-digit growth in digital revenues in 2025.
• Nearly half of all transactions now occur online or via mobile platforms.
• Recapitalization efforts are strengthening financial stability.

Opportunities and Risks Ahead

According to him, the digital economy offers immense opportunities, AI-driven credit scoring, blockchain-powered remittances, and digitized government services. But it also carries risks such as cybercrime, data breaches, and regulatory arbitrage.

“No single institution can navigate this journey alone,” he emphasized, stressing the importance of collaboration among regulators, private operators, and consumers.

He outlined a tripod of support for Nigeria’s digital economy:

• CBN’s PSV 2028 as the innovation roadmap,
• FIRS’s digital tax framework to secure revenues, and
• FCCPC’s consumer protection mandate to build trust.

Call to Action

In closing, Nwokoji called for bold action from all stakeholders:

• Private sector: Invest not just in platforms but in people; not only in profits but in trust.
• Regulators: Lead with foresight, agility, and collaboration.
• Consumers: Stay informed, engaged, and demand accountability.

As FICAN marked its 35th year, the message was clear: Nigeria must not only ride the digital wave but also lead the digital transformation across Africa.

At its 35th anniversary conference, FICAN Chairman Chima Titus Nwokoji urged Nigeria to embrace collaboration, trust, and innovation to strengthen taxation, banking, and consumer protection in the digital economy era.

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