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Nigeria’s Central Bank Calls For Coordinated Digital Payment Reforms to Unlock Inclusive Growth

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As digital transactions accelerate across the economy, the Central Bank of Nigeria (CBN) is urging stronger collaboration among regulators, financial institutions, and technology providers to reform the country’s digital payment ecosystem.

CBN governor Olayemi Cardoso, urged emerging and developing economies to pursue coordinated reforms in digital cross-border payments, describing efficient payment infrastructure as a cornerstone for inclusive growth, financial stability, and deeper global economic integration.

Speaking at the G-24 Technical Group Meetings held in Abuja on Thursday, February 19, 2026, Cardoso emphasised that while digital finance holds transformative potential, persistent structural barriers continue to exclude households and Micro, Small and Medium Enterprises (MSMEs) from meaningful participation in global commerce.

He noted that cross-border remittance corridors remain burdened by high transaction costs exceeding 6 percent on average, alongside settlement delays that can stretch across several days.

On average, sending money across borders costs more than 6% of the transfer amount, and sometimes significantly higher in specific corridors. That’s above the United Nations Sustainable Development Goal target of 3%.

These fees aren’t just a single charge they include service fees, exchange-rate markups, intermediary bank charges, and hidden administrative costs. Traditional models rely on multiple financial institutions between sender and receiver. Each adds a markup, driving up the prices especially for small transfers, where every dollar matters.

For many migrant workers and low-income families, this means a significant share of the money they send doesn’t actually reach their loved ones. According to Cardoso, these inefficiencies significantly weaken trade participation, constrain household financial resilience, and slow economic development across emerging markets.

He stressed that fragmented payment infrastructures and complex compliance requirements further compound the problem by limiting access for smaller economic actors.

According to the World Bank, remittances are a major income source in many developing economies — often exceeding foreign direct investment. So when transfer systems are inefficient, it’s not just inconvenience; it’s reduced financial security for millions of households.

For families relying on remittances, inefficiencies directly affect daily survival and stability.

•High fees reduce the actual income households receive.

•Delays mean families can’t respond quickly to emergencies.

•Unpredictable settlement times make budgeting harder.

Without deliberate reform, the CBN governor warned that the promise of digital finance risks benefiting only a narrow segment of the global economy rather than driving broad-based inclusion. At the same time, he cautioned that rapid expansion of digital payment ecosystems must be carefully managed to avoid macroeconomic vulnerabilities.

He identified potential risks including currency substitution, weakened monetary policy transmission, heightened foreign exchange volatility, increased capital-flow pressures, and regulatory fragmentation across jurisdictions. These risks, he argued, make coordinated policy design and international cooperation essential.

Highlighting Nigeria’s domestic reforms, Cardoso outlined a series of measures undertaken to strengthen the country’s cross-border payment architecture. The CBN has enhanced its anti-money laundering and counter-terrorism financing frameworks in alignment with global standards, implementing stricter screening protocols for cross-border transactions to safeguard financial system integrity.

To broaden participation in regional trade, the bank has introduced simplified KYC and AML requirements for low-value cross-border transactions, a move aimed at reducing entry barriers for Nigerian SMEs. These reforms are designed to facilitate faster and more accessible payments through the Pan-African Payment and Settlement System, thereby advancing intra-African trade and regional financial integration.

Cardoso also underscored the importance of innovation in building resilient payment ecosystems. Through its Regulatory Sandbox framework, the CBN is enabling fintech companies to develop and test secure, instant cross-border payment solutions under regulatory supervision. This approach, he noted, allows Nigeria to encourage innovation while maintaining oversight and risk control.

Reaffirming Nigeria’s commitment to collaborative global reform, the governor called for strengthened partnerships with the International Monetary Fund, the World Bank Group, and other international stakeholders to modernise the global financial architecture in support of developing economies.

Through his address, he positioned efficient cross-border digital payment systems not merely as technological upgrades but as critical economic infrastructure capable of expanding opportunity, strengthening resilience, and accelerating development across the Global South.

Outlook

Looking ahead, Nigeria’s reform trajectory suggests a gradual shift from costly, fragmented cross-border payment rails toward faster, interoperable, and more inclusive systems.

If current policy momentum is sustained, the combination of stronger compliance, simplified onboarding for low-value transactions, and fintech-led innovation could materially reduce transfer costs and settlement times over the medium term

The Deployment of the USS Gerald R. Ford Raises Odd for Military Actions in Iran

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The United States has deployed the USS Gerald R. Ford—the world’s largest warship and aircraft carrier—toward the Middle East amid escalating tensions with Iran. This is part of a significant military buildup under the Trump administration, aimed at pressuring Iran over its nuclear program, ballistic missiles, and regional activities.

The USS Gerald R. Ford, accompanied by its strike group including destroyers like the USS Mahan, recently transited the Strait of Gibraltar and entered the Mediterranean Sea. It’s en route to join the USS Abraham Lincoln carrier strike group, already positioned in the Arabian Sea/Persian Gulf area near Iran.

This dual-carrier presence—rare and indicative of high readiness—includes dozens of additional warships, fighter jets (F-22s, F-35s, F-15s), aerial refueling tankers, submarines, and air defenses. The deployment follows stalled or challenging indirect talks in Geneva and upcoming in Oman, where the US demands “zero enrichment” and limits on missiles/proxies, while Iran rejects key terms.

President Trump has publicly warned Iran has “10 to 15 days at most” to reach a “meaningful” deal, or face consequences, with some reports suggesting a decision on action could come soon.Regarding the odds of a US strike by March 15, 2026, at 50%—this aligns closely with current assessments from prediction markets, sources, and analysts.

Polymarket and similar platforms have shown probabilities around 50-60% for strikes by late March climbing to ~57% for end of March in recent data, with shorter-term odds lower but rising. Insider reports from Axios, citing Trump advisers put chances of “kinetic action” in the coming weeks as high as 90% in some views, though others describe preparations for a potential multi-week campaign if talks fail.

Experts note the buildup (largest since 2003 Iraq invasion levels) signals serious preparation rather than mere posturing, but a full-scale war remains uncertain due to risks like Iranian retaliation (missiles, proxies, Strait of Hormuz disruption), oil price spikes, and broader escalation involving Russia/China.

No strike has occurred as of February 20, 2026, and diplomacy continues. However, the window Trump referenced points to early-to-mid March as a critical period. Tensions are very high, with both sides signaling readiness—Iran conducting joint drills with Russia and fortifying sites—making de-escalation or limited action possible outcomes.

This creates a rare dual-carrier presence alongside the USS Abraham Lincoln in or near the Arabian Sea/Persian Gulf area, backed by extensive supporting assets (destroyers, submarines, F-35s/F-22s, tankers, AWACS, and more).

This buildup is the largest U.S. military concentration in the Middle East since the 2003 Iraq invasion, explicitly tied to pressuring Iran over its nuclear program, ballistic missiles, regional proxies, and enrichment activities.

Two carrier strike groups provide overwhelming airpower, precision strikes on nuclear sites, missile facilities, or command structures. The Ford’s advanced electromagnetic catapults and stealth aircraft integration make it ideal for high-intensity operations. Positioning near Israel adds flexibility for joint U.S.-Israeli actions.

This signals credible threat to Iran, but also heightens miscalculation chances. Iran could respond with asymmetric tactics: missile/drone barrages on U.S. bases/ships, proxy attacks (Houthis, Hezbollah, Iraqi militias), or attempts to close the Strait of Hormuz disrupting ~20% of global oil flow.

Russian and Chinese naval presence/exercises in the Gulf could complicate U.S. operations, potentially leading to multi-power entanglement. President Trump’s public warnings (Iran has “10 to 15 days at most” for a “meaningful deal,” or face “really bad things”) frame this as coercive diplomacy. Indirect talks demand zero enrichment and missile limits—terms Iran rejects outright.

Failure risks kinetic action; success unlikely given stances could de-escalate. The buildup serves as leverage, but prolonged stalemate increases strike probability if Trump perceives no progress. Any strike or Hormuz disruption could spike prices dramatically potentially $100+/barrel short-term, fueling inflation and global recession fears.

Gulf states (Saudi Arabia, UAE) might face Iranian retaliation; Europe/Asia could see energy shocks. Allies like the UK (Typhoons deployed) provide limited support, but full war would strain coalitions.

Prediction markets likePolymarket show rising but varied odds: 30-35% for early March dates by March 5, climbing toward ~50%+ by mid-to-late March in some contracts e.g., end-of-March around 49-62% in recent data, with high volume in millions wagered.

Shorter windows by March 1 hover lower (29-30%), reflecting buildup timelines—the Ford may not fully arrive/position for weeks. Analyst views split: Some see 50%+ for limited strikes if talks collapse; others note risks (Iranian retaliation, oil chaos, no invasion intent) make full-scale war less likely.

No strike has occurred yet; diplomacy persists amid pessimism. The situation is highly fluid—Trump’s decision window (potentially days to weeks) aligns with the March 15 timeframe, but de-escalation remains possible if Iran concedes or external factors.

Finding Nigeria’s Digital Dangote: Catalyzing the Next Economic Leap

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Nations often ascend when great entrepreneurs emerge to build at scale. India is rising, and one of the clearest signals comes from Mukesh Ambani, chairman of Reliance Industries. He recently announced one of the most ambitious private-sector technology investments in Indian history, a ?10 trillion (about $110 billion) plan to develop renewable energy-powered, AI-ready data centers and edge computing infrastructure across the country over the next seven years.

The $110 billion commitment is projected to catalyze a $250 billion AI infrastructure ecosystem in India by 2035, while triggering an additional $150 billion in private-sector spending across server manufacturing, sovereign cloud platforms, advanced cooling systems, power electronics, and related industries. Reliance expects the program to generate thousands of high-skill jobs and establish India as a net exporter of computing capacity and AI services.

Speaking at the India AI Impact Summit in New Delhi, Ambani described the initiative as India’s decisive step into what he called the “Intelligence Revolution,” a transformation he believes will be more profound than any previous Industrial Revolution.

The investment will support the construction of multiple gigawatt-scale data centers, a nationwide edge computing network, and a suite of AI services tightly integrated with Reliance’s Jio telecom platform. Work has already begun at Jamnagar in Gujarat, Reliance’s flagship industrial hub, with more than 120 megawatts of capacity expected to come online in the second half of 2026.

Nigeria needs a Dangote for its digital future. Aliko Dangote helped power Nigeria’s rise in the industrial age; now we need a new generation of builders to anchor our transition into the digital era. Across the world, from the United States to India, national leaps have often followed the emergence of great entrepreneurs willing to invest boldly in foundational infrastructure. Nigeria must likewise find leaders who can unlock the promise of our digital economy at scale.

Interestingly, such transformation may well come from the established business class, which already possesses the capital base and operational discipline required to fund long-horizon innovation. The question then becomes one of policy alignment: should we consider targeted incentives, such as time-bound tax holidays, to encourage large-scale private investment in digital platforms and infrastructure, especially when public finances alone cannot build these ecosystems?

Reliance Commits $110bn to Build India’s Largest AI Compute Infrastructure by 2033, Positioning Country as Global AI Powerhouse

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Mukesh Ambani, chairman of Reliance Industries, unveiled one of the most ambitious private-sector technology investments in Indian history on Thursday, announcing a R10 trillion (~$110 billion) plan to develop renewable energy-powered, AI-ready data centers and edge computing infrastructure across the country over the next seven years.

Speaking at the India AI Impact Summit in New Delhi, Ambani framed the initiative as India’s decisive entry into what he called “the Intelligence Revolution — more profound than any previous Industrial Revolution.”

The investment will fund the creation of multiple gigawatt-scale data centers, a nationwide edge computing network, and a suite of AI services deeply integrated with Reliance’s Jio telecom platform. Construction has already begun on multi-gigawatt facilities in Jamnagar, Gujarat — Reliance’s flagship industrial complex — with more than 120 megawatts of capacity expected to come online in the second half of 2026.

The entire build-out will draw on Reliance’s existing 10 GW of surplus renewable energy capacity from large-scale solar projects in Gujarat and Andhra Pradesh. Ambani emphasized that the project addresses what he sees as the single biggest constraint in AI today: “scarcity and high cost of compute.”

He pledged that Reliance would drive down the cost of AI services in India as dramatically as Jio once reduced mobile data prices — from among the world’s highest to free effectively — and insisted that India “cannot afford to rent intelligence” from foreign providers.

The long-term goal, he said, is for India to become not just a consumer but “a creator, builder, and exporter of intelligence.”

The $110 billion commitment is projected to catalyze a $250 billion AI infrastructure ecosystem in India by 2035, while triggering an additional $150 billion in private-sector spending across server manufacturing, sovereign cloud platforms, advanced cooling systems, power electronics, and related industries. Reliance expects the program to generate thousands of high-skill jobs and establish India as a net exporter of computing capacity and AI services.

The plan builds directly on Adani Group’s $100 billion AI data center pledge earlier this week, signaling that India’s two largest conglomerates are now racing to dominate the country’s emerging AI infrastructure market. The Indian government has forecast more than $200 billion in total AI infrastructure spending over the next two years, supported by the IndiaAI Mission and policies promoting domestic compute sovereignty.

Global technology companies are also accelerating their footprint in India. OpenAI recently partnered with the Tata Group to develop 100 MW of AI capacity, with plans to scale to 1 GW. Google (Alphabet) committed $15 billion over five years to build an AI data center hub in southern India. These moves reflect India’s strategic importance: a population exceeding 1.4 billion, the world’s largest developer community, favorable demographics, low-cost renewable energy, and proactive government support make it one of the most attractive markets for AI infrastructure outside the U.S. and China.

Reliance will collaborate with Indian enterprises, startups, academic institutions, and government bodies to embed AI across key sectors: manufacturing (predictive maintenance, quality control), logistics (supply chain orchestration), agriculture (precision farming, crop monitoring), healthcare (diagnostics, telemedicine), and financial services (fraud detection, credit scoring, personalized advisory). Jio has already partnered with Google to offer free Gemini AI Pro access to millions of users and is developing AI capabilities in multiple Indian languages to drive inclusion and mass adoption.

The announcement was delivered on the opening day of the India AI Impact Summit (February 16–20, 2026), India’s first major international AI conference, attended by global leaders including OpenAI’s Sam Altman and Alphabet’s Sundar Pichai. The summit has positioned India as a serious contender in the global AI race, with domestic conglomerates like Reliance and Adani leading the charge on compute infrastructure.

However, execution at this scale carries significant challenges. Building gigawatt-scale, renewable-powered data centers requires massive capital allocation, land acquisition, regulatory approvals across multiple states, grid integration of intermittent renewables, and advanced cooling and power management for dense AI workloads. Competition for prime locations, power capacity, and skilled talent is already intense among Reliance, Adani, Tata, global hyperscalers (Google, Microsoft, AWS, Meta), and domestic players like Jio and Airtel. Reliance’s track record of executing large-scale infrastructure projects — Jio’s nationwide 4G rollout in 2016, green energy buildout to 10 GW surplus, and retail expansion — provides credibility.

However, AI data centers demand precision engineering, near-perfect uptime, and rapid scaling — areas where even established operators have faced delays.

The announcement strengthens the narrative of India as a major AI compute hub, with low-cost renewables, vast talent, and government backing making it increasingly attractive compared with power-constrained U.S. regions and high-cost European markets. If Reliance delivers on its R10 trillion vision, the impact would be transformative: reducing India’s dependence on foreign cloud and compute providers, driving down AI inference and training costs for Indian enterprises and startups, creating a robust domestic AI supply chain, and accelerating adoption in underserved sectors such as agriculture, healthcare, and education.

U.S. Plans ‘Freedom.gov’ Portal to Showcase Europe-Banned Content, Raising Tensions With Allies

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The proposed “freedom.gov” portal signals a sharp escalation in Washington’s clash with European content rules, positioning the U.S. government as a potential facilitator of access to material banned under EU law.


The domain name is live. The page is sparse. And behind it sits a proposal that could redefine how the United States confronts Europe’s tightening grip on online speech.

According to the report, within the U.S. State Department, officials are developing an online portal — freedom.gov — that would enable users in Europe and potentially other regions to access content restricted or removed under local laws. The material could include posts categorized by European regulators as illegal hate speech, terrorist propaganda, or disinformation, according to three sources familiar with the discussions who spoke to Reuters.

The project, overseen by Undersecretary for Public Diplomacy Sarah Rogers, was expected to be introduced at the recent Munich Security Conference. The unveiling did not occur. Two sources said internal concerns had been raised within the State Department, including by legal officials, though they did not specify the nature of those reservations.

A State Department spokesperson denied that any announcement had been delayed and rejected claims that lawyers had objected. The spokesperson said the U.S. does not operate a censorship-circumvention program specific to Europe but added: “Digital freedom is a priority for the State Department, however, and that includes the proliferation of privacy and censorship-circumvention technologies like VPNs.”

The design of the portal, as described by one source, could include a built-in virtual private network function that makes user traffic appear to originate in the United States. The source also said activity on the platform would not be tracked. If implemented, that feature would allow users to access content blocked under national regulations while masking their location.

Such a move would represent a significant shift in how Washington projects its digital policy abroad. For years, U.S. funding for VPNs and circumvention tools focused on countries such as China, Iran, Russia, Belarus, Cuba, and Myanmar — jurisdictions widely characterized by Washington as authoritarian. Extending similar infrastructure to democratic allies would place the U.S. government in unfamiliar terrain: facilitating access to material that partner governments have deemed unlawful.

President Donald Trump has elevated free speech — particularly what his administration describes as the suppression of conservative voices — to a central pillar of foreign policy. That stance has sharpened friction with European regulators enforcing the European Union’s Digital Services Act and related frameworks.

The EU’s speech restrictions stem from post-World War II efforts to prevent extremist ideologies from regaining a foothold. Over decades, those principles have evolved into a layered regulatory system requiring rapid removal of illegal hate speech, terrorist content, and certain forms of disinformation. The burden falls most heavily on large online platforms.

Companies such as Meta and X have faced enforcement actions. X, owned by Trump ally Elon Musk, was fined 120 million euros in December for noncompliance with EU obligations. Germany alone issued 482 removal orders in 2024 for content deemed supportive of terrorism, compelling providers to take down more than 16,000 pieces of material.

To Washington’s current leadership, those measures amount to ideological gatekeeping. In its December National Security Strategy, the administration warned that Europe faces “civilizational erasure” and pledged to prioritize “cultivating resistance to Europe’s current trajectory within European nations.” The freedom.gov project fits squarely within that framing.

Former State Department official Kenneth Propp, now with the Atlantic Council’s Europe Center, described the initiative as “a direct shot” at European regulatory regimes. He said the portal “would be perceived in Europe as a U.S. effort to frustrate national law provisions.”

That perception could complicate already tense transatlantic relations. Trade disagreements, diverging strategies on Russia’s war in Ukraine, and Trump’s stated intention to assert control over Greenland have strained alliances. A U.S.-backed tool encouraging users to bypass European law would deepen the ideological rift.

The operational mechanics also raise questions. Commercial VPN services are widely available in Europe, often for modest subscription fees. It remains unclear what unique functionality a U.S. government portal would provide beyond symbolic endorsement. If the site aggregates or mirrors removed content, it could create diplomatic disputes over jurisdiction and liability. If it simply routes users to existing platforms through anonymized connections, its novelty may lie more in politics than technology.

The domain freedom.gov was registered on January 12, according to the federal registry get.gov. As of midweek, the site displayed the logo of the National Design Studio, the phrase “fly, eagle, fly,” and a log-in form. Two sources said Edward Coristine, a former member of Musk’s Department of Government Efficiency, is involved in the project through the National Design Studio, which was established to modernize federal websites.

For European policymakers, the portal could test the boundaries of digital sovereignty. EU law allows regulators to impose fines and, in extreme cases, restrict access to platforms that fail to comply. If a U.S. government-backed site were seen as systematically enabling circumvention, Brussels would face a choice between tolerating it, negotiating with Washington, or escalating enforcement responses.

At its core, the dispute reflects two competing philosophies. The U.S. constitutional tradition presumes that nearly all speech should remain protected, even if offensive or inflammatory. The European model balances expression against historical memory and public order, granting regulators authority to remove certain categories of harmful content.

Freedom.gov, if launched, would sit at that fault line. More than a website, it would symbolize Washington’s willingness to project its interpretation of digital liberty into allied jurisdictions — not through diplomacy alone, but through code and connectivity.