The ongoing regulatory dispute between the Federal Competition and Consumer Protection Commission (FCCPC) and the telecommunications sector over airtime credit services is imposing a measurable cost on Nigeria’s investment profile. This assessment was shared by a financial analyst and a legal commentator during a public X Space discussion on Saturday, one day before a Federal High Court is expected to deliver judgment in the case.
Kalu Aja, a financial inclusion and capital markets commentator, hosted the session alongside Ilemona Onoja, a UK-based lawyer and public policy analyst. The discussion analysed the economic consequences of overlapping regulatory mandates in Nigeria, using the FCCPC’s application of its Digital Money Lenders (DML) Regulations to airtime and data credit services as the central case study.
Impact on sovereign borrowing costs
Aja argued that such regulatory uncertainty is already priced into Nigeria’s sovereign borrowing costs. He noted that while Nigeria has never defaulted
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