Artificial Intelligence, Financial Stability, Nigeria, Economic Governance, Central Banking.
Abstract
This paper examines how artificial intelligence (AI) is reshaping economic governance and financial stability in Nigeria between 2024 and 2026. Using qualitative analysis of Central Bank of Nigeria (CBN) regulations, national AI policy documents, reports of international standard-setters, and recent empirical studies, it finds that AI strengthens fraud detection, economic nowcasting and oversight of public expenditure. However, it also introduces risks, including cybersecurity threats, market concentration, algorithmic bias, herding behaviour, and explainability risks, which gaps in regulatory capacity, data, and infrastructure magnify. The paper concludes that Nigeria needs a risk-proportionate AI supervisory framework, mandatory algorithmic audits and phased institutional capacity building.
Author Bio
AUTHOR’S BACKGROUND Suleiman Usman Yusuf AMT, BDSP, MIMC, FIMC, FDMSS, FCGDP, CMC, is a development practitioner, policy analyst, and governance specialist with over a decade of experience working across security, development finance, institutional strengthening, and public sector reform in Nigeria. He holds a Bachelor’s degree in Sociology and a Master’s degree in Peace, Conflict and Strategic Studies. Suleiman is the Chief Executive Officer of Bold Age Consult and Executive Director/co-founder of STRADA Development Initiative, where development research, Strategy development, cross-border cooperation, and programme innovation are central to the organisation’s mission. He is a Chartered Project Manager, certified Business Development Service Provider, researcher, accredited Management Trainer, and an Associate Member of the Global Institute of Project Management. Suleiman was selected as part of the first Africa-wide cohort of the AI Policy and Governance Fellowship, joining participants from twenty-two African countries to advance knowledge on artificial intelligence governance, digital policy, and emerging technology regulation. A prolific analyst and strategic thinker, Suleiman’s work is driven by a mission to leverage emerging technologies to address complex socio-economic challenges, particularly in risk mitigation and systemic resilience. His policy work considers the relationship between technological adoption and Nigeria’s long-term developmental hopes, institutional realities, and national security interests. Through his research, consultancy and development initiatives, he advocates practical approaches to modernizing regulation, inclusive digital transformation and innovation in the public sector that is accountable. He provides advice on policy issues concerning artificial intelligence, economic governance, financial-sector resilience and development strategy, with a particular focus on the needs of emerging economies. His professional interests also include the relationship between security, institutional performance, and sustainable development.
Publication Title
Bullion
Issue
3
Volume
50
First Page
22
Last Page
35
Recommended Citation
Yusuf, Suleiman Usman
(2026)
"Artificial Intelligence, Economic Governance and Financial Stability in Nigeria: Emerging Risks and Policy Opportunities,"
Bullion: Vol. 50:
No.
3, Article 2.
DOI: https://doi.org/10.33429/0331-7919.1646
Available at:
https://dc.cbn.gov.ng/bullion/vol50/iss3/2
