African technology firms cut a record 2,574 jobs in the first half of 2026, a 236 percent increase year-on-year, according to the latest State of Tech in Africa report. The surge in layoffs is attributed to widespread AI adoption, which is automating roles in customer service and marketing, alongside banking consolidations and macroeconomic pressures. Nigerian financial institutions, including Unity Bank and First Bank, have streamlined workforces to meet new regulatory capital requirements and achieve operational efficiencies. While the tech sector faces structural shifts, the report notes that these cuts are being balanced by ongoing investment and a pivot toward sustainable, efficiency-led growth.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.