In this episode of 234Digest Audio Briefs, host Samuel Okocha delivers the latest insights on Nigeria’s energy sector, corporate developments, and sports achievements as of August 5, 2025.

Highlights include data and analysis from GlobalData Energy projecting Nigeria’s dominance in Africa’s refinery capacity growth, with 39 new refineries expected by 2030 propelling Nigeria to lead the continent’s energy transition.

The episode also covers:

• UAC Nigeria’s acquisition of Coca-Cola’s CHI Limited
• Leadership updates at Dangote Group’s refining and cement businesses,
• And the University of Lagos digital skills academy in partnership with Professors Without Borders (PROWIBO).
• Sports fans will appreciate coverage of Nigeria’s women’s basketball team clinching their fifth consecutive Women’s AfroBasket title, along with the Super Falcons’ historic 10th Women’s Africa Cup of Nations (WAFCON) victory.

Subscribe to 234Digest Audio Briefs for clear and factual updates on Nigeria’s evolving economy, business environment, and cultural milestones.

Links & Resources:

• Read the newsletter edition version of this podcast on 234Digest here
• Subscribe to 234Digest newsletter
• Read about Samuel Okocha's article in University World News on the University of Lagos digital skills training with PROWIBO partnership, highlighting efforts to boost AI and innovation skills.
• Send news tips, feedbacks and inquiries on partnerships, or business storytelling collaborations here

Nigeria’s gross domestic product is now estimated to be roughly 30% larger than previously reported after the National Bureau of Statistics updated its base year from 2010 to 2019.

Nigeria’s GDP at current prices rose to ₦372.8 trillion ($243 billion) in 2024 from ₦314 trillion in 2023.

The revision incorporates previously undercounted sectors including real estate and telecommunications, with real estate surpassing oil and gas as a top contributor.

Real GDP grew 3.13 percent year on year in the first quarter of 2025, led by the services sector, while agriculture showed minimal growth. The revised data offers a clearer picture of Nigeria’s economic structure and size, with implications for policy and investment.

This episode covers key fiscal reforms, including a proposed corporate tax cut from 30 to 25 percent, pending relevant approval, and tariff rationalization efforts.

It also highlights President Tinubu’s approval of a South-East regional investment fund with an initial ₦150 billion ($98 million) in capital, aimed at unlocking private capital to drive development in Nigeria’s southeast region, and a $264 million urban renewal project in Abia State focusing on infrastructure and job creation.

On inflation, headline rates eased to 22.22 percent in June as the Central Bank of Nigeria maintained its benchmark interest rate at 27.5 percent for the third consecutive meeting in 2025. The bank cited progress on disinflation but noted global risks including US trade tariffs.

Subscribe to 234Digest Audio Briefs for concise, thoughtfully researched updates on Nigeria’s economy and policy environment, and culture.

Links & Resources:

• Read the newsletter edition version of this podcast on 234Digest here
• Subscribe to 234Digest newsletter
• Send news tips, feedbacks and inquiries on partnerships, or business storytelling collaborations here

In this edition of 234Digest Audio Brief, we reflect on a pivotal moment for Nigeria as the nation mourns former President Muhammadu Buhari and embraces a path toward economic renewal.

Our host, Samuel Okocha, guides listeners through Nigeria’s latest political and business developments, including an ambitious industry transformation plan unveiled by NNPC CEO Bayo Ojulari at the recent OPEC seminar in Vienna.

The episode also covers Aliko Dangote’s bid for a new deep seaport to ease export bottlenecks, a $747 million loan financing a major coastal highway project, and ongoing counterterrorism efforts targeting Boko Haram financing.

Listeners will hear about Nigeria’s diplomatic decisions amid U.S. requests to accept deportees, as well as emerging innovation in fintech sectors, including new crypto payment solutions.

Key Highlights:

• The passing of former President Muhammadu Buhari and national mourning
• NNPC’s strategic reforms and export ambitions
• Infrastructure projects shaping Nigeria’s economic landscape
• Security updates on Boko Haram financing convictions
• Nigeria’s diplomatic stance on deportees

Links & Resources:

• Read the newsletter version of this podcast on 234Digest here
• Subscribe to 234Digest newsletter
• Send news tips, feedbacks and inquiries on partnerships, or business storytelling collaborations here