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Critical updates on Nigeria's economy

Exploring energy solutions, oil sector dynamics, and trade relationships shaping our nation.

Author

Samuel Okocha
October 22, 2024

Welcome to today's edition of 234Digest. I'm Samuel Okocha, your curator and editor, bringing you critical updates on Nigeria's economy and business landscape as the sun sets across our vibrant nation. Today's digest highlights the complex interplay of energy solutions, oil sector dynamics, and trade relationships shaping Africa's most populous country. Let’s dive in.

Today’s briefs

A consortium backed by the Rockefeller Foundation and the Bezos Earth Fund is piloting solar mini-grids in Nigeria, offering a potential solution to the country's chronic power shortages. The Global Energy Alliance for People and Planet has already built one interconnected mini-grid, with two more under construction and funding secured for a fourth. The initiative aims to supplement Nigeria's unreliable national grid, which recently suffered three collapses in a single week.

Meanwhile, Nigeria's oil sector is undergoing significant changes. The government has approved ExxonMobil's $1.28bn sale of its onshore assets to Seplat Energy, a deal that had been in limbo for over two years. However, Shell's proposed $1.3bn sale of its onshore oil production unit to a local consortium was rejected by regulators, citing concerns about the buyer's capacity to operate the assets.

In trade news, the U.S.-Nigeria relationship has reached $10bn annually, split evenly between imports and exports. However, U.S. Consul-General Will Stevens noted that $3.8bn of Nigeria's exports under the African Growth and Opportunity Act (AGOA) are oil-related, emphasizing the need for diversification.

Quote of the Day: "Opportunities are like sunrises. If you wait too long, you miss them." - William Arthur Ward

Photo of the day

As night falls on the outskirts of Nigeria's capital, a bustling hangout spot comes alive under the glow of the moon. This open-air venue teems with residents of Abuja and its environs, serving as a testament to the enduring spirit of the city's social and economic life. This vibrant scene reminds us that the business of leisure and social connection remains resilient, even beyond the city center. Photographer: Samuel Okocha/234Digest

And that’s a wrap for today’s 234Digest. Wishing you a wonderful week ahead! If you’re new here and find the insights and updates valuable, consider subscribing to ensure you receive every edition in your inbox. Until tomorrow!