A new investment company for the South-East, a major urban renewal project, and shifts in inflation and oil production topped headlines the a new week began in Nigeria. Aviation took a leap with Air Peace’s announcement of new direct flights to London, while everyday life in Port Harcourt reminds us, again, of the resilience that underpins Nigeria’s cities.

Let’s dive in.

Samuel Okocha, Editor, 234Digest here.

Today’s briefs

SEIC: Federal push for regional investment

President Bola Ahmed Tinubu has authorised the South-East Investment Company (SEIC), a federally backed institution with an initial ₦150 billion ($98 million) in capital, aimed at unlocking private capital to drive development in Nigeria’s southeast region.

SEIC, an investment vehicle under the South East Development Commission, is intended to advance industrial growth and private sector expansion across the region, reflecting an official commitment to regional economic development.

$264 million urban upgrade begins

A $263.8 million urban infrastructure initiative is in the works in Abia State, supported by the African Development Bank, Islamic Development Bank, and local and federal authorities.

The five-year project will repair 248km of roads, tackle erosion, and improve waste management. It is expected to create more than 3,000 construction jobs with 30% of that number earmarked for women, and provide 1,000 permanent positions when completed.

Air Peace Launches Direct Flights to London

Nigeria’s intercontinental aviation connectivity is set for a boost after Air Peace Limited, a Nigerian carrier, announced it will begin direct flights from Abuja to both London Heathrow and London Gatwick Airports starting October 26, 2025.

Fares went live Sunday, starting from ₦1 million round trip, amid the push to support business and leisure travel. The airline becomes the first Nigerian carrier to offer direct service to both of London’s major airports, allowing travellers from any of Air Peace’s domestic routes to book single-ticket connections through Abuja without multiple bookings or baggage rechecks.

Beta Glass targets export growth

Beta Glass Plc, Nigeria’s largest glass packaging manufacturer and star performer in the local stock market in 2025, is working to boost exports to earn more foreign currency.

The company’s strategy aims to strengthen its revenue streams and shore up investor confidence. It also aligns with Nigeria’s broader push to diversify its foreign exchange inflows.

Sterling Financial launches ambitious capital raise

Sterling Financial Holdings Co. has announced plans to raise $400 million in phases, using a range of financial instruments and currencies, as Nigerian banks race to meet new capital rules set to take effect next year.

The capital injection is designed to fund expansion within Nigeria’s banking sector, signalling ongoing ambition and adaptability within the financial industry despite macroeconomic headwinds.

Inflation trends emerge

Annual headline inflation eased for the third consecutive month, at 22.22% in June, down from 22.97% in May, as Nigeria weather the storm from reforms aimed at unlocking growth and investments.

Last year’s policy moves, including fuel subsidy cuts and a naira devaluation, had sent inflation to a near three-decade high. This moderation is partly attributed to January’s adjustments in statistical methodology. Food inflation ticked up to 21.97%. Monetary policy remains tight, with the central bank set to meet again soon.

Oil: Pushing for a larger share

Nigeria is seeking a 25% boost to its OPEC+ quota, aiming for a 2 million barrels per day allocation, amid efforts to build on gains from the country’s main foreign exchange earner.

NNPC CEO Bashir Ojulari cited increased oil output—now about 1.5 million bpd—and additional demand from the new 650,000 bpd Dangote Refinery in Lagos as justification for a higher cap.

Despite years of underproduction due to theft and infrastructure issues, the country’s recent gains are expected to provide a platform for negotiating new terms by 2027.

Football: Super Falcons progress

Nigeria's women’s football team stormed into the 2024 Women’s Africa Cup of Nations semi-final with a 5-0 win against Zambia in Casablanca. Unbeaten and unbreached throughout the tournament, the Super Falcons will meet South Africa or Senegal next, maintaining the country’s sporting momentum.

Words of wisdom: "May your choices reflect you hopes, not your fears."—Nelson Mandela

Photo of the day

And that’s a wrap for today. Thanks for reading. Until the next dispatch arrives on Sunday, or latest on Monday like this one, have a fantastic week ahead.