As September begins, Nigeria’s economic diplomacy is gaining new ground—from West Africa to Latin America.

Last week, President Bola Tinubu’s official visit to Brazil marked a major milestone in south-south cooperation. A $1.1 billion Green Imperative Partnership promises to mechanize agriculture at scale, create thousands of jobs, and deepen bilateral trade. Petrobras is also expected to re-enter Nigeria’s energy sector, signaling renewed investor confidence.

Meanwhile, Colombia’s Vice President Francia Márquez is in Abuja, advancing strategic ties across energy, agriculture, and artificial intelligence, reflecting a growing appetite for collaboration beyond traditional corridors.

Back home, Nigeria has imposed a six-month ban on shea butter exports to boost domestic value addition, especially in a supply chain powered by women. NNPC reports near-total elimination of pipeline theft, and Dangote Group has signed a $2.5 billion fertilizer deal in Ethiopia. Pension reform and private credit deployment are also gaining traction. Meanwhile, our photo of the day takes us to Lagos with a striking image that shows everyday hustle in motion.

It’s a new week on the back of bold moves, quiet wins, and long-term bets. As always, thanks for reading as we chronicle Nigeria’s evolving economic story together. Let’s dive in

Samuel Okocha, Editor, 234Digest here.

Quote of the day

"The ban will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil, and other derivatives. This is not an anti-trade policy but a pro-value addition policy designed to secure raw materials for our processing factories and boost income and jobs for rural workers."

— Kashim Shettima, Nigeria’s Vice President

Today’s briefs

Nigeria bans shea butter exports to boost domestic value addition

Nigeria is looking to attract investment and unlock job opportunities after it enacted a six-month moratorium on shea butter exports.

Despite producing nearly 40% of the global supply, the country only accounts for 1% of the market share of $6.5 billion, according to the Vice President Kashim Shettima. The crop, when processed, produces shea butter, which is a key ingredient in the manufacture of cosmetic products like lotion, shampoos and moisturizers.

Authorities are betting on the ban to generate $300 million in the short term and position the country to capture a significant share of the market, projected to reach $9 billion in 2030.

President Bola Tinubu emphasized the measure’s intent to “secure supply for local processors, create jobs, and protect a value chain where 95% of pickers are women.” Vice President Agriculture Abubakar Shettima described the policy as “a pro-value addition policy” designed to transform Nigeria from a raw shea nut exporter into a global supplier of refined shea butter and derivatives.

The ban follows similar moves by neighbouring West African countries and has caused a 33% fall in shea nut prices, reflecting market adjustment to the new approach aimed at boosting rural incomes and industrial growth.

Nigeria-Brazil partnership deepens with historic state visit and renewed economic ties

Nigeria and Brazil are set to unlock $3.5 billion in trade by 2030, after President Bola Tinubu’s official visit to Brazil last week opened a new chapter in bilateral relations.

The visit, his third in less than a year after visiting Rio de Janeiro earlier for the G20 and BRICS Summits, yielded significant deals, including a $1.1 billion partnership to mechanize Nigerian agriculture with 10,000 tractors and 50,00 pieces of farm equipment, projected to create 100,000 direct jobs and and millions indirectly.

Tinubu also welcome plans for the return of Brazilian energy giant after a five-year haitus, a move expected to boost Nigeria’s oil and gas sector.

The visit resulted in the signing of five Memoranda of Understanding spanning agriculture, energy, technology, aviation, and finance cooperation. The renewed partnership between the two countries builds on deep cultural and historical ties, with both countries, leveraging south-south cooperation for mutual prosperity.

Colombian Vice President Francia Márquez begins official visit to Nigeria

Colombia’s Vice President Francia Márquez arrived in Abuja at the weekend for a three-day visit focused on strengthening bilateral relations in governance, trade, agriculture, energy, education, and security.

The trip is expected to yield agreements to boost women’s empowerment, technology, and cultural exchange, signaling Nigeria’s growing role in south-south collaboration.

NNPC reports near-elimination of pipeline theft as oil output climbs

Nigeria’s state oil company, NNPC Limited, announced that concerted efforts by defence and intelligence agencies have effectively ended pipeline theft, a scourge that once caused massive revenue loss.

CEO Bayo Ojulari revealed that pipeline and terminal receipts now approach 100%, a significant recovery from as little as 30% three years ago. The crackdown disrupted international criminal networks in the Niger Delta.

Nigeria’s oil output is projected to exceed 2.5 million barrels per day next year, the highest since 2005, signaling renewed investor confidence.

Savannah Energy advances critical gas drilling project at Uquo Field

Savannah Energy, the Africa-focused independent energy company with operations in Nigeria, Niger, Chand and Cameroon, signeg a turnkey drilling contract for two wells at Nigeria’s Uquo Field, with operations slated to begin January 2026.

The project targets first gas delivery by the end of Q1 2026, expecting up to 80 million standard cubic feet per day to support Nigeria’s industrial growth. Exploration at Uquo South aims to unlock additional significant gas resources, underscoring sector confidence.

Dangote Group inks $2.5 billion deal for Ethiopia fertilizer plant

Dangote Group and Ethiopian Investment Holdings signed a $2.5 billion agreement to build a fertilizer complex with an annual capacity of 3 million tons.

The project aims to reduce Ethiopia’s fertilizer import dependence, boost local agriculture, and position the country as a regional fertilizer hub—aligned with Prime Minister Abiy Ahmed’s development vision.

Nigeria seeks to raise pension fund allocations to infrastructure, private equity

Nigeria’s National Pension Commission is reviewing proposals to raise the 5% cap on pension fund investments in infrastructure and private equity.

The anticipated regulatory revision aims to boost returns and channel capital into critical development projects.

Words of wisdom: "The highest reward for a person’s toil is not what they get for it, but what they become by it."—John Ruskin

Photo of the day

And that’s a wrap for today’s brief. Thanks for reading. Expect the next dispatch on the next Monday. If you’re new here, and want weekly updates (including monthly deep dives) on Nigeria’s economy, business and culture, subscribe to get them straight to your inbox.