Nigeria in focus: Economic growth, leadership milestones and emerging challenges

Welcome to this special edition of 234Digest, kicking off the news week with a bang! I’m Samuel Okocha, your guide to the latest developments in Nigeria’s business and economy,

Despite being a day behind schedule, I'm pumped to maintain the momentum and bring you the latest updates from Africa’s most populous country. As the sole compiler, I have sought to distill the essence of the country's most pressing issues: the catastrophic floods engulfing the nation, the indomitable entrepreneurial spirit, and the economic indicators that will shape the country's future. As I gear up to increase the frequency to daily updates - starting with thrice a week - this edition sets the tone for a deeper dive into Nigeria's complexities.

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Top stories

• FLOODS ravaged Nigeria last week, killing nearly 200 people and displacing over 200,000 across 28 states. The disaster threatens food supplies, particularly in the country's north.

• Nigeria's economy grew by 3.19% year-on-year in the second quarter, up from 2.98% in the first. Higher oil production offset the naira's devaluation, though challenges persist.

• Citibank Nigeria appointed Nneka Enwereji as CEO, making her the second woman to lead the bank's operations in the country. She succeeds Ireti Samuel-Ogbu, who became the first female chief in 2020.

• Nigeria's Securities and Exchange Commission granted approvals to several crypto operators, signalling a shift towards digital currency acceptance. This follows December's lifting of the ban on official crypto transactions.

• The Nigerian government signed an agreement with Boeing to assist Nigerian airlines in leasing new aircraft and obtaining technical support, amid push for a sustainable civil aviation ecosystem in Nigeria.

• Nigeria and Niger signed a security cooperation agreement, aiming to strengthen regional stability despite tensions following Niger's recent coup.

• Nigeria’s Economic and Financial Crimes Commission is collaborating with global law enforcement to combat internet scams, following Meta's removal of over 63,000 fake Nigerian accounts.

• Nigeria ranked among the top 20 countries for American green card recipients in 2022, with 12,385 Nigerians gaining permanent residency status.

Deep dive: Nigeria's Flood Crisis Threatens Regional Food Security

Nigeria's devastating floods are more than a national disaster — they're a potential trigger for a regional food crisis.

Why it matters: As Africa's largest economy and most populous nation, Nigeria's agricultural output significantly impacts food security across West Africa.

• The floods have submerged 107,000 hectares of farmland, primarily in the country's north.

• This destruction coincides with the harvest season for staple crops like rice, maize, and sorghum.

By the numbers:

• 185 lives lost

• Over 200,000 people displaced

• 28 out of 36 states affected

• $20 billion in damages and losses (estimated from 2022 floods).

The big picture: Nigeria already faces significant food security challenges, with 32 million people experiencing acute food insecurity.

• The UN's food agency reports Nigeria has the highest number of people suffering from hunger globally.

• Any disruption to Nigeria's food production could have ripple effects throughout West Africa.

Between the lines: Climate change is exacerbating the flooding, but poor infrastructure and urban planning are also major factors.

• 2022 saw the highest recorded rainfall in Nigeria in over 30 years.

• Many cities, including Lagos, have experienced rapid, unplanned urbanization without adequate drainage systems.

The economic impact: The floods could worsen Nigeria's already struggling economy.

• Increased food imports may strain Nigeria's trade balance and foreign exchange reserves.

• Destruction of infrastructure hampers economic activities and isolates rural communities.

What to watch: How Nigeria manages this crisis could set the tone for climate resilience and food security in West Africa for years to come.

• The country's ability to mitigate the impact on food security is crucial for regional stability.

• International partners' response to this crisis could shape future climate adaptation strategies in developing nations.

The bottom line: Nigeria's flood crisis underscores the urgent need for comprehensive climate adaptation strategies and improved disaster management capabilities across the region.

Quote of the day: “The greatest glory in living lies not in never falling, but in rising every time we fall.” - Nelson Mandela

Photo of the day

That's all for today's special edition of 234Digest. I hope you found insights and analysis that will help you navigate Nigeria's complex landscape. Until next time, stay informed, stay ahead.