Welcome to this Sunday’s 234Digest, your concise, reader focused round-up of Nigeria’s key developments in economy, business, and culture.

This week’s edition captures the country’s shifting economic landscape, the dynamism of its tech and creative sectors, and the ongoing debates shaping its future. As always, my goal is to offer clarity, context, and a sense of momentum to the headlines shaping Africa’s most populous nation. Let’s dive in.

Samuel Okocha, Editor 234Digest, here.

Quote of the day

"When people see success they become more ambitious."

— Yoram Wijngaarde, founder of Dealroom.co, on Lagos’ tech boom

Today’s briefs

Government to sell hundreds of seized duplexes from former Central Bank Governor

The Nigerian government has announced plans to auction 753 seized duplexes and apartments on the outskirts of Abuja, marking one of the biggest disposals of recovered assets on recent history.

The properties, previously owned by former Central Bank Governor Godwin Emefiele, were handed to the Ministry of Housing by the Economic and Financial Crimes Commission (EFCC), as Emefiele continues to face trial over corruption charges. Emefiele, dismissed by President Bola Tinubu in 2023, denies allegations of fraud and corruption. 

Housing Minister Ahmed Dangiwa said the estate, with properties at various stages of completion, will be developed and made available to the public as affordable housing.

Lagos Startups attract 42% more Investment, named fastest-growing tech city

Startups in Lagos attracted $252 million in investment last year, a 42% increase from 2023, according to Netherlands based research company Dealroom.co. The city, home to over 22 million people, was named the world’s fastest-growing technology city, surpassing Bangalore. Key investor drivers include the presence of unicorns like Flutterwave and Interswitch, even as overall African startup funding declined.

Nigerian Startup Terrahaptix wins $1.2 million AI drone security contract

Terrahaptix, a Nigerian autonomous systems startup, secured a $1.2 million contract to deploy AI-powered drones and sentry towers at two hydroelectric power plants (Shiroro and Gurara).

The five-year deal with private security provider Nethawk Solutions includes a recurring six-figure annual software subscription. Terrahaptix’s AI platform Artemis OS, capable of detecting and classifying threats—including bandits, ammunition levels, and movement patterns—is now in high demand across Africa.

The company operates a 15,000-square-foot factory in Abuja and serves clients across the continent, with 75% of sales outside Nigeria..

APC endorses President Tinubu as sole presidential candidate amid reform praise

At a summit in Abuja marking the second anniversary of President Bola Tinubu’s administration, the ruling All Progressives Congress (APC) affirmed Tinubu as its sole presidential candidate.

The party praised his economic reforms, including the removal of petrol subsidies and exchange rate liberalisation, which have drawn praise from credit rating agencies, investors, and the IMF. APC National Chairman Abdullahi Ganduje reiterated support for Tinubu’s agenda, despite criticism over rising living costs and security challenges.

The opposition remains fragmented, with further defections to the APC expected.

Dangote partners with Vinmar Group to export polypropylene

Dangote Petroleum Refinery and Petrochemicals announced a partnership with Vinmar Group to export Dangote-produced polypropylene.

The $2 billion petrochemical plant in Lagos, which began production in March, has a capacity of 830,000 metric tonnes per year. Nigeria currently imports 90% of its annual polypropylene needs, but this facility aims to flip that narrative, as it pushes to meet local demand and become Africa’s largest polypropylene production site.

Nigerian film 'My Father's Shadow' competes at Cannes Film Festival

Director Akinola Davies Jr.’s film "My Father’s Shadow" is Nigeria’s first official selection at the Cannes Film Festival, competing in the Un Certain Regard category. The semi-autobiographical story, set in 1993 Lagos, explores family, masculinity, and political tension after the annulled elections. The film, starring real-life brothers Godwin and Chibuike Egbo, was acquired by streaming service Mubi.

Davido launches electric motorcycle to promote clean transport in Africa

Afrobeats star Davido is partnering with Spiro to launch a limited-edition electric motorcycle, The Davido Collectible, aiming to reduce pollution and promote clean transport in Lagos and beyond. The initiative targets millions of bike users in Nigeria’s urban centres. Davido emphasised the importance of affordable payment plans and his excitement for an upcoming African tour.

Photo of the day

And that's a wrap. A big thank you for following along as we track Nigeria's unfolding story. Stay tuned for our next update, where we'll explore a major news topic in depth—coming your way this week. Wishing you a fantastic week ahead!

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