Welcome to this week's edition of 234Digest: Tuesday Edition, where we dig into crucial updates on Nigeria's economy, business, and cultural achievements. Published twice weekly (with a slight reschedule this week), the aim is to bring you the stories that are shaping Nigeria.

In today's edition, we delve into the rapid expansion of the Buy Now Pay Later (BNPL) market and the challenges Lagos renters face with inflation-driven rent increases. We also spotlight President Tinubu's reforms in the telecom sector and celebrate Nigerian designer Tokyo James' groundbreaking 10th-anniversary show at Milan Fashion Week.

In our Catch Up segment, we explore Nigeria's collaboration with the UN to launch a $500 million renewable energy fund. Finally, our Photo of the Day captures Abuja's evening commute as the city continues to grow.

At 2:40 pm on this sunny afternoon, I'm sending out this newsletter. Let's get started.

—Samuel Okocha, Editor & Curator, 234Digest

Word for word

Today’s briefs

Nigeria and UN launch $500 million renewable energy fund

Nigeria has partnered with the United Nations’ Sustainable Energy for All (SEforALL) to establish a $500 million fund aimed at rolling out distributed renewable energy solutions like solar home systems and mini-grids. The fund will be managed by Africa50, an infrastructure investor established by the African Development Bank (AfDB), and will also involve investments from Nigerian pension funds.

The initiative is part of the broader Mission 300 program led by the World Bank and AfDB to provide electricity to 300 million Africans by 2030. The fund will focus on providing local developers with accessible financing in local currency to drive renewable energy adoption in underserved areas.

Nigeria’s BNPL market poised for $1.62 billion growth by 2025

Nigeria's Buy Now Pay Later (BNPL) market is poised for major growth, with transactions expected to increase by 13.8% annually to reach $1.62 billion in 2025, according to a recent report by Research and Markets. The sector has experienced a remarkable surge over the past three years, driven by rapid expansion of e-commerce and financial inclusion initiatives.

BNPL services are expanding beyond online retail into sectors like transportation and utilities, reshaping how Nigerians manage credit. Strategic partnerships between fintech firms and retailers are driving adoption, with projections indicating the market will reach $2.61 billion by 2030.

Lagos renters struggle amid inflation-driven hikes

Lagos, Nigeria’s commercial capital, is grappling with a housing affordability crisis as landlords pass on rising costs to tenants, worsening the city’s socioeconomic pressures. Government-led reforms, including naira floating and fuel subsidy removal, have fueled inflation, pushing rents higher across both upscale island neighbourhoods and more affordable mainland areas.

With Lagos adding an estimated 3,000 people per day to its population of over 20 million, housing demand continues to outstrip supply. This demand-supply imbalance has forced many families to seek accommodation farther from the city centre, disrupting children’s education and adding hours to already grueling commutes.

President Tinubu pledges telecom sector reforms

President Bola Tinubu has unveiled plans to overhaul Nigeria’s telecom regulatory framework, aligning with global best practices while prioritizing infrastructure protection. Speaking during a meeting with Airtel executives, Tinubu emphasized his administration's pro-business stance and commitment to fostering growth in the telecom sector.

The reforms aim to encourage investment through tax incentives while ensuring critical infrastructure like fiber optic cables is protected under new laws enforced by the Office of the National Security Adviser (NSA).

Tokyo James makes history at Milan Fashion Week with Lagos live-stream

Nigerian designer Tokyo James marked his 10th year in fashion with an Autumn/Winter 2025 collection at Milan Fashion Week—but with a twist. In a bold departure from tradition, James live-streamed his runway show from Lagos’ Victoria Island directly to Milan. This marks his fifth consecutive year at Milan Fashion Week but his first time showcasing from Lagos.

The collection, titled Midnight, reflects James’ signature blend of sharp tailoring and dramatic flair while celebrating his Lagos roots. “Milan is hard,” James said in an interview ahead of the show. “It’s a place you go when you are huge as a brand... For us, it was time to return home.” The move highlights Lagos’ growing influence as a fashion capital while challenging traditional notions of where luxury fashion can thrive.

Photo of the day

That's a wrap for now. I'll be back with the next update on Sunday. Have a fantastic week as we continue to follow Nigeria's unfolding story.