Welcome to this edition of 234Digest, where we dig into Nigeria’s evolving economic landscape as a major frontier market. In a year marked by rising capital inflows, bold industrial expansions, and transformative corporate strategies, Nigeria is navigating a complex mix of opportunity and challenge.

In this week’s newsletter, we cover record levels of capital investments, the inauguration of Dangote’s cement plant in Côte d’Ivoire, 9mobile’s rebrand to T2, and fresh trade tensions arising from new U.S. tariffs.

We also highlight crucial currency policies and the steady improvement in oil production, as Nigeria seeks to strengthen its fiscal health and global competitiveness. And our photo of the day captures daily life on the outskirts of Nigeria’s capital.

Thank you for reading as always. This one will be tight and quick. Let’s get into it.

Samuel Okocha, Editor, 234Digest here.

Today’s briefs

Portfolio investment fuels 67% surge to $5.6 billion

Nigeria attracted $5.64 billion in foreign capital in Q1 2025, a 67% year-on-year jump, led by portfolio investments comprising over 92% of the total, according to the National Bureau of Statistics (NBS).

Despite strong inflows, foreign direct investment remained subdued at 2.2%, highlighting ongoing challenges in securing long-term funding. The Federal Capital Territory captured the largest share, highlighting its position as the foremost hub for foreign investors.

Dangote boosts regional cement production in Côte d’Ivoire

Dangote Group inaugurated its largest cement plant outside Nigeria near Abidjan, Côte d’Ivoire, with a capacity of 3 million tons annually, amid push to support West Africa’s economic diversification.

The facility is expected to create 2,000 to 3,000 new jobs and reduce reliance on imported cement.

The Dangote leadership has been expanding its footprints beyond Nigeria as part of its focus on regional self-sufficiency and Africa-led industrialization.

In February this year, he announced a $400 million investment plan to double annual output to 5 million tonnes at the Mugher cement plant in Ethiopia.

9mobile rebrands as T2, targets digital economy leadership

9mobile, Nigeria’s fourth largest telecoms provider, officially unveiled its transformation into T2, betting on a youthful, innovation-driven digital lifestyle brand focused on powering Nigeria’s digital economy.

At a Lagos event, CEO Obafemi Banigbe described the rebrand as the start of a bold new chapter prioritizing customer obsession, technology empowerment, and agility. The new identity features an orange colour scheme symbolizing resilience and ambition following challenging years.

T2 says it aims to become a platform for startups, creatives, remote workers, and Nigerians embracing digital-first lifestyles, as it looks to tap into the country’s youthful population where 70% of the population is under 30.

The company’s nationwide network sharing agreement with MTN is expected to enhance coverage, improving service quality especially in underserved regions.

U.S. imposes 15% tariff on Nigerian exports, Nigeria pursues market diversification

Last week, the U.S. introduced a 15% tariff on Nigerian imports as part of a trade policy addressing countries with trade surpluses. Nigeria’s trade surplus with the U.S. stood at $1.5 billion in 2024.

In response, Nigeria’s Trade Minister Jumoke Oduwole highlighted efforts to diversify exports through African markets under AfCFTA and emerging partnerships in Asia and Latin America.

She noted that Nigerian exports to Africa grew 24% in Q1 2025.
While crude oil and fertilizer remain key U.S. exports, the government is monitoring impacts and advancing reforms to strengthen export resilience.

The tariff poses a challenge but also bolsters Nigeria’s commitment to expanding regional and global trade links.

MTN recovers as currency stabilizes in key markets

MTN Group reported a return to profitability in H1 2025, benefiting notably from currency stabilization in Nigeria. one of MTN’s largest markets. Headline earnings per share rose to between 6.14 and 6.66 rand.

Though Nigeria’s market recovery underpinned this resurgence, challenges remain in South Africa’s prepaid segment.

Central Bank maintains high yields to support currency and capital flows

Nigeria’s Central Bank sustained high yields on short-term government papers to attract dollar inflows and shore up the naira.

This policy has successfully drawn foreign portfolio investment into Treasury bills and Open Market Operations, as authorities seek to balancing short-term capital with long-term economic objectives.

Nigerian oil Output tops 1.8 million bpd amid efforts to bolster production

Nigeria’s crude oil production exceeded 1.8 million barrels per day in July, driven by stronger security measures in the Niger Delta and infrastructure investment, amid efforts to improve macroeconomic stability.

The Nigerian Upstream Petroleum Regulatory Commission aims to increase output to 3 million bpd, as Africa’s largest oil producer works to consolidate oil revenues, which account for nearly two-thirds of government income and over 80% of foreign exchange earnings.

Words of wisdom: "Opportunities don’t happen. You create them."—Christopher Columbus

Photo of the day

And that’s it for today. Many thanks for reading. Until when the next dispatch arrives, have a fruitful week ahead.