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Nigeria’s economic and cultural shifts: Tax reforms, inflation eases, and new literary voices
Explore Nigeria’s new tax reforms, easing inflation, Dangote Refinery’s ramp-up, Meridianbet’s entry into the betting market, and the evolving landscape of Nigerian literature.
Samuel Okocha
March 18, 2025
Welcome to this week’s 234Digest: Tuesday Edition—a roundup of essential updates on Nigeria’s economy, business environment and culture. Published twice weekly on Wednesdays and Sundays (with a slight delay in schedule this week), the aim is to bring you stories shaping Nigeria.
In today’s edition, we’re covering Nigeria’s inflation rate easing for the second consecutive month, the passing of tax reforms aimed at boosting revenue base, and Dangote Refinery ramping up operations with global crude deliveries. We’re also looking at Meridianbet’s entry into Nigeria’s booming betting market and the transformative role of agri-tech innovations in Plateau State.
In our Catch Up segment, we reflect on a literary evening with Toni Kan, while our Photo of the Day captures the entrepreneurial spirit of a young man selling phone accessories at a commercial motor park in Abuja.
The clock has just ticked past 10 am as I hit send on this newsletter. Let’s dive in.
—Samuel Okocha, Curator & Editor, 234Digest
Word for word
“They’re not trying to write like Chimamanda or anyone else—they’re writing like themselves.”
Today’s briefs
Inflation eases for second month amid optimism for stability
Nigeria’s headline inflation rate eased to 22.18% in February, down from 24.8% recorded in January, according to the National Bureau of Statistics (NBS). Food inflation also slowed significantly to 23.51% compared to 26.1% a month earlier.
The decline offers hope that inflationary pressures have peaked as government policies aimed at stabilizing the economy begin to take effect.
Tax reform bills passed with key amendments
Nigeria’s lower house of parliament approved four tax reform bills proposed by President Bola Tinubu. The reforms aim to overhaul Nigeria’s tax system to improve revenue collection and reduce reliance on borrowing. Key amendments include:
Retaining VAT at 7.5%, rejecting a gradual increase to 15% by 2030.
Introducing income tax exemptions for workers earning less than ₦800,000 annually.
Reducing corporate income tax rates from 30% to 27.5% in 2025 and 25% by 2026.
The reforms also exempt small businesses with annual turnovers below ₦50 million from income tax and provide VAT relief for essential goods like food, healthcare, and education. While some measures were watered down, the bills represent progress in addressing Nigeria’s low tax-to-GDP ratio of 10.8%, one of the lowest globally. The upper house is expected to begin deliberation on the bills this week.
Dangote Refinery ramps up with global crude deliveries
The Dangote Refinery has increased its processing rates this month as it continues ramping up operations. The facility has received over three million barrels of American crude since March began and additional shipments from Angola and Algeria, Bloomberg news reported. Analysts estimate that crude runs averaged 380,000 barrels per day (bpd) in January and February but have risen to 450,000 bpd in recent weeks.
While not yet at full capacity (650,000 bpd), the refinery is reshaping West Africa's import-export dynamics by reducing regional dependence on imported fuels.
Meridianbet expands into Nigeria’s booming betting market
Meridianbet, a cutting-edge sports betting operator with a presence in 18 countries across Europe, Africa, and Latin America, has officially launched operations in Nigeria after securing regulatory approval from the Lagos State Lotteries and Gaming Authority. The company aims to tap into Nigeria’s $2 billion betting market, leveraging its AI-powered betting solutions and localized expertise.
Nigeria is one of Africa’s fastest-growing gaming markets, with over 60 million active bettors contributing to annual revenues projected to reach $4.7 billion by 2030.
Agri-tech innovations transform farming in Plateau State
Farmers in Plateau State are betting on agri-tech solutions to combat climate change challenges and boost productivity. Start-ups like Green Eden use sensors and data analytics to optimize greenhouse conditions, increasing yields by up to 20% for crops like tomatoes and cucumbers. Similarly, poultry farmers are adopting monitoring systems that track temperature and water quality, reducing mortality rates among chickens.
These innovations highlight a growing trend of bridging Nigeria's tech ecosystem with its agricultural sector to address food security challenges amidst erratic weather patterns.
Catch up: Toni Kan on Lagos, literature and the legacy of Chimamanda Adichie
Last Saturday in Abuja, Toni Kan treated an eager audience to a reading from his upcoming novel, The Devil Got Up to Drink Water. The room was filled with attentive guests, all soaking in the vibrant atmosphere of an evening celebrating the art of Nigerian storytelling, as the moderator, Richard Alli, skillfully guided the event. Photo by Samuel Okocha/234Digest
Chimamanda Ngozi Adichie’s legacy looms large over Nigerian literature. At a literary event in Abuja, Toni Kan, an acclaimed author, credited her Farafina Creative Writing Workshop with nurturing a generation of Nigerian writers who have achieved global recognition.
“She didn’t just teach craft; she gave them confidence,” he said. Writers like Ayobami Adebayo (Stay With Me), Chigozie Obioma (The Fishermen), and Sefi Atta (Everything Good Will Come) emerged from this ecosystem, carrying forward Adichie’s emphasis on authenticity and storytelling rooted in personal experience.
However, Kan noted that this era of direct mentorship has waned as Adichie has stepped back from hosting workshops. Yet he sees this as an opportunity for innovation.
“This new generation is doing something refreshing,” he said.“ They’re not trying to write like Chimamanda or anyone else—they’re writing like themselves.” Kan highlighted the emergence of a bold new wave of writers who are breaking away from traditional forms and experimenting with unconventional narratives.
He pointed to Oyinkan Braithwaite (My Sister, the Serial Killer), as an example of this trend, blending dark humor with sharp social commentary. Other emerging voices include Eloghosa Osunde (Vagabonds!) and Akwaeke Emezi (Freshwater), whose works challenge boundaries while gaining international acclaim.
Kan also discussed Lagos’ role in his work. Known for novels such as The Carnivorous City, he described the city as “a beast with bared fangs,” whose chaos fuels his narratives. His forthcoming book, The Devil Got Up to Drink Water, spans Lagos, Libya, and London, exploring themes of survival and ambition. Kan likened it to Oliver Twist meeting The Count of Monte Cristo. An excerpt left attendees enthralled.
Despite optimism about Nigerian storytelling’s evolution, Kan highlighted challenges such as limited publishing infrastructure and economic pressures. He emphasized the importance of literary festivals like Ake Arts & Book Festival in connecting African authors with global audiences. “Every generation brings something new to the table,” Kan said, underscoring the dynamism of Nigerian literature.
Photo of the day
Entrepreneurial Spirit in Abuja: In the lively atmosphere of a motor park in Nigeria’s capital, a young man proudly displays his collection of phone accessories—both wired and wireless earphones, USB cords, and chargers—neatly arranged on a wooden board. With a relaxed arm resting on his display and a candid glance at the camera, he captures the entrepreneurial spirit that is so characteristic of everyday Nigerians. Photo by Samuel Okocha/234Digest
Data Snapshot
Tax-to-GDP Ratio: 10.8%; among the lowest globally.
Dangote Refinery Crude Runs: Averaging 450,000 bpd; capacity: 650,000 bpd.
Betting Market Revenue: $2 billion (2020); projected $4.7 billion by 2030.
Inflation Rate: Eased to 23.18% in February; food inflation at 23.51%.
Agri-Tech Impact: +20% crop yields; reduced poultry mortality rates.
And that’s a wrap. Until Sunday when the next dispatch arrives, have a fruitful week as week keep tabs on Nigeria’s evolving story.