Nigeria began the week with revised GDP data that expanded the country’s economic size by 30%. This milestone coincided with a surge in investor confidence, marked by the largest emerging markets bond rally of the year.

At the same time, innovative sectors such as craft brewing challenge established players, embodying the nation’s entrepreneurial drive toward economic diversification.

Today’s briefing, which is slightly delayed from our regular Sunday/Monday schedule, offers an incisive snapshot of these transformative forces, alongside important corporate updates and sporting achievements shaping Nigeria’s evolving story.

Our photo of the day captures daily life in front of Africa’s in Obajana, the flagship facility of Dangote Cement PLC in Obajana, symbolizing Nigeria’s industrial ambitions.

It’s approaching 7:30 pm as I hit send on this newsletter. Samuel Okocha, Editor, 234Digest here.

Quote of the day

"You have inspired millions, especially young girls who now see proof that their dreams are valid ad achievable. You have inspire me too."—President Bola Tinubu in a statement congratulating Nigeria’s Super Falcons on their historic 10th Women’s Africa Cup of Nations title win Morocco.

Today’s briefs

Nigeria’s economy 30% larger after GDP rebasing

Nigeria’s nominal GDP has been revised to $2434 billion for 2024, roughly 30% higher than previous World Bank estimates, following the National Bureau of Statistics' update of the GDP base year from 2010to 2019.

The recalculation captures previously underrepresented sectors like real estate, which now ranks third among contributors, surpassing oil and gas, and signaling important structural shifts. While headline indicators such as debt-to-GDP ratios improve on paper, economists stress the need for fiscal discipline and enhanced revenue collection.

The economy expanded 3.13% year-on-year in Q1 2025, up from 2.27% a year earlier. indicating a positive trend.

Bond rally signals growing confidence

Nigeria’s bond market has surged to the top of emerging markets this year, driven by attractive two-digit yields supported by expanding government revenue, easing inflation and a stable currency.

The yield on the 10-year government bond has dipped to around 15.95% as of late July, significantly down from over 22% in early 2025. This rally reflects increasing investor trust in President Bola Tinubu’s fiscal reforms and prudent monetary policy. The government’s recent tax revenue performance has been impressive, with Nigeria collecting more than half of its target annual revenue in the first six months of the years. Tax revenue grew 43% to 14.3 trillion naira ($9 billion) compared to the same period last year, putting it ahead of schedule to meet its full-year goal of 25.2 trillion naira.

Strong demand for Nigerian bonds, despite reduced issuance sizes, indicates cautious optimism toward the country’s fiscal outlook.

Central bank holds rates amid easing inflation

The Central Bank of Nigeria kept its benchmark interest rate steady at 27.5% for the third consecutive meeting in 2025, signaling a commitment to curbing inflationary pressures.

This decision comes as headline inflation declined slightly to 22.22% year-on-year in June from 22.97% in May, despite a marginal increase in food inflation. The bank indicated that tight monetary policy will continue until inflation risks dissipate, mindful of global uncertainties such as U.S. trade tariffs.

Meanwhile, about one-third of Nigerian banks have met new capital requirements ahead of a March 2026 deadline, strengthening financial system resilience.

RedCloud expands digital payments to ease trade

RedCloud Holdings plc has partnered with Paystack, a Stripe company, to enhance its RedPay digital payment platform in Nigeria.

The collaboration introduces direct bank transfers and OPay wallet options, aiming to reduce payment barriers that contribute to a staggering $2 trillion inventory gap in supply chains. By expanding its payment options, RedCloud is addressing a significant challenge in the fast-moving consumer goods sector , where digital payment friction hinders seamless trade.

The partnerships is timely as it complements the GENIUS Act regulating stablecoins and highlighting Nigeria’s grwoing adoption of fintech innovations to formalize commerce and improve liquidity.

Dangote Cement leadership shifts amid energy focus

Aliko Dangote has stepped down as chairman of Dangote Cement Plc, effective July 25, 2025, to focus on the group’s oil and gas ventures, notably the $20 billion Dangote Refinery and planned deep-water port.

The company appointed a former banker as chairman of the cement division, while Dangote’s daughter joined the board, blending professional governance with family legacy as the conglomerate pursues diversification.

Nigeria bids to host Formula 1 Grand Prix

Nigeria has officially submitted a bid to host a Formula 1 Grand Prix in Abuja, aiming to be the continent’s first host since South Africa in 1993.

The National Sports Commission designated Opus Racing Promotions as the official bid representative. Invitations have been extended to F1 CEO Stefano Domenicali, seven-time world champion Lewis Hamilton, and prominent circuit designer Tilke Architects to inspect venues and consult stakeholders.

The bid supports broader efforts to diversify Nigeria’s economy through international sports tourism.

Craft beer gains ground as Bature Brewery ramps up

Bature Brewery, Nigeria’s largest craft beer producer, is ramping up production and distribution to compete with global players such as AB Inbev, Guinness, and Heineken.

Established in 2017 and currently producing 22,000 litres monthly, Bature aims to scale to 100,000 litres per month, growing from 70 to 500 sales locations over the next 18 months. Known for locally inspired beers like Harmattan Haze, Lagos Lager, and award-winning Black Gold stout (made with coffee from Taraba State), Bature invests in draft dispensers and upgrades infrastructure to tackle supply challenges.

In a report on Reuters, Co-founder Kevin Conroy says getting even half a percent of Nigeria’s $7 billion beer market will be good for business.

Super Falcons clinch 10th Women’s Africa Cup of Nations

Nigeria’s Super Falcons overturned a two-goal deficit to defeat Morocco 3-2 on July 26 in Rabat, securing their 10th Women’s Africa Cup of Nations title.

The victory cements Nigeria’s status as African women’s football leaders and delivers a potent symbol of national pride amidst socio-economic change.

Words of wisdom: "The way to get started is to quit talking and begin doin."—Walt Disney

Photo of the day

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