Welcome to this week’s 234Digest: Thursday Edition—a roundup of essential updates on Nigeria’s economy, business environment, and cultural milestones. Published twice weekly on Wednesdays (with a slight delay this week) and Sundays, I aim to bring you the stories shaping Nigeria.

In today’s edition, we delve into the implications of the sharp decline in Nigeria's foreign reserves, explore the services sector-driven economic growth, and examine the upcoming launch of Nigeria’s electronic visa system. We also highlight Credicorp's progress in boosting consumer credit access, a London court ruling that will see Nigeria LNG pay $380 million in compensation, and Nigeria’s ongoing efforts to reclaim its looted Benin Bronzes.

In our Catch Up segment, we dive deeper into the collapse of Edukoya, one of Africa’s most promising edtech startups. Finally, our Photo of the Day captures vibrant nightlife on Abuja’s outskirts as development expands beyond the city center.

It’s 3:34 pm as I hit send on this newsletter. Let’s dive in.

Quote of the day

Today’s briefs

Foreign reserves decline sparks concerns for naira stability

Nigeria's foreign reserves have fallen for 33 consecutive days, dropping by $2.2 billion since hitting $40.92 billion on January 6. Reserves now stand at their lowest level since October 2024, raising concerns about the naira's stability.

The Central Bank of Nigeria (CBN) has supported the naira by clearing a backlog of foreign currency orders and boosting dollar supply to bureaux de change. This intervention has kept the naira trading within a narrow range of ₦1,470 to ₦1,550 per dollar since December. However, these efforts have come at the cost of depleting reserves.

Analysts warn that if reserve depletion accelerates and monetary easing begins—following last week’s pause in interest rate hikes—foreign investors could lose confidence. The CBN has raised its benchmark interest rate to 27.5% to curb inflation but may face pressure to lower rates as inflation cools under new metrics.

Nigeria records fastest economic growth in three years

Nigeria's economy grew at its fastest pace in three years, expanding 3.8% in the fourth quarter of 2024, driven by a robust services sector. 

The services sector, which accounts for more than half of the country's GDP, contributed 57% to output and boosted non-oil sector growth to 3.96%, according to data from the National Bureau of Statistics. 

In contrast, oil-sector growth slowed to 1.48% from 5.17% in the third quarter, as daily crude production dipped to 1.54 million barrels. 

The statistics office is also revising its GDP calculation methodology to include emerging sectors such as digital services and creative industries, which have become increasingly important to Nigeria's economy.

Nigeria launches e-Visa system for travelers

Nigeria is introducing an electronic visa (e-Visa system on March 1, aiming to streamline entry processes and boost tourism and investment.

The online platform will allow tourists and business travelers to apply for visas, reducing the need for embassy or consulate visits. Interior Minister Olubunmi Tunji-Ojo said the e-Visa reflects Nigeria's efforts to modernize its immigration system and foster economic growth.

Credicorp expands consumer credit access

Nigeria's Consumer Credit Corporation, Credicorp, has made significant steps in expanding access to consumer loans. Launched by President Bola Tinubu last year, the agency has doubled the percentage of the working population with access to credit, from 2% to 4%. 

Credicorp has disbursed ₦13 billion ($9 million) in loans, boasting a remarkable 100% repayment rate. The loans have been utilized for various purposes, including home improvements such as solar panel installations and motorcycle purchases, despite rising fuel costs.

The agency's ambitious goal is to increase credit access to 50% of working Nigerians by 2030, aiming to remove structural and market barriers while catalyzing the industry with capital guarantees and policy support

Nigeria steps up efforts to reclaim Benin Bronzes

Nigeria’s National Commission for Museums and Monuments (NCMM) is leading efforts to retrieve thousands of Benin Bronzes looted during Britain’s punitive expedition against the Kingdom of Benin in 1897. Recent successes include agreements with Germany (2022) and the Netherlands (2025), with the latter returning 119 artifacts—the largest single repatriation directly linked to the raid.

The NCMM has also reached an agreement with Oba Ewuare II, ruler of Benin Kingdom, granting it responsibility for exhibiting and preserving returned artifacts while ensuring reparations are sought where necessary. Director-General Olugbile Holloway emphasized that this effort goes beyond museum exhibitions: “It is fundamentally about restoring dignity and rectifying historical injustices.”

London court orders NLNG to pay $380 million in compensation

A London court has ruled that Nigeria LNG (NLNG) must pay $380 million in compensation to commodities traders Vitol and Glencore after failing to deliver contracted gas cargoes between 2020 and 2021. The ruling highlights challenges facing NLNG as it navigates supply chain disruptions while maintaining its position as a key global LNG supplier.

Quote of the day: “Believe you can and you’re halfway there.”—Theodore Rossevelt

Photo of the day

And that’s a wrap. Until Sunday when the next dispatch arrives, have great week as we keep tabs on Nigeria’s evolving story.