Nigeria is standing at the crossroads of opportunities and challenges. Recent economic reforms have begun to restore investor confidence, but global headwinds, like falling oil prices and rising trade tensions, are testing its resilience.

Our coverage this week explores how Nigeria is navigating these complexities, from its debut at the BRICS summit to bold moves in finance, energy, and infrastructure. Meanwhile, cultural and sporting triumphs remind us of the nation’s enduring spirit.

This edition offers a curated mix of fresh developments and essential stories as we catchup on stories for this slightly delayed, but updated round up. Our weekly round up continues every Sunday. Along with mid week features (once a week).

For today’s round up, let's dive in.

Samuel Okocha, Editor, 234Digest here.

Quote of the day

“Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.”

— President Bola Tinubu, speaking at the 17th BRICS Summit in Brazil, July 6, 2025

Today’s briefs

Nigeria’s economy: reforms boost investor confidence but oil price slump widens budget gap

The International Monetary Fund (IMF) has praised Nigeria’s bold economic reforms, including the removal of fuel subsidies, improved foreign exchange market operations, and tighter monetary policy.

These measures have strengthened macroeconomic stability, helped Nigeria re-enter the Eurobond market, and attracted renewed foreign portfolio inflows. Growth accelerated to 3.4% in 2024 and is projected to hold steady this year, supported by increased oil production and the Dangote refinery’s output.

However, the IMF notes the country must scale up efforts to make growth more inclusive. It cautions lower oil prices are expected to widen the budget deficit, and inflation, though easing, remains elevated at 23.7% year-on-year as of April 2025.

Nigeria debuts at BRICS Summit amid rising U.S. trade tensions

Nigeria made its first appearance as a BRICS partner country at the 17th summit in Rio de Janeiro. President Bola Tinubu called for reforms in global governance and finance, emphasizing Africa’s need for inclusion and fairer systems.

The summit took place under the shadows of U.S. President Donald Trump’s announcement of a 30% tariff on South African imports starting August 1, part of broader threats targeting BRICS-aligned nations. Nigeria now faces the challenge of balancing BRICS cooperation benefits with potential U.S. trade frictions.

Guaranty Trust Holding Company raises $105m ahead of London Stock Exchange listing

Nigeria’s largest lender by market value exceeded its $100 million target in its first international share sale, as part of its strategic recapitalization drive.

The $105 million raised will help meet the Central Bank of Nigeria’s recapitalization rule requiring banks with international licenses to hold at least 500 billion naira ($327 million) in equity by March 2026. The upcoming London listing, a first for a Nigerian bank, aims to attract global investors and ease future fundraising.

Renewable energy poised for rapid growth in Nigeria

Solar PV will drive the expansion of clean energy in Nigeria, as Africa’s most populous country seeks to increase renewable electricity generation to 23% by 2025 and 36% by 2030, according to recent analysis from Global Data Energy.

The Renewable Energy Master Plan targets 2GW of small hydropower, 500MW solar PV, 400MW biomass, and 40MW wind by 2025. Meanwhile, Solar PV, driven by pay-as-you-go financing and government electrification programmes, stands out amid ongoing fuel supply challenges for thermal plants.

Enugu Air takes flight, aiming to make Enugu a regional aviation hub

On July 7, Enugu State launched its own airline, Enugu Air, as the south eastern state seeks to transform into a major aviation and transport hub.

The airline begins operations with a fleet of three Embraer jets (E170 and E190 series), chosen for their efficiency and regional suitability. Initial routes will form a “golden triangle” connecting Enugu, Abuja, and Lagos, before expanding to Port Harcourt, Owerri, Benin, Kano, and other strategic Nigerian cities.

Governor Peter Mbah outlined ambitious plans for the airline’s second phase, aiming to extend flights beyond Nigeria to Africa and global business centres including China, Europe, the UK, and the US. The launch ceremony at Akanu Ibiam International Airport, attended by Aviation Minister Festus Keyamo, coincided with Enugu’s role as host of this year’s National Festival of Arts and Culture (NAFEST) in November, underscoring the state’s growing cultural and economic prominence.

Enugu Air’s debut signals a bold step in decentralising Nigeria’s aviation sector and elevating Enugu’s profile nationally and internationally.

Nigeria’s Super Falcons open WAFCON with a commanding win

Nigeria’s women’s football team began their campaign with a 3-0 victory over Tunisia in Morocco, powered by goals from Asisat Oshoala, Rinsola Babajide, and Chinwendu Ihezuo.

The win places Nigeria atop Group B and sets a confident tone for the tournament.

In brief

• Owolabi Salis, Nigeria’s first citizen astronaut, describes his spaceflight as transcendent.

• Felix Ojo lE, of Nigerian descent, signs one of the largest guaranteed college football deals in U.S. history with Texas Tech University, which he’s set to join on $5.1 million contract.

• Legendary Nigerian goalkeeper Peter Rufai passes away aged 61, remembered for his leadership during Nigeria’s golden football era.

Words of wisdom: "Progress is impossible without change, and those who cannot change their minds cannot change anything." — George Bernard Shaw

Photo of the day

And that’s a wrap.  A huge thanks for reading, as we keep tabs on Nigeria’s evolving story. Keep an eye for the next dispatch—a deep dive into a major news topic— arriving this week. Enjoy the rest of the week ahead.

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