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Nigeria’s Economic Shifts: NNPC Overhaul, Mortgage Fund & Rising Reserves
Explore President Tinubu’s strategic reshuffle of the NNPC board, Nigeria’s ambitious $654 million mortgage fund, and the Central Bank of Nigeria’s report of a significant rise in net foreign exchange reserves.
Samuel Okocha
April 02, 2025
Welcome to this week’s 234Digest: Wednesday Edition—a concise roundup of key developments shaping Nigeria’s economy, business environment and culture. Published twice weekly on Wednesdays and Sundays, the aim is to bring you the stories driving change in Africa’s most populous nation.
In today’s edition, we explore President Tinubu’s sweeping reconstitution of the NNPC Limited board, Nigeria’s ambitious $654 million mortgage fund to address its housing deficit, and the Central Bank of Nigeria’s report of a significant rise in net foreign exchange reserves.
Additionally, our Catch Up segment we highlights and celebrates Davido’s historic Rolling Stone Africa cover feature. Finally, Our Photo of the Day captures the creative and entrepreneurial spirit of everyday Nigerians at a busy car park in Abuja.
It’s been an eventful day and the clock is fast approaching 8:30 pm as I hit send on this newsletter. Let’s dive in.
—Samuel Okocha, Curator & Editor, 234Digest
Word for word
"Ojulari's appointment and the wider changes to the NNPC board show Tinubu tapping the best of Nigeria's E&P talent to tackle challenges and improve investment appeal."
Today’s briefs
Tinubu reshuffles NNPC board in strategic overhaul
President Bola Ahmed Tinubu has reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, removing Chief Pius Akinyelure as chairman and Mallam Mele Kyari as group CEO. The new 11-member board is led by Ahmadu Musa Kida as non-executive chairman and Engineer Bashir Bayo Ojulari, a former Shell executive, as group CEO.
The appointments reflect Tinubu’s focus on operational efficiency and investor confidence. Industry veterans dominate the new board, including Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). The president tasked the board with conducting a strategic portfolio review to maximize value from NNPC-operated assets and Joint Ventures.
The reshuffle aligns with Tinubu’s broader energy reforms aimed at increasing oil production to two million barrels per day by 2027 and three million by 2030, alongside ambitious gas production targets. Analysts note that the board’s deepwater and gas expertise signals a strategic pivot toward these high-growth areas.
Nigeria launches $654 million mortgage fund to address housing deficit
Nigeria has unveiled a plan to create a ₦1 trillion ($654 million) mortgage fund aimed at addressing its housing shortfall of approximately 28 million homes. The initiative includes a 40-year loan from the World Bank at an interest rate of 1%, matched by contributions from local pension funds, banks, and insurance firms.
Finance Minister Wale Edun stated that the fund would provide "single-digit and low double-digit mortgages" to Nigerians, reducing reliance on cash-based real estate transactions that often fuel corruption. Mortgages currently account for less than 1% of Nigeria's GDP—a gap this initiative aims to bridge.
The fund is expected to stimulate a construction boom by providing developers with guaranteed off-takers while encouraging private sector participation in affordable housing projects.
CBN reports strongest net reserves in over three years
The Central Bank of Nigeria (CBN) has reported that net foreign exchange reserves rose to $23.11 billion by December 2024—the highest level in over three years—up from $3.99 billion at year-end 2023. The increase reflects strategic measures to reduce short-term liabilities like FX swaps while rebuilding confidence in Nigeria’s foreign exchange market.
This improvement has strengthened the naira, which appreciated by 0.6% against the dollar this week to trade at ₦1,530—the strongest exchange rate in nearly a month. Analysts credit these gains to improved oil production levels and diversified export inflows that have bolstered external liquidity buffers.
Catch up: Davido makes history on Rolling Stone Africa
Nigeria's Afrobeats sensation, Davido, has made history as the first male living artist to appear on the cover of Rolling Stone Africa for its March/April 2025 issue.
This honour highlights Davido's significant impact on Afrobeats and African music worldwide. With chart-toppers like "If," "Fall," and "Blow My Mind," Davido has crafted an impressive legacy that goes beyond music, thriving as a record label owner, mentor, and cultural ambassador.
The cover story in Rolling Stone Africa takes a fascinating look at Davido's incredible journey, from his debut at 19 with his hit Dami Duro to his upcoming fifth studio album, 5ive.
His accomplishments have earned him praise from big names in the industry, like Obi Asika, the Director General of Nigeria’s National Council for Arts and Culture, and D.R. Bellegarde Smeralda, the CEO of Rolling Stone Africa. They commend him for his significant contributions to Afrobeats and the spirit of panafricanism.
Since its debut, Rolling Stone Africa has highlighted a vibrant mix of talent on its covers.
The first issue in August 2024 proudly displayed the iconic Nigerian musician, Fela Kuti. Following that, the magazine featured Portuguese football star Rafael Leão in January 2025. Then, in February 2025, South Africa’s Swazi DJ and producer Uncle Waffles made history as the first female artist to appear on the cover.
Davido's feature on the cover is not just a big deal—it's a celebration of the unstoppable growth of Afrobeats and the worldwide influence of Nigerian culture. As a leading figure representing Nigerian music, culture, and fashion, Davido keeps pushing African music to new heights across the globe.
Photo of the day
Hustle at Abuja’s Car Parks: At a busy car park in Abuja, a cabinet designed for a TV stand is displayed for sale—an example of creativity within Nigeria's informal economy. Nearby, a man is sitting with a basic mobile phone to his ear, waiting and hoping to hear from potential buyers interested in his mobile phone accessories business. This scene captures the entrepreneurial spirit of everyday Nigerians as they work hard to make a living. Photo by Samuel Okocha/234Digest
Data snapshot
NNPC Reshuffle: New leadership tasked with boosting oil production to three million barrels daily by 2030.
Mortgage Fund: ₦1 trillion ($654 million) initiative aims to bridge Nigeria's 28-million-home deficit.
Net Foreign Exchange Reserves: $23 billion—the highest level since 2021.
Informal Economy Contribution: Accounts for 58% of GDP; employs millions.
Naira Strength: Appreciates by 0.6% against USD; trades at ₦1,530.
And that’s a wrap. Until Sunday when the next dispatch arrives, enjoy the rest of the week. New here? Become a subscriber and get updates on Nigeria’s evolving story delivered straight to your inbox twice a week.
Close by, a man is sitting with a simple mobile phone pressed to his ear, hoping to hear from potential buyers interested in his mobile phone accessories business.