Welcome to this Monday edition of 234Digest.

I’m pleased to keep the momentum going as we settle into our new twice-weekly rhythm. Our Sunday feature delivered a deep dive, although later than planned, giving you a closer look at a key theme shaping Nigeria’s future. Today’s edition, originally for Sunday, is our regular weekly round-up, landing now on Monday as promised. The extra time has allowed us to capture the latest news and intelligence on Nigeria’s economy, business environment, and culture, ensuring you get the most up-to-date and relevant insights.

As always, my goal is to bring you clarity and context on Nigeria’s evolving story. Today’s edition will be quick. Let’s dive in.

Samuel Okocha, Editor, 234 Digest here.

Today’s briefs

Senate passes tax reform bills to boost revenue

Nigeria’s Senate approved four major tax reform bills last week on Friday, advancing President Tinubu’s effort to overhaul the country’s tax system and improve government finances. The reforms—aimed at streamlining more than 60 separate levies and raising Nigeria’s tax-to-GDP ratio, one of the world’s lowest—are expected to increase efficiency and expand the federal revenue base. The legislation, which still requires harmonisation with the House, has faced criticism from within Tinubu’s own party, with some warning of higher burdens for ordinary Nigerians.

Nigeria repays $3.4bn IMF pandemic loan

Nigeria has fully repaid the $3.4 billion emergency loan it received from the International Monetary Fund during the Covid-19 pandemic, Finance Minister Wale Edun confirmed last week. The country now has no outstanding IMF debt, though it will continue to make annual payments of roughly $30 million in Special Drawing Rights charges. The World Bank and IMF both say Nigeria’s fiscal position is improving, but high inflation remains a challenge.

World Bank: Nigeria’s economy posts fastest growth in a decade

Nigeria’s economy grew by 4.6% year-over-year in the final quarter of 2024, its strongest performance in nearly ten years, according to a World Bank report released Monday. The Bank credits robust business indicators, reforms such as the removal of fuel subsidies, and a unified foreign exchange rate for the rebound. Government revenues rose 45% last year, narrowing the fiscal deficit, but persistent inflation—averaging above 24%—remains a key risk.

ExxonMobil to invest $1.5bn in Nigeria’s offshore oil

ExxonMobil is set to invest $1.5 billion to revive output at the Usan deepwater oilfield in Nigeria’s Niger Delta. The investment, planned for 2025–2027, is part of a broader push to help Nigeria reach its production target of 2.4 million barrels per day by 2026. The Usan field will see new capital aimed at boosting output and efficiency, as Nigeria seeks to reverse years of declining oil production.

MTN Nigeria drives group revenue growth

MTN Group reported a 19.8% rise in first-quarter service revenue, led by a 40.4% jump in Nigeria and 39.5% in Ghana. The company cited improved macroeconomic conditions and the approval of new telecom pricing in Nigeria. MTN’s fintech business separation continues, while Ghana’s removal of the e-levy tax on mobile money is expected to further boost growth.

China Exim Bank backs Lagos refinery road

Nigeria has secured $652 million in financing from China Exim Bank to build a road linking a major seaport and the Dangote petroleum refinery near Lagos to southern states. The project aims to improve logistics and support industrial growth.

Cocoa boom draws new farmers to Nigeria’s southeast

A surge in global cocoa prices has prompted thousands of Nigerians—known locally as “cocoa boys”—to switch careers and take up farming in the southeast. Membership in the Cocoa Farmers Association grew by over 10,000 in the past year. Prices have soared from $2,500 per metric ton in 2022 to nearly $11,000 in December 2024, but much of the increased output is believed to be smuggled out, limiting official gains.

Photo of the day

And that’s a wrap. Many thanks for reading 234Digest. Unitil Wednesday (or Thursday) when the next dispatch arrives—a deep dive into a major news topic— arrives, have a great week ahead.

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