Nigeria’s economy, business & culture in focus: Dangote growth, Meta fine update & Nollywood boom

Welcome to this Sunday edition of 234Digest.

As I push to maintain a twice-weekly rhythm, I’m pleased to bring you fresh and relevant insights into Nigeria’s rapidly evolving economic landscape. This week, we spotlight Aliko Dangote’s ambitious growth plans, regulatory hurdles for Meta, a fresh wave of investment in traditional boxing, and Nollywood’s creative momentum.

It’s already midnight as I hit send on this one. Let’s dive in

Dangote Group targets $30 billion revenue in 2026

Aliko Dangote, Africa’s richest person, expects his conglomerate to generate $30 billion in revenue next year, up from $25 billion in 2025. The new 650,000 barrels-per-day oil refinery in Lagos will add $5 billion in revenue. Dangote Fertilizer benefits from U.S. tariffs on Algerian urea, while his cement production capacity is set to reach 62 million tons next year, aiming to become Africa’s largest exporter.

Regulatory tensions: Nigeria rejects Meta’s exit threat over $290 fine

Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) dismissed Meta's warning that it may shut down Facebook and Instagram, calling it a pressure tactic after failing to overturn $290M in fines for competition, advertising, and data protection violations. The FCCPC insists that leaving won't erase liabilities, confirming ongoing investigations into Meta and WhatsApp. Facebook remains Nigeria’s most widely used social media platform and a vital tool for millions of Nigerians and small businesses.

Nigerian traditional boxing gains global backing

Silverbacks Holdings, a Mauritius-based African investment firm, has invested in African Warriors Fighting Championship (AWFC), Nigeria’s largest Dambe boxing promoter. Hollywood producer Sanford R. Climan, known for The Aviator, has joined Silverbacks’ advisory board and will personally invest. AWFC, featuring around 300 fighters, has amassed 900 million views globally since 2019. AWFC recently partnered with UK streaming service DAZN to broadcast Dambe worldwide, aiming to elevate this centuries-old northern Nigerian sport to a global audience.

Mo Abudu: Nollywood’s creative economy attracts global investors

Nollywood executive Mo Abudu says the changing global creative landscape, with shrinking budgets for independent films, offers Africa a unique opportunity.

In an interview with Bloomberg, Abudu noted that films with $2–10 million budgets can yield tenfold returns, attracting new investor interest. She’s leading the Afro Film Fund, targeting $2–8 million productions and emphasizing the need for robust marketing and distribution.

EbonyLife Place London, opening later this year, will be the UK’s first cinema dedicated to African films, addressing a key barrier for the industry. “Africa has been silent in telling global stories,” Abudu said. “Now, investors understand the real opportunity.”

New military commander appointed amid rising insurgency

Major General Abdulsalam Abubakar has been appointed to lead Nigeria’s fight against Boko Haram and ISWAP in the northeast. The appointment comes at a period when recent attacks, including the use of armed drones and explosives, have heightened security concerns. ISWAP claimed responsibility for a deadly assault in Borno state last week.

Binance tax evasion case adjourned

Nigeria’s Federal Inland Revenue Service has requested permission to serve court documents by email in its $79.5 billion tax evasion lawsuit against cryptocurrency exchange Binance. The case was adjourned to May 12. Binance denies wrongdoing and is cooperating with authorities but has no physical office in Nigeria.

CBN Governor declares economic stability

Central Bank Governor Olayemi Cardoso says Nigeria has moved “from vulnerability toward strength,” on the back of reforms that have restored investor confidence, stabilized the naira, and bolstered external buffers. Speaking at the IMF and World Bank Spring Meetings, Cardoso highlighted a matured monetary framework and urged Nigerians to seize new opportunities, while warning that further discipline is needed to ensure macroeconomic gains reach households and businesses.

Paystack fined ₦250 million for regulatory breach

The Central Bank fined fintech Paystack ₦250 million for allegedly operating its Zap app as a wallet without the required licence. Paystack, a fintech platform specializing in payment processing and API integration, said it is cooperating with regulators as the matter undergoes review.

Words of wisdom: "Nothing will work unless you do."—Maya Angelou

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Thank you for reading 234Digest. Stay tuned for more essential updates on Nigeria’s evolving economy and culture. Until the next dispatch, a deep dive, on Wednesday, have a great week ahead.