Nigeria’s story is constantly evolving, shaped by bold reforms, shifting markets, and the ingenuity of its people.

In this edition of 234Digest, we dig into some of the trends defining the country’s trajectory—from easing inflation and investment moves to Nigeria’s rising position in Africa’s fastest-growing companies list..

As always, my goal is to offer clarity, context, and a sense of momentum to the headlines shaping Africa’s most populous nation.

It’s almost 10pm as I hit send on this newsletter. Let’s dive in.

Samuel Okocha. Editor, 234Digest here.

Quote of the Day

"Reducing tariffs and import bans would confer direct benefits to consumers, giving them access to more products at lower prices, lowering inflationary pressure, boosting their purchasing power, and offering relief in the context of high cost-of-living pressures."

— World Bank Nigeria Development Update, May 2025 

Today’s briefs

Nigeria’s inflation slows, raising hopes for a rate pause

Inflation in Nigeria eased to 23.71% in April, down from 24.23% in March, according to the National Bureau of Statistics.

The slowdown, despite a recent naira slump and lower oil prices, was largely driven by stabilizing food and gasoline costs. Food inflation dropped to 21.36%, while core inflation cooled to 23.39%. Month-on-month, price increases slowed significantly to 1.86%, suggesting the Central Bank’s tightening policies may be working.

Analysts say the latest figures increase the likelihood of a rate pause at the next policy meeting.

Sun King secures $80 Million for off-grid solar expansion 

Sun King, the world’s largest off-grid solar company, has secured an $80 million naira-denominated loan from the International Finance Corporation and Stanbic IBTC to accelerate electrification in Nigeria.

The financing, the largest of its kind in West Africa, will support solar energy access for up to 4 million households over the next five years.

"What’s really exciting is that it’s a local-currency facility—it eliminates foreign-exchange risk and allows us to offer more affordable financing to our customers," said co-founder Anish Thakkar.

Nigeria remains the largest country in the world without reliable electricity access, with over 85 million people still off the grid, according to estimates from the World Bank.

Seplat Energy on track for record revenue after production surge 

Seplat Energy, Nigeria’s largest independent oil and gas explorer, reported a sharp increase in Q1 revenue to ₦1.23 trillion, up from ₦268.6 billion a year earlier.

The company expects first-half revenue to surpass last year’s $1.1 billion total, driven by higher output following its acquisition of ExxonMobil’s Nigerian assets.

"2025 has started positively for Seplat," CEO Roger Brown noted. "As we operate at a significantly larger scale, our focus remains on successful integration, and I’m pleased to report that we are making strong progress."

To shield itself from falling oil prices, Seplat has hedged 5 million barrels of crude per quarter at $55 per barrel.

Nigeria dominates FT rankings of Africa’s fastest-growing companies

Nigeria secured 28 spots on the latest Financial Times’s list of Africa’s fastest-growing businesses, second only to South Africa’s 51 ranked companies.

At the top is Omniretail, a Nigeria headquartered e-commerce firm with 71,818% absolute growth, followed by fintech startup PalmPay. Other notable entries--Remedial Health, Moniepoint, and Evercare Hospital Lekki-- highlight Nigeria’s strengths in fintech, e-commerce, and healthcare innovation. Joininh the ranks is X3M Ideas, a leading advertising agency, which secured the 31 out of 130 companies. .

Together, Nigeria and South Africa dominate the list, accounting for over 60% of listed firms, reinforcing their influence in Africa’s business landscape.

World Bank: lifting import bans could boost revenue, cut poverty 

Nigeria could increase customs revenue by 66% and reduce poverty by 2.6 percentage points by scrapping high tariffs and import bans, according to the World Bank’s latest Nigeria Development Update.

Current trade restrictions raise consumer prices by an average of 5.8%, drive smuggling, and disproportionately hurt the poor. The report urges Nigeria to align tariffs with ECOWAS standards, beginning with food items to ease cost-of-living pressures.

Renaissance energy halts production after pipeline spill 

Renaissance Energy has suspended output on a section of the Trans Niger oil pipeline following a crude spill in Ogoniland—the second such incident in two months.

The pipeline, a key export route, has faced multiple disruptions this year. Cleanup efforts are underway, with the company citing operational factors as the cause.

Petrobras plans return to Nigeria’s deepwater oil sector 

Brazilian oil giant Petrobras is preparing to re-enter Nigeria’s petroleum industry, targeting deepwater exploration after a decade-long absence.

"Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria," Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, said in statement from the office of the Vice President. 

"They said they want frontier acreage in deep waters"

The move comes as Nigeria courts international investment to revive its petroleum sector. Petrobras’ renewed interest is expected to bring technical expertise and capital, complementing recent commitments from ExxonMobil and others.

Favour Ofili breaks 150m world record 

Nigeria’s Favour Ofili has set a new world record in the women’s 150m sprint, clocking 15.85 seconds at the Adidas Atlanta City Games.

The 22-year-old became the first woman to run the event in under 16 seconds, eclipsing the previous record of 16.23 seconds set by Bahamian Olympic champion, Shaunae Miller-Uiboin in 2018.

Ofili’s achievement headlines a strong showing for Nigerian athletes at the global meet.

Photo of the day

And that’s a wrap. Nigeria’s story continues to unfold—driven by bold reforms, shifting markets, and the energy of its people. With each edition, 234Digest aims to cut through the noise, bringing clarity and insights to the trends shaping the country.

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. And have a great week ahead.

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