Nigeria’s reform momentum is gaining global recognition as it begins the week with a step forward on multiple fronts.

The country’s removal from the FATF grey list marks a major reputational win, lifting a three-year cloud over its financial system and unlocking new investor confidence. Meanwhile, the historic expansion of the Dangote Petroleum Refinery promises to transform Nigeria into the world’s largest refining hub.

In the entertainment and media sector, Nigeria’s is setting the pace across Africa, driven by digital innovation and a youthful population eager for content and new technologies.

We also explore the reshuffle in military leadership aimed at improving national security, fintech advancements highlighted at global forums, and the latest moves in financial inclusion and digital currency regulation.

As always, thank you for joining me as we chronicle Nigeria’s evolving economic story. Let’s dive in.

—Samuel Okocha, Editor, 234Digest here.

Today’s briefs

Nigeria clears FATF grey list hurdle, paving way for investment boost

Nigeria has been removed from the Financial Action Task Force's (FATF) grey list of jurisdictions under increased monitoring, marking a significant milestone in the country's efforts to strengthen its financial governance framework.

The Paris-based watchdog acknowledged Nigeria's implementation of a 19-point action plan aimed at bolstering anti-money laundering and counter-terrorist financing measures.
The delisting, which included South Africa, Mozambique and Burkina Faso, announced at the FATF's October 2025 Plenary in Paris, lifts a nearly three-year global stigma and is expected to ease foreign investment and remittance inflows.

President Bola Tinubu welcomed the decision as a triumph for financial governance, pledging continued reforms to deepen institutional trust.

Tinubu reshuffles military leadership amid security challenges

President Bola Tinubu appointed new service chiefs in a major overhaul of Nigeria's military leadership, aiming to strengthen national security. Here's the list of new appointees and those they replaced:

- General Olufemi Oluyede: New Chief of Defence Staff, replacing General Christopher Musa
- Major-General W. Shaibu: New Chief of Army Staff, replacing General Olufemi Oluyede, who was promoted to Chief of Defence Staff.
- Air Vice Marshal S.K. Aneke: New Chief of Air Staff, replacing Hassan Abubakar
- Rear Admiral I. Abbas: New Chief of Naval Staff, replacing Emmanuel Ogalla
- Major-General E.A.P. Undiendeye: Retained as Chief of Defence Intelligence

The appointments take immediate effect, with President Tinubu urging the new service chiefs to prioritize professionalism, vigilance, and comradeship. The move is part of efforts to address persistent security challenges, including insurgencies, banditry, and threats to stability.

Dangote Refinery announces historic expansion to become world's largest

Dangote Petroleum Refinery is set to more than double output, expanding capacity from 650,000 to 1.4 million barrels per day, surpassing India’s Jamnagar Refinery as the world’s largest.

Aliko Dangote praised government policies boosting industrialisation, including Nigeria’s Naira-for-Crude initiative. The expansion promises to drive significant economic benefits, saving billions in foreign exchange, reducing import dependence, creating 65,000 construction jobs, and increasing petrochemical output.

Plans include listing 10% of refinery shares on the Nigerian Stock Exchange, promoting broader ownership and transparency.

Nigeria leads Africa's entertainment and media sector growth

Nigeria's entertainment and media industry grew by 11.2% in 2024, outpacing equally resilient Kenya (7.1%) and South Africa (6.2%), according to PwC's Africa Entertainment and Media Outlook 2025-2029.

The sector is projected to grow at a compound annual rate of 7.2% through 2029, driven by surging internet advertising, OTT streaming, and a youthful, tech-savvy population. Investments in fibre and 5G infrastructure are expected to unlock further opportunities, positioning the country as a hub for Africa's creative economy.

Nigeria's bank account ownership jumps to 64% on digital adoption

Nigeria has seen a significant increase in bank account ownership among adults, reaching 64%, driven by growing internet access and smartphone penetration.

The rise in financial inclusion is strengthening savings habits and enhancing policymaking through improved transaction data, according to Doris Uzoka-Anite, Nigeria's Deputy Finance Minister.

While progress has been made, challenges persist, particularly in fraud prevention and data security. The government and financial institutions are working to address these issues and further expand access to financial services.

Digital banking provider Moniepoint closes $90m funding round

Moniepoint, a Nigerian fintech unicorn, has raised an additional $90 million, completing its $200 million Series C funding round.

The fresh capital injection values the company at over $1 billion, bolsterimg its position as a leading player in Africa's digital finance ecosystem. The company's platform, which includes point-of-sale devices and a banking app, serves over 10 million users, processing $250 billion in annual digital payments.

Moniepoint has recently expanded its cross-border remittance services, launching the UK-Nigeria corridor and enabling users to send money directly to Nigerian bank accounts.

Nigeria's central bank forms task force to develop stablecoin framework amid eNaira challenges

The Central Bank of Nigeria (CBN) has established a task force to explore regulatory frameworks for stablecoins, citing the need for innovation in the country's digital finance landscape.

Governor Olayemi Cardoso emphasized the importance of balancing innovation with financial stability, as the bank seeks to harness the potential of stablecoins while mitigating associated risks.

The initiative follows the regulatory approval of the cNGN stablecoin, designed to complement the eNaira, Nigeria's central bank digital currency (CBDC). The cNGN stablecoin is pegged to the naira and aims to enhance payment efficiency and financial inclusion.

Cardoso's comments highlight Nigeria's proactive approach to digital finance, as the country seeks to position itself as a leader in Africa's burgeoning fintech sector.

Words of wisdom: "Small deeds done are better than great deeds planned"—Peter Marshall

Photo of the day

And that’s it for today. As always thanks for reading. Until the next dispatch arrives next Monday, have a fantastic week ahead. New here? Subscribe here.