Nigeria entered a new week on the back of optimism for a stronger, more resilient future. From President Tinubu’s ambitious growth targets and critical power sector reforms to governance overhauls in telecommunications and vibrant strides in energy, tech, and culture, Nigeria looks to assert its place on the frontier market stage.

Today, we shed light on these transformative developments shaping Nigeria’s economic and business landscape. As always, many thanks for riding along on these chronicles.

Let’s get into it. Samuel Okocha, Editor, 234Digest here.

Quote of the day

“It is now fully approved, and we move to implementation.”
— Nigeria’s Finance Minister Olawale Edun, on the $2.6 billion electricity sector debt refinancing plan.

Today’s briefs

President Tinubu sets ambitious 7% growth target to quadruple Nigeria’s economy by 2030

President Bola Tinubu unveiled a bold economic vision aiming for 7% annual growth by 2027, with the goal of expanding Nigeria’s economy fourfold and lifting millions out of poverty by 2030.

Since taking office in 2023, Tinubu has implemented subsidy removals and currency devaluations to reinvigorate growth, though these measures have triggered the country’s worst cost-of-living crisis in a generation.

That said, inflation eased to 21.88% in July, marking a fourth consecutive month of decline, as the Central Bank maintained its policy rate at 27.5% to sustain disinflation.

Nigeria approves $2.6 billion debt refinancing plan to stabilize power sector

Nigeria’s ailing electricity industry looks to get a boost after President Tinubu approved a phased refinancing plan for 4 trillion naira ($2.6 billion) in debt owed primarily to power generation companies dating back to 2015.

Finance Minister Olawale Edun announced the restructuring, set to be executed within weeks through bond issuances and other instruments, will ease chronic power outages and restore investor confidence. The plan is complemented by subsidy cuts and tariff hikes expected to save the government over $700 million annually.

Nigerian Communications Commission enforces five-year cooling-off period for former officials

The Nigerian Communications Commission (NCC) has introduced new corporate governance rules barring former senior officials from holding positions with telecom operators for five years after leaving the Commission.

Aminu Maida, NCC’s Executive Vice Chairman, said the reforms aim to enhance business stability, investor trust, and service quality. The updated guidelines impose a five-year ban on former chairpersons and commissioners, and a three-year cooling-off for department directors before joining regulated telecom firms.

Heirs Energies eyes doubling oil production and African expansion by 2030

Nigerian oil producer Heirs Energies plans to double its crude output by 2030 while expanding across Africa, CEO Osa Igiehon told Bloomberg.

The growth strategy aligns with Nigeria’s ambition to consolidate its position as Africa’s top oil producer and maximize government revenues from the sector, which remains a cornerstone of the country’s economy.

Chowdeck secures $9 million Series A funding to boost quick commerce in Nigeria and Ghana

Lagos-based food delivery startup Chowdeck raised $9 million in Series A funding led by Novastar Ventures, with participation from Y Combinator and others.

The investment supports Chowdeck’s expansion in Nigeria and Ghana and the rollout of quick commerce services for ultra-fast delivery of food, groceries, and essentials. The startup aims to leverage local insights and disciplined execution to thrive in a competitive market.

Nigeria launches National Digital Museum to showcase cultural heritage globally

Nigeria unveiled its first National Digital Museum, hosting over 200 3D-scanned antiquities from the Lagos National Museum.

Accessible for free at museum.ng, the platform offers immersive educational content that preserves and projects the nation’s cultural legacy worldwide.

The project, led by the Federal Ministry of Art, Culture, Tourism & the Creative Economy and the National Commission for Museums and Monuments, represents a transformative step in heritage preservation.

Nigeria launches $50 million WEIDE Initiative to empower Women entrepreneurs

Women Exporters in Digital Economy (WEIDE) Nigeria, a $50 million initiative from the World Trade and the International Trade Centre, has been launched to equip women-led businesses with training, seed funding, and global networks.

From 67,000 global applicants, 146 Nigerian entrepreneurs across sectors including fashion, agriculture, ICT, beauty, health, and tourism were selected. The programme aims to strengthen Nigeria’s entrepreneurial ecosystem for women amid prevailing global trade challenges.

Words of wisdom: "Don’t be pushed around by the fears in your mind. Be led by the dreams in your mind."—Roy T. Bennett

Photo of the day

And that’s it for today. Look out for the next dispatch on Sunday, or like today, Monday. Until then, have a fantastic week ahead.