Welcome to 234Digest. From Abuja, we’re tracking Nigeria’s push for a circular economy in plastic waste management, infrastructure gains with airport concessions, and its shifting balance of trade. Plus, a deep dive into the $13.6 billion Entertainment & Media opportunity. It’s a busy Sunday evening, so let’s dive in.

—Samuel Okocha, Editor and Curator, 234Digest

Nigeria takes aim at plastic waste

The Nigerian government has introduced new guidelines to implement its National Policy on Plastic Waste Management (NPPWM), marking a significant step toward tackling Nigeria’s waste problem. Developed over nearly two years, the framework focuses on improving plastic waste collection, enhancing recycling efforts, and phasing out single-use plastics (SUPs). While the guidelines establish minimum standards for state and local governments, they also encourage more ambitious measures based on local capacity. This initiative reflects Nigeria’s commitment to environmental sustainability and aligns with global efforts to combat plastic pollution.

Building infrastructure for growth

Efforts to modernize Nigeria’s infrastructure continue with the Federal Executive Council’s approval of the Kashimbila Integrated Cargo/Agro-Allied Airport concession in Taraba State. The project blends aviation with agriculture, featuring an upgraded airstrip alongside over 3,000 hectares of farmland, fish farming facilities, and a livestock ranch. By integrating these sectors, the initiative aims to boost agricultural exports while supporting regional development. It is yet another example of how Nigeria is leveraging public-private partnerships to address infrastructure gaps.

Strengthening trade ties across borders

As Nigeria strengthens its domestic infrastructure, its financial institutions are expanding abroad. Vista Bank, a digital-first lender founded in 2020, has received regulatory approval to establish operations in France. This move underscores the bank’s ambition to foster trade between Africa and Europe by providing seamless cross-border financial services. The expansion is expected to enhance economic ties between the two regions while showcasing Nigeria’s growing influence in global banking.

Import costs under pressure

Not all developments are as welcome. Importers in Nigeria are bracing for higher costs as the Nigeria Customs Service implements a new 4% charge on the Free On-Board value of imports. At the same time, exporters have been granted some relief: the Central Bank of Nigeria now allows repatriation of proceeds in CFA francs. This move is expected to facilitate smoother trade within West Africa but may not offset the broader concerns over rising import expenses.

A new chapter for IBM in Africa

Meanwhile, a major shift is underway in Nigeria’s technology sector. IBM has announced that it will transfer its operations across 36 African countries—including Nigeria—to MIBB, a subsidiary of the Midis Group. Effective April 1, 2025, this transition ends IBM’s direct presence on the continent after five decades but ensures continuity through MIBB’s management of its portfolio and customer relationships. IBM describes this move as part of an "alternative operating model" designed to empower partners while maintaining service delivery.

Sunday Special: Nigeria’s entertainment & media sector – a $13.6 billion opportunity by 2028

Nigeria’s entertainment and media (E&M) industry is booming. Revenues are forecast to climb from $9bn in 2023 to $13.6bn by 2028, according to PwC’s latest Africa Media and Entertainment Outlook report. This equates to an annual growth rate of 8.6%, more than double the global average of 3.9%. The country is cementing its position as one of the world’s fastest-growing E&M markets.

The reasons for this rapid expansion are clear. Nigeria’s population of over 230m is young—half are under 18—and increasingly online. Digital platforms are thriving, with internet advertising revenue expected to more than double by 2028. The government’s broadband plan, which aims to cover 90% of the population by 2025, is helping drive this growth.

Streaming services are also on the rise. Over-the-top (OTT) platforms, offering affordable mobile plans in partnership with telecom firms, are projected to grow by 10.5% annually, reaching $107m in revenue by 2028. Meanwhile, Nollywood, the country’s prolific film industry, continues to captivate audiences at home and abroad with its culturally rich narratives.

Yet challenges remain. Fixed broadband penetration is below 5%, and infrastructure deficits hinder access to digital services. These gaps present opportunities for investment in connectivity and innovative business models tailored to local needs.

By 2028, Nigeria will remain Africa’s second-largest E&M market after South Africa but will outpace its peers in growth. With a youthful population, an expanding digital ecosystem, and Nollywood’s global appeal, Nigeria is poised to become a cultural and economic powerhouse in entertainment and media. Investors should take note: the future of African media is being written in Nigeria.

Quote of the day: "You can't go back and change the beginning, but you can start where you are and change the ending."-- C.S Lewis

Photo of the day

And that’s a wrap. Thank you for joining me on this journey through Nigeria’s dynamic landscape. Until Wednesday, have blessed week ahead.