I’m happy to be back after missing last week’s edition. An unavoidable pause while I prepared to attend and cover Nigeria Mining Week for Mining Journal, a leading global publication focused on mining investments and business affairs.

Meanwhile, Nigeria enters the final quarter of 2025 with a mix of cautious optimism and strategic recalibration.

Headline inflation has eased to 18.02%. It’s lowest level in over three years, offering a measure of relief to households navigating the ripple effects of subsidy reforms and currency realignment. At the same time, nearly $1 billion in data centre investment is flowing into the country, positioning Nigeria as a rising tech hub on the continent.

Global energy players are also doubling down. Shell has greenlit a $2 billion offshore gas project to boost LNG output, while Sidel expands its footprint in Lagos to drive sustainable packaging across West Africa. Meanwhile, Nigeria is courting capital from the Middle East, a pointer to renewed confidence in its reform agenda.

And in Badagry, the Door of Return festival offered a powerful moment of cultural reconnection, a reminder that economic transformation is allowed to honour historical memory.

As always, thanks for joining me as we together chronicle and make sense of Nigeria’s evolving economic story. Let’s get into it.

Samuel Okocha, Editor, 234Digest here

Today’s briefs

Headline inflation eases to three-year low as food prices moderate

Nigeria's headline inflation dropped to 18.02% in September, its lowest in over three years, down from 20.12% in August.

The slowdown was driven by a sharp deceleration in food inflation, which fell to 16.87% from 21.87%, aided by seasonal harvests and improved supply. Food, beverages, restaurants, accommodation, and transport sectors remain key contributors to cost-of-living pressures.

These gains offer some relief to Nigerians navigating the impact of President Bola Tinubu's reform agenda, including fuel subsidy removal and exchange rate unification, measures aimed at restoring fiscal discipline and attracting investment.

Nigeria races to cement status as Africa's tech hub with nearly $1B in data centre investment

A young, digitally savvy population and a government push to harness artificial intelligence are driving nearly $1 billion in data centre investment from global and regional players including Equinix, Microsoft, MTN, Rack Centre, Airtel, and Open Access Data Centres.

These facilities are designed to host advanced computing workloads, positioning Nigeria as a continental leader in digital infrastructure.

Nigeria eyes Middle Eastern capital amid reform momentum

Following a steep drop in foreign direct investment last year, Nigeria is courting capital from Saudi Arabia and Qatar.

In an interview with Bloomberg TV, Industry, Trade and Investment Minister Jumoke Oduwole says the reform agenda has earned investor approval, with pledges from Qatari conglomerates and royal family-led delegations signaling renewed confidence.

The strategy supports Nigeria's push to sustain growth and deepen global partnerships.

Shell's $2B offshore gas bet signals LNG expansion push

Shell Nigeria Exploration and Production Company, in partnership with Sunlink Energies, has taken the final investment decision on the $2 billion HI gas project in OML 144.

The development, expected to start production before 2030, will supply 350 million standard cubic feet per day to Nigeria LNG (NLNG), boosting Bonny Island's capacity via the Train 7 expansion.

The move aligns with Shell's strategy to grow global LNG output by 4-5% annually, even as it retreats from onshore Nigerian assets troubled by spills.

Sidel opens Lagos base to drive sustainable packaging in West Africa

Sidel, a global packaging solutions company, has launched a new office in Lagos to support sustainable packaging across Nigeria, Ghana, Côte d'Ivoire, and neighbouring markets.

The expansion complements its presence in South Africa and Kenya and responds to rising demand for recyclable packaging in Nigeria's $54 billion food and drink sector. Sidel's technologies aim to reduce waste and energy use, advancing circular economy principles.

Badagry Door of Return festival celebrates heritage and diasporic reconnection

At the fifth Badagry Door of Return festival, participants from the Americas, UK, and West Africa were symbolically crowned as royalty-honouring the reversal of the transatlantic slave trade's legacy.

Led by the Nigerians in Diaspora Commission and cultural icons including Prof. Wole Soyinka, the event marks the beginning of the Heritage Voyage of Return between Brazil and Badagry, slated for next year.

Words of wisdom: "Your life is your message to the world. Make sure it’s inspiring."—Lewis Howes

Photo of the day

And that’s it for today. As always thanks for reading. New here? Subscribe here.