Nigeria begins the week with a complex story of economic resilience, political recalibration, and cultural innovation.

As President Bola Tinubu lifts the six-month emergency rule in Rivers State, a key oil hub, the nation signals a move towards resolving internal governance challenges critical to maintaining investor confidence.

Meanwhile, the naira’s rebound, its strongest in seven months, reflects a mix of Central Bank intervention and investor confidence in the country’s fundamentals.

In the energy space, Dangote Refinery is reshaping fuel logistics with a new CNG-powered fleet and marking its global footprint with a first gasoline export to the U.S. At the same time, legislative scrutiny of the Petroleum Industry Act could redefine oversight in upstream operations, raising questions about governance and regulatory clarity.

Elsewhere, UK headquartered Frigoglass is weighing the sale of its Nigerian unit amid debt pressures, while African regulators pursue harmonised oil governance to attract capital.

And the creative economy? Lagos hosted global illustrators in a festival that spotlighted Nigeria’s cultural and economic potential. While our photo of the day captures hustle and creativity in motion on the edge of Nigeria’s capital.

As always, thanks for joining me as we track and curate the signals that matter in Nigeria’s evolving economic story.

It’s approaching 1 PM on a bright and sunny Monday in Abuja as I hit send on this one. Let’s dive in.

Samuel Okocha, Editor, 234Digest here.

Today’s briefs

Nigeria lifts Rivers State emergency, restoring political stability in oil hub

President Bola Tinubu has ended the six-month emergency rule in Rivers State, reinstating Governor Siminalayi Fubara and the state legislature.

The emergency was imposed in March after a deadlock froze governance and budget approvals in the region critical to Nigeria’s oil production.

The lifting signals a political thaw intended to prevent paralysis and restore investor confidence in Africa’s largest oil-producing state.

Naira strengthens on Central Bank support and robust fundamentals

Nigeria’s naira closed at ₦1,488 to the US dollar on Friday, its strongest level in seven months, boosted by a $150 million Central Bank of Nigeria intervention.

Analysts from TrustBank emphasized the intervention does not indictae a return to fixed rates, but aimed at smoothening temporary FX market distortions caused by external shocks, reports MarketForces Africa.

Bloomberg quotes Charlie Robertson of FIM Partners, who credits Nigeria’s current-account surplus and attractive nominal debt yields for enticing global investors.

Dangote refines Nigeria’s fuel distribution logistics

Dangote Petroleum Refinery launched a fleet of over 1,000 compressed natural gas-powered trucks to deliver petrol and diesel directly to retailers, aiming to bolster efficiency in the transport of petroleum products in Africa’s most populous country.

The initiative aims to cut fuel distribution costs, reduce pump prices, and curb losses from smuggling, potentially saving Nigeria’s economy ₦1.7 trillion annually. The move deepens Dangote’s integration into a critical sector historically plagued by inefficiencies.

Frigoglass looks to sell Nigerian unit amid debt pressures

Frigoglass Group, a UK-based maker of beverage coolers, is in talks to divest its Nigerian subsidiary Beta Glass Plc, the continent’s largest producer of glass containers.

The sale aims to raise funds ahead of looming €114.5 million debt maturities due in 2026. Beta Glass commands about 70% of Nigeria’s glass packaging market and serves major global beverage clients like Coca-Cola and Heineken.

With near-record profits projected this year, the unit is attracting buyer interest but raises questions about future market concentration.

Controversial oil governance reform under legislative review

Nigeria is considering an amendment to the 2021 Petroleum Industry Act that would transfer oversight of existing oil contracts from state oil company NNPC to the upstream regulator NUPRC.

Reuters reports the change might blur regulatory and commercial roles, raising concerns about conflicts of interest and weakening NNPC’s board governance. The amendment, it notes, could shift how Africa’s top oil producer manages its vast petroleum resources.

Dangote refinery marks milestone with first U.S. gasoline export

The tanker Gemini Pearl, owned by Geneva Switzerland-based Mocoh Oil, recently delivered Nigeria’s first gasoline shipment from Dangote’s 650,000 bpd refinery to U.S. buyers Vitol and Sunoco.

Meeting stringent American fuel standards, the cargo bolsters Dangote’s refinery’s status as a global supplier and diversifies Nigeria’s energy exports.

African oil regulators pursue continental regulatory harmonisation

Nigerian-led efforts have launched a forum to harmonise oil regulations across Africa, aiming to attract investment through consistent and transparent rules.

The initiative seeks to lock in capital for the continent’s growing energy sector at a time when foreign direct investment is dwindling.

Lagos International Festival of Illustrations spotlights culture and creativity

Nine internationally acclaimed illustrators from Slovenia, Spain, Venezuela, Brazil, and Colombia took part in the inaugural Lagos International Festival of Illustrations (LIFI), held from September 18–20, 2025.

Supported by the European Union, the festival brought these foreign artists together with 45 Nigerian illustrators for three days of creative exchange focused on children's literature, as part of a push to equip local illustrators with skills to compete internationally.

LIFI Convener and founder of Book Buzz Foundation, Lola Shoneyin, explains the idea was born from her experience supplying books to libraries in Kaduna State, where she noticed the absence of illustrations in many children’s books.

Headline inflation cools to 20.12% in August

Nigeria’s headline inflation rate eased for the fifth straight month, dropping from 21.88% in July to 20.12% in August, aided by slowing food price growth.

Analysts say the drop could bolster the case for the Central Bank of Nigeria to start cutting interest rates at its next monetary policy meeting due this week.

Words of wisdom: "Don’t count the days, make the days count."—Muhammad Ali

Photo of the day

And that’s a wrap for today.

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Until the next dispatch, have a fabulous week ahead.