As Nigeria resumes work after a long weekend celebrating Eid al-Adha, we take stock of the latest updates on the country’s evolving economy, business landscape, and cultural milestones.

From local oil firms driving a new growth phase to PalmPay’s ambitious expansion, and the government’s renewed push for steel production, today’s round up captures the country’s evolving story. Our photo of the day captures the vibrant life powered by commercial motorbikes on an extended weekend holidays in one of Abuja’s satellite town.

It’s a sunny afternoon in Abuja as I hit send on this one. Let’s dive in.

Samuel Okocha. Editor, 234Digest here.

Quote of the day

''We’ve done what the banks do but in a more innovative way.''

— Chibuzor Melah, vice-president of partnerships at PalmPay, speaking in a Financial Times report.

Today’s briefs

Local oil firms drive new growth phase in Nigeria’s energy sector

Nigeria’s oil and gas industry is undergoing a significant shift, with domestic companies now producing over half of the country’s crude output, up from 40% just in recent years, according to the Nigerian Upstream Regulatory Commission (NUPRC).

Local players like Renaissance Africa Energy and Seplat Energy are investing billions in formerly neglected fields acquired from international majors. Green Energy recently launched the first locally designed onshore terminal, while Conoil exported a new crude grade from the Niger Delta. However, analysts warn that these operators face challenges, including high costs from security risks, theft, and aging infrastructure, as they balance output with profitability.

The government aims to leverage these local champions to boost national oil production by an additional one million barrels per day next year.

PalmPay seeks up to $100m to fuel African, Asian expansion

PalmPay, a Nigeria-based mobile money operator with a presence in Ghana, is in talks to raise between $50 million and $100 million in a Series B round, according to people familiar with the matter.

The profitable company, which has raised nearly $140 million to date, plans to use the new capital to expand its business-focused services and grow its footprints across Africa and Asia. With 35 million registered users and over 15 million daily transactions, PalmPay processes “tens of billions” of dollars annually. Revenue surged to $64 million in 2023, more than doubling from the previous year. The company recently earned a spot at the top of the Financial Times' 2025 list of Africa's fastest-growing fintechs.

It’s rapid growth has been driven by a vast network of over one million merchant agents and a strategy of tailoring digital banking to Africa’s informal economy.

Binance compliance chief exits after Nigeria detention

Tigran Gambaryan, Binance’s head of financial crime compliance, is leaving the world’s largest crypto exchange following his nearly eight-month detention in Nigeria on money laundering and currency manipulation charges.

His departure comes as Binance continues to navigate global regulatory scrutiny. Gambaryan, a former U.S. IRS agent, was released on humanitarian grounds in late 2024 after charges were dropped. Binance praised his contributions to strengthening compliance, marking the end of a turbulent chapter for the firm.

Nigeria imports Danish cows to double milk output

Nigeria is importing dairy cattle from Denmark as part of a plan to double national milk production from 700,000 to 1.4 million tonnes annually within five years, aiming to slash the country’s $1.5 billion annual dairy import bill.

The initiative includes new high-yield breeds, improved pastures, and a national genetic resources strategy. Despite having over 20 million cattle, Nigeria’s milk yield remains among the lowest in Africa, forcing it to import about 60% of its dairy needs.

FG advances Ajaokuta Steel revival with global partners

Nigeria’s government is nearing a deal to revive the long-dormant Ajaokuta Steel Company, with a a Memorandum of Understanding signed with the plant’s Original Equipment Manufacturers.

Minister of Steel Development Shuaibu Abubakar Audu said talks are underway with Chinese investors to inject capital and expertise. The revival plan, part of President Tinubu’s broader industrial reforms, aims to restore the plant’s initial 1.3 million-tonne annual capacity, with phased expansion to over 5 million tonnes.

The government hopes to stimulate job creation, local manufacturing, and economic diversification through renewed steel production.

FG relaunches National Talent Export Programme (NATEP)

Nigeria has relaunched its National Talent Export Programme, aiming to create one million direct export-linked jobs and up to five million indirect jobs within five years.

The initiative, led by the Ministry of Industry, Trade and Investment, seeks to position Nigeria’s youth as a global talent pool in technology, business process outsourcing, healthcare, and creative industries.

NATEP will drive policy reform, expand digital infrastructure, and partner with global outsourcing platforms, targeting over $1 billion in foreign direct investment and training 10 million Nigerians in globally recognized certifications.

FG touts creative economy and tourism as growth engines

At the 2025 Ojude Oba festival in Ijebu Ode, Culture Minister Hanatu Musawa reaffirmed President Tinubu’s commitment to making Nigeria “the greatest black nation” by leveraging culture, creativity, and tourism.

The government is deepening partnerships with states and the private sector to develop tourism and creative industries, aiming to boost job creation and economic growth. The Ojude Oba festival, a vibrant showcase of Yoruba heritage, highlights the economic and cultural potential of Nigeria’s creative sector, drawing local and international visitors and major brand sponsorships.

Savannah Energy boosts reserves and output

Savannah Energy, the Africa-focused British independent energy company with operations in Nigeria, Niger, Chad and Cameroon, reported a 21% increase in proved and probable reserves at its flagship Uquo field and a 29% rise at the Stubb Creek field, following a series of acquisitions and expansion projects.

The British independent’s Nigerian operations produced an average of 23,600 barrels of oil equivalent per day in Q1 2025. A $45 million gas compression project is nearing completion, and the company is advancing both thermal and renewable power projects across West and Central Africa.

Photo of the day

And that’s a wrap. Nigeria’s story continues to unfold—driven by bold reforms, shifting markets, and the energy of its people. With each edition, 234Digest aims to cut through the noise, bringing clarity and insights to the trends shaping the country.

A huge thanks for reading, as we keep tabs on Nigeria’s evolving story. Keep an eye for the next dispatch—a deep dive into a major news topic— arriving this week. Enjoy the rest of the week ahead.

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