It’s the first full week in the new month of August and Nigeria continues to show momentum across multiple sectors, even amid global uncertainties affecting frontier and emerging markets.

From leadership renewal in major industrial groups to ambitious expansions in refining capacity, the country is quietly positioning itself as a flagship economy for Africa’s energy future. Meanwhile, Nigeria’s investments in digital skills development and the inspiring success of its women’s sports teams highlight the multi-dimensional nature of its growth story.

In this edition, we explore these developments as concisely as possible.

Thank you for your readership and a warm welcome to new subscribers who joined recently. 234Digest aims to be your window into Nigeria’s evolving economic and cultural landscape.

It’s 3:12 pm on a sunny afternoon in Abuja as I hit send on this newsletter. Samuel Okocha, Editor, 234Digest here. Let’s dive in.

Quote of the day:

“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow. Our energy security is in sight.”

— Professor Benedict Oramah, President & Chairman, Afreximbank, on the $4 billion syndicated loan package for the Dangote refinery, August 4.

Today’s briefs

Afreximbank leads $1.35 billion financing for Dangote refinery expansion

African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility as part of a $4 billion syndicated loan package for Dangote Industries Limited (DIL).

Acting as Mandated Lead Arranger, Afreximbank’s contribution is the largest among participating banks in what has been described as one of the biggest syndicated loans in recent African financial markets. The funding will refinance costs associated with the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a 650,000 barrels-per-day capacity.

With the refinancing, Dangote’s balance sheet and operational capabilities are expected to become stronger, sustaining growth and bolstering the refinery’s key role in Africa’s industrialization, energy security, and intra-continental trade.

Energy Sector Outlook: Nigeria to lead Africa’s refinery capacity growth

According to data and analysis from GlobalData Energy, a provider of energy market intelligence and forecasting, Africa is anticipated to contribute about 23% of global conventional refinery capacity additions by 2030. This growth is driven by rising domestic energy demand, untapped crude reserves, and substantial investments in refining infrastructure, particularly in key countries like Nigeria and Angola.

Nigeria, the continent’s most populous country and largest oil producer, is set to dominate this expansion, accounting for nearly 40% of Africa’s refinery capacity additions by 2030. An estimated 39 refineries are expected to come online in Nigeria during this period, with over 80% being new-build projects mostly in pre-construction stages.

Major projects include the Bayelsa IV and Rivers II refineries—each designed with a capacity of 250,000 barrels per day and operated entirely by Aiteo Energy Resources. Other key new developments include Akwa Ibom III and Mashi refineries. These investments align with Nigeria’s efforts to boost domestic refining and meet growing energy demand.

Corporate moves

UAC Nigeria Plc finalized the acquisition of Coca-Cola’s CHI Limited, owner of popular brands Chivita and Hollandia. Coca-Cola pledged a $1 billion investment in Nigeria over five years.

Leadership update at Dangote refinery 

David Bird, industry veteran with experience at Shell and Oman’s OQ8 refinery, has been appointed CEO of Dangote Group’s Refinery and Petrochemicals division. With the appointment effective August 1, Bird is expected to drive efficiency and advance plans for stock market listings.

Earlier, Aliko Dangote stepped down as chairman of Dangote Cement Plc, succeeded by a former banker and with Dangote’s daughter joining the board in a move reflecting the group’s diversification strategy.

Digital skills training at University of Lagos

The University of Lagos and UK charity Professors Without Borders (PROWIBO) recently concluded their 4th academy training programme, empowering students and staff with AI, leadership, and innovation training. Challenges remain in infrastructure and software costs, prompting calls for increased collaboration.

Sports highlights: Double continental victories

Nigeria’s women’s basketball team made history as they won their fifth consecutive Women’s AfroBasket title, defeating Mali 78-64 on Sunday at the Palais des Sports Treichville in Abidjan, Côte d'Ivoire, and extending an unbeaten streak since 2015.

This victory followed the Super Falcons’ historic 10th Women’s Africa Cup of Nations (WAFCON) title, secured with a dramatic 3-2 comeback over Morocco, showcasing Nigeria’s resilience and leadership in women’s sports.

Words of wisdom: “The only way to do great work is to love what you do.”—Steve Jobs

Photo of the day

And that’s it for today. Many thanks for reading. Until the next dispatch arrives, have a fantastic week ahead.