Nigeria's economy in focus: Big moves in oil, tech and pharma

Welcome to the 234 Digest newsletter, your weekly briefing on Nigeria's economy.

I'm Samuel Okocha, your editor and curator. We’re back after a brief hiatus last week, and I’m delighted to guide you through this week’s key stories. In Abuja, a plan to lure international oil firms with a road show was unveiled at the ongoing oil and gas conference. Meanwhile, Nigeria's food delivery start-ups are attracting foreign investors, and President Bola Tinubu's administration is pushing to boost local pharmaceutical production. We'll also dive into MTN Nigeria's digital infrastructure investments, the naira's stability, the insurgency in the northeast, and the UN's efforts to combat food insecurity.

New here. Sign up here and never miss an update

Oil sector: Nigeria’s comeback bid?

Nigeria is attempting to revive its fortunes in the oil industry by wooing back international companies that had abandoned its onshore fields.

Felix Omatsola Ogbe, the head of the Nigerian Content Development and Monitoring Board, announced plans for a roadshow to persuade firms to return. The move is a tacit admission that Nigeria's attempts to boost production by relying on local companies have fallen short.

Despite its vast reserves, the country's oil output has stagnated in recent years as international companies like Shell and Exxon have shifted their focus to deeper offshore fields.

Nigeria's oil and gas sector has been beset by problems, including pipeline vandalism, oil theft, and declining investment. The government hopes that by attracting new investment, it can boost production and revive its economy.

The roadshow is a bid to restore Nigeria's appeal to international oil companies, as the continent’s largest oil producer pushes to regain its former glory. Mr. Ogbe’s comments were made on Monday at an oil and gas conference in Abuja, the country’s capital.

In a bid to reclaim its status as a key player in the global oil industry, Nigeria must address the structural issues that have driven away investors. If successful, the roadshow could mark a turning point for the country's economy, providing a much-needed boost to its growth and development prospects.

As Nigeria navigates the challenges of a rapidly changing energy landscape, including new discoveries competing for investments, the success of this initiative will have far-reaching implications for its people and the wider region.

Long stories short

Food delivery boom

Nigeria's food delivery start-ups, including Chowdeck, FoodCourt, and Heyfood, are attracting international investors amid growing demand and a projected market size of $2.4bn by 2030.

Pharma boost

Nigerian President Bola Tinubu removed taxes on imported pharmaceutical inputs to boost local production. This executive order aims to enhance the competitiveness of local makers of healthcare items like needles and syringes.

Digital infrastructure

MTN Nigeria has announced the construction of its largest data centre in West Africa, a Tier 4 facility designed to enhance Nigeria's digital infrastructure.

Plastic ban

Nigeria recently banned single-use plastics in government offices, with a nationwide ban set to begin in January. This move aims to reduce plastic waste. A recent survey by the U.S. Agency for International Development highlights Nigeria’s significant contribution to global plastic pollution, with over 2.5 million tonnes of plastic waste generated annually.

Naira stability

Central Bank Governor Olayemi Cardoso believes the naira's excessive volatility may be a thing of the past, expressing optimism about the currency's stabilization.

Terrorism update

A multiple suicide bomb attack in Gwoza, northeastern Nigeria, resulted in 32 fatalities. The attack, carried out by female suicide bombers targeting a wedding and a funeral, highlights the ongoing jihadist war in the region. Borno, at the center of a 15-year Islamist insurgency, continues to face deadly attacks against civilians and security targets.

Food insecurity remains a concern

The United Nations humanitarian agency is struggling to secure funding to combat severe food insecurity in Nigeria's insurgency-hit northeast.

Quote of the day: "Change is the law of life. And those who look only to the past or present are certain to miss the future." — John F. Kennedy

Photo of the day

Events to watch this week

• Nigeria-EU Business Forum (July 2): The 9th Nigeria-EU Business Forum convenes in Abuja, focusing on job creation and sustainable development. The event aims to strengthen trade ties between Nigeria and the EU, potentially leading to increased investment and economic growth. 
  

• NOG Energy Week Conference & Exhibition (July 1-4): The 23rd NOG Energy Week Conference takes place in Abuja, bringing together energy experts, policymakers, and industry leaders. The conference will explore ways to boost Nigeria's energy sector, including investment opportunities and sustainable energy solutions.

And that concludes our briefing. Thank you for joining us. We'll be back next Sunday with more in-depth analysis and insights on Nigeria's economic and business landscape. Subscribe here to stay ahead of the curve. Wishing you a productive week ahead.