Nigeria
Business, investment and infrastructure from Nigeria, with the deals, numbers and policy shifts that move the market.
Latest from Nigeria
Terra raises Africa's largest seed round
Nigerian defence technology startup Terra Industries has closed a $52 million seed round, its third raise this year. The company will use the funds to open a London office and expand manufacturing, making it the…
Nigeria clears MTN's $2.2bn IHS deal
Nigeria's competition regulator has approved MTN Group's takeover of the remaining stake in IHS Towers, on condition MTN sells down up to 30% of its…
MTN’s MoMo is going super app
MTN Group Fintech has partnered with Ant International, the global payments firm behind Alipay, to transform its MoMo mobile money platform into a…
Nigeria slams the IMF’s tax prescriptions
A Nigerian think tank, the Alliance for Economic Research and Ethics, has criticised the IMF’s 2026 Article IV recommendations including excise…
Dangote’s petrol unit is down 34%
The Dangote Petroleum Refinery has been running its main petrol-producing RFCCU unit at 34% below capacity since May 21, initially due to feedstock…
Elumelu named Seplat’s next chairman
Seplat Energy announced on June 9 that Tony Elumelu will become board Chairman from January 1, 2027, succeeding Senator Udoma Udo Udoma. Effiong…
Rabiu buys $81m jet, nears $20bn
BUA Group Chairman Abdulsamad Rabiu has taken delivery of an $81 million Bombardier Global 8000, becoming the first African to personally own the…
Cardoso wins Central Bank of the Year
Nigeria’s Central Bank was named Central Bank of the Year 2026 at the Central Banking Awards in London on June 10. Governor Yemi Cardoso accepted…
UK launches £15m Nigeria growth programme
The UK and Nigeria launched a £15 million three-year Growth Programme on June 12 during UK Minister for Africa Baroness Jenny Chapman’s visit to…
Standard Bank backs Dangote refinery IPO
Standard Bank Group CEO Sim Tshabalala visited the Dangote Petroleum Refinery in Lagos on June 10 and pledged that Standard Bank will play a leading…
Lagos rail reaches for its airport
Nigeria’s Aviation Minister Festus Keyamo announced plans at the Invest Lagos 3.0 forum on June 9 to extend the Lagos rail network from Ikeja Bus…
TikTok’s AI purges 4m Nigerian videos
TikTok removed more than 4 million videos in Nigeria in Q4 2025, with 99.9% proactively identified before any user report and 98.4% removed within…
Nigeria’s trade surplus triples to N7.55tn
Nigeria’s Q1 2026 merchandise trade surplus surged 341% to N7.55 trillion ($4.1 billion) from N1.71 trillion in Q4 2025, driven by higher crude oil…
Heirs Energies wins global oil deal prize
Heirs Energies won Best Oil and Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 for its $750 million Afreximbank-backed Senior…
Dangote refinery powers past 700,000bpd
The Dangote Petroleum Refinery has validated crude processing capacity of 700,000 barrels per day, surpassing its 650,000 bpd nameplate design…
Tinubu’s three-year reform scorecard is mixed
Three years into Tinubu’s reforms, Nigeria’s GDP averages 3.46% quarterly growth, external reserves stand at $49.26 billion and federal revenues…
Dangote exposes the oil mafia
Aliko Dangote publicly described a coordinated “oil mafia” that he says tried to prevent his $20 billion Lekki refinery from being built, telling…
NNPC challenges Dangote’s prices in court
NNPC filed a court counter-affidavit on May 27 arguing that Dangote Petroleum Refinery’s petrol is sold at significantly high and fluctuating…