Nigeria’s National Information Technology Development Agency (NITDA) has launched a new national framework to accurately measure the impact of the country’s digital economy. While Nigeria has seen rapid growth in digital infrastructure, payments, and services, officials note that the country currently lacks a harmonized system to track how these investments contribute to economic growth, job creation, and public service delivery.

Developed in collaboration with the National Bureau of Statistics and researchers from across the nation, the framework utilizes 81 core indicators across five priority sectors: financial services, government services, e-commerce, telecommunications, and e-health. By shifting from mere infrastructure tracking to evidence-based measurement, policymakers aim to improve accountability, prioritize future spending, and ensure digital transformation provides measurable benefits for all citizens.

Nigeria’s crude oil production reached 1.56 million barrels per day (mbpd) in June 2026, marking its highest output since April 2020. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), this figure represents 104% of the country’s OPEC quota. When combined with condensates, total daily production hit 1.735 million barrels, continuing a four-month streak of growth. The NUPRC attributed this recovery to increased operational stability and fewer pipeline disruptions. Efforts to enhance security and attract upstream investment are credited with helping Nigeria maintain its position as Africa’s leading oil producer.

Nigeria’s foreign exchange market experienced its sharpest weekly turnover decline of 2026 for the week ending July 10, with total transactions falling 46.57% to $1.63 billion. This follows a previous week high of $3.05 billion. Both the spot and derivatives markets contracted, with daily average turnover dropping to $326.22 million from $610.60 million. Analysts suggest this sharp decline represents a normalization in demand following an intense, high-volume period at the start of July, rather than a structural deterioration of market liquidity.

The Nigerian Naira has stabilized, trading between N1,370 and N1,385 against the US Dollar, supported by external reserves reaching $51 billion and attractive interest rates. Despite a global surge in the US Dollar driven by geopolitical tensions and inflation expectations, Nigeria’s FX market maintains confidence due to cleared payment backlogs and regulatory improvements. While seasonal corporate demand may cause temporary volatility, analysts expect the currency to remain in a range of N1,320 to N1,420 through the second half of the year.

The Central Bank of Nigeria’s July 8, 2026, Treasury Bills auction saw massive investor appetite for long-term securities, as demand for the 364-day bill reached N1.86 trillion against a N500 billion offer. Consequently, the stop rate for the one-year bill climbed to 17.70%, up from 17.34% in mid-June.

While the 364-day and 91-day tenors saw oversubscription, the 182-day bill remained undersubscribed, signaling investor preference for locking in higher, longer-term yields. By allotting more than the amount offered, the CBN is effectively withdrawing liquidity from the banking system to combat inflation, with further auctions planned for mid-July.

SIMS Nigeria has launched an "Online Shopping Spree" promotion offering Lagos residents discounts of up to 65% on electronics and home appliances. The campaign, which features brands such as Samsung, Royal, and TCL, runs from July 6 to August 8, 2026, exclusively through the company’s website. Customers can also utilize a "Buy Now, Pay Later" payment option for selected items. The company plans to expand similar future initiatives to other regions in Nigeria.

In the high-stakes world of mergers and acquisitions, tax due diligence is a critical but often overlooked component of deal success. A thorough examination of a target company’s tax history, compliance, and inter-company transfer pricing is essential to uncovering hidden liabilities and valuable tax attributes. These findings directly influence deal valuation and structure, as identified risks can diminish a target’s appeal while tax benefits can significantly enhance the long-term value of the acquisition. Expert analysis emphasizes that ignoring tax implications during the M&A process is a major gamble, while strategic tax structuring is a pillar of sound investment.

Zamfara State Governor Dauda Lawal has officially unveiled a $200 million lithium mining and processing plant in the Boko region of Zurmi. This project, a partnership between several mining firms including Zam Mining Company and Bima Mines, aims to shift the state’s focus from exporting raw minerals to local value addition. The facility is expected to create 2,000 direct and indirect jobs, with the Governor urging operators to prioritize hiring from local host communities. This development is part of a broader Nigerian push to capitalize on the global demand for lithium, a critical component in renewable energy and battery technology.

South Africa has unveiled a draft policy to build a strategic petroleum reserve of approximately 36 million barrels, the country’s most significant expansion of emergency fuel stockpiles since the apartheid era. The Department of Mineral Resources and Energy aims to hold enough oil to cover 60 days of national demand to insulate the economy from global supply chain disruptions and geopolitical volatility. The proposed policy requires the government to manage the majority of the reserves, while licensed fuel manufacturers and wholesalers will be mandated to maintain an additional 14 days of refined product inventory. Financing mechanisms for the project are currently being developed by the National Treasury and the state-owned South African National Petroleum Company.

Ademola Aladekomo is stepping down as leader of Chams HoldCo Plc after a four-decade tenure, as he prepares the company for its 40th anniversary in 2026. Reflecting on the firm’s growth from a small startup to a key player in Nigeria’s digital infrastructure and identity management sector, Aladekomo emphasized that the success of the institution was built on sound governance, integrity, and proactive succession planning.

Segun Oloketuyi has been named the new Group Chairman, while Mayowa Olaniyan will continue as Group Managing Director. In his farewell remarks, Aladekomo highlighted the need for policy stability in Nigeria to better support the technology ecosystem, retain local talent, and improve national infrastructure. He noted that his primary goal has been to ensure the institution could thrive independently of its founder.

Nigeria’s economic landscape remains in a state of fiscal adjustment rather than consolidation. While the current administration has achieved structural gains—such as removing fuel subsidies and improving tax administration—the country continues to face significant challenges. Debt servicing remains a major constraint, consuming roughly 45% of federal revenue, and the government faces a difficult trade-off between currency policy and fiscal stability. A weaker naira boosts government revenue through converted oil earnings but fuels inflation, while a stronger naira could provide relief to households but risks creating substantial budget deficits. True fiscal stability, according to analysts, depends on increasing oil production and non-oil exports to reduce the current reliance on exchange-rate-driven revenues.

MKH Properties has officially launched The Legacy, a new site-and-service estate located off the Lagos-Ibadan Expressway in Oyo State. The project, aimed at investors and homeowners, features a Government Allocation title and guarantees immediate building approval upon allocation. Attended by government officials and industry partners, the launch highlights MKH Properties’ aim to simplify land ownership and mitigate risks like title uncertainty. The company, which holds a verified DataPro credit rating, emphasizes that the estate is designed for secure, long-term value.

A coalition of government officials, business leaders, and the International Finance Corporation (IFC) have launched the Nigeria Gender Country Program (NGCP). The initiative aims to drive inclusive economic growth by integrating gender equality into private sector business practices. By improving women’s access to leadership, employment, finance, and technology, the program seeks to tap into an estimated US$22.9 billion in potential annual economic output. Building on previous efforts like the Nigeria2Equal initiative, the NGCP provides a framework for companies to adopt measurable, gender-smart strategies to enhance competitiveness and productivity.

Oil prices rose more than 2% on Monday following renewed military strikes between the United States and Iran, raising concerns over potential disruptions to energy shipments through the Strait of Hormuz. Brent crude climbed to $77.68 per barrel, and U.S. West Texas Intermediate rose to $73.00. While Iran announced the closure of the strategic waterway, U.S. President Donald Trump insisted that the route remains open to commercial traffic. Markets remain volatile as analysts weigh the long-term impact of potential pipeline bypass projects against ongoing regional instability.

The West Africa Telecommunications Regulators Assembly (WATRA) is urging regional leaders to prioritize the protection of submarine cable infrastructure following widespread outages in March 2024. WATRA Executive Secretary Aliyu Yusuf Aboki highlighted that these disruptions, which paralyzed businesses, financial services, and public sectors across the region, proved that cable resilience is critical to economic stability rather than just a technical issue. Moving forward, WATRA aims to implement global recommendations for improved incident reporting, better access to repair resources, and increased network redundancy through enhanced cross-border cooperation.

A Federal High Court in Abuja has granted N20 million bail to former Minister of Innovation, Science and Technology, Uche Nnaji, following his arraignment by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). Nnaji, who pleaded not guilty, faces a six-count charge involving alleged money laundering, corruption, and the use of forged academic and NYSC certificates.

Under the bail conditions, Nnaji must provide one surety who is a federal civil servant of at least Grade Level 15 residing within the court’s jurisdiction. Additionally, the former minister is required to surrender his official and international passports. The trial is set to commence on September 21, 2026. Nnaji, who previously denied the allegations as politically motivated, resigned from his ministerial position in October 2025 amid the ongoing controversy regarding his credentials.

Dangote Industries Limited has launched a whistleblowing initiative offering a N500,000 reward for information leading to the arrest of individuals using company trucks for unauthorized haulage. The company maintains a strict policy regarding authorized cargo for its various subsidiaries and warned that trucks found carrying unapproved goods will face legal action. Meanwhile, in Kogi State, the government has declared all highway revenue collection illegal under new tax laws. Officials have warned that anyone found collecting unauthorized fees on highways will be prosecuted as a criminal and an economic saboteur.

The Federal Government has officially suspended the proposed increase in registration fees for the 2027 West African Senior School Certificate Examination (WASSCE) and the National Examinations Council (NECO) examinations.

The planned hike, which would have raised fees from N27,500 to N50,000, faced intense public backlash from parents, advocacy groups, and stakeholders who argued that it would create an unfair financial burden and limit educational access.

In response to the outcry, the Ministry of Education has withdrawn its previous circular and announced plans for broader consultations with relevant stakeholders, including school proprietors, parents’ associations, and organized labor. Former Governor Peter Obi welcomed the suspension as a victory for the public, asserting that such fees should not have been proposed during a period of economic hardship. The government has pledged that any future decisions will be transparent and aimed at safeguarding equitable access to education.

Standard Chartered has revised its forecast for Nigeria’s monetary policy, projecting that the Central Bank of Nigeria (CBN) will adopt a more cautious approach to interest rate cuts. The bank now expects the Monetary Policy Rate (MPR) to end 2026 at 25%, citing persistent inflationary pressures. Additionally, Standard Chartered has raised its average inflation forecast for 2026 to 15.5%, up from its previous estimate of 12%. While the bank anticipates a slower easing cycle in the near term, it projects more significant rate cuts beginning in 2027 as macroeconomic conditions improve.