Iwemi Academy Platform, an AI-powered academic and research repository, has appointed Professor Andrew Haruna as its new board chairman. Haruna, a former vice-chancellor of the Federal University Gashua and current pro-chancellor of Bingham University, joins to provide strategic governance as the platform transitions into a national academic institution. Iwemi, operated by Retail Development and Investment Company Africa, aims to solve issues in Nigerian tertiary education, including the preservation of research output, local textbook publishing, and institutional revenue generation. The platform currently partners with entities including Interswitch and Wema Bank.

South Africa recorded over 1.27 million foreign tourist arrivals in July, marking a 17.3% month-on-month increase and a 6% year-on-year rise, according to Stats SA. Despite concerns over anti-immigrant sentiment earlier this year, the tourism sector remains a critical pillar of the economy, contributing 4.9% to GDP and supporting over 954,000 direct jobs. President Cyril Ramaphosa has highlighted tourism as a key growth driver, emphasizing the need for infrastructure investment and policy reforms in visa processing to boost the sector further.

Nigeria’s corporate rewards sector has experienced a massive surge, recording over N150 billion in non-cash incentive value over the last decade. A report by SureGifts reveals that the volume of rewards issued since the start of 2024 alone is double that of the previous ten years combined. While employee benefits make up 40 percent of this spending, the remainder supports customer loyalty, sales incentives, and channel partner programs. Notably, nearly 80 percent of these rewards are redeemed at supermarkets and grocery stores, indicating that corporate budgets are directly influencing household consumption patterns. Despite rising expenditure, only 29 percent of companies currently measure the business impact of their reward programs.

Governor Babagana Zulum of Borno State has called for a transparent and inclusive implementation of the newly launched $1 billion Household Prosperity and Empowerment Social Protection Project (HOPE-SP). Representing the Nigerian Governors’ Forum at the unveiling by First Lady Oluremi Tinubu in Abuja, Zulum emphasized that sustainable social interventions are vital to addressing the root causes of insecurity, such as poverty and illiteracy. He urged the Ministry of Humanitarian Affairs and Poverty Reduction to utilize strict vulnerability criteria for beneficiary selection to avoid the pitfalls of past intervention programs.

The Federal Ministry of Works is moving to terminate the contract for the Benin-Asaba road project due to the concessionaire’s alleged incompetence and failure to deliver value. Minister of Works David Umahi directed the immediate removal of road blockages and requested a formal measurement of completed works, excluding substandard repairs described as negative work. The ministry intends to oversee the reconstruction of affected sections to alleviate severe traffic congestion and public frustration.

The Nigerian government has introduced the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, to accelerate stalled deepwater projects. The policy offers production tax credits and revised profit-sharing arrangements, which analysts estimate could reduce corporate income tax obligations for qualifying projects by approximately 52 percent. By improving internal rates of return and lowering breakeven prices, the government aims to unlock up to $50 billion in new investment, including the long-delayed Bonga Southwest project. To qualify for these incentives, operators must reach a final investment decision by December 31, 2029. While the move is designed to boost production and long-term government revenue, experts note that the success of the initiative depends on whether the concessions successfully convert previously marginal projects into viable developments.

Ibom Air has expanded its fleet with the delivery of its third Airbus A220-300 aircraft. The new plane, registered 5N-CDC, was handed over at the Airbus facility in Mirabel, Canada, marking a significant step in the airline’s fleet modernisation program. This addition brings the carrier’s total fleet to 10 aircraft, including seven CRJ900s. The airline previously placed a firm order for 10 Airbus A220-300s in 2021 to support its network growth across Nigeria and West Africa.

The Economic and Financial Crimes Commission (EFCC) is offering whistleblowers a reward of 2.5 to 5 percent of the value of recovered assets for credible information leading to the return of stolen Nigerian funds and properties held abroad. EFCC Chairman Ola Olukoyede announced the initiative at the International Symposium on Economic Crime in Cambridge, noting that the agency has recovered over $500 million in assets within the last three years. The commission is leveraging non-conviction-based forfeiture laws to target high-value assets, including those previously linked to high-profile public officials.

Nigeria’s foreign exchange reserves have surged to $53.11 billion as of August 24, 2026, marking the highest level since January 2009. This growth represents an increase of over $3 billion since early June, supported by higher global crude oil prices and increased export earnings. The current reserve position now exceeds the Central Bank of Nigeria’s projected target of $51.04 billion for the year, providing a significant buffer for the economy and aiding ongoing efforts to stabilize the naira.

The United States is pushing for deeper trade and investment ties with Nigeria, emphasizing a partnership based on mutual benefit rather than dependency. Keith Heffern, Charge d’Affaires of the U.S. Diplomatic Mission, underscored that private sector collaboration remains essential to driving economic growth, particularly in energy, technology, and finance. Both nations are focusing on addressing critical barriers, including customs modernization and trade facilitation, to boost investment ahead of the upcoming Nigerian Economic Summit in October. Industry leaders noted that digital infrastructure and artificial intelligence present significant opportunities for deepening this bilateral relationship.

The Federal Government has announced that it has disbursed over N600 billion in cash transfers to more than 10 million households over the past three years. Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, stated that the administration is now transitioning to a more structured approach under the new Household Prosperity and Empowerment Social Protection Project (HOPE-SP). This new initiative, supported by a $1 billion funding package, aims to provide N40,000 in one-off support to 7.6 million vulnerable households, with a focus on tracking economic self-reliance rather than simple cash distribution. Beneficiaries must be registered on the National Social Register and verified via the National Identification Number. While the government emphasizes these interventions as part of broader poverty reduction reforms, analysts have cautioned that effective implementation and safeguarding against corruption remain critical to ensuring the funds reach intended recipients.

The Supreme Court has granted Global Gas and Refining Limited leave to amend its appeal against Shell Petroleum Development Company (SPDC). The ruling allows the company to introduce fresh issues regarding its long-running Gas Processing Agreement dispute. This legal battle, which has spanned over a decade, centers on Global Gas’s claim of a breach of contract related to wet gas supply. The development is significant as it keeps the core dispute active while Shell proceeds with its broader Nigerian divestment strategy.

A report by SBM Intelligence reveals that ransom payments in Nigeria surged to N7.78 billion between July 2025 and June 2026, marking a significant increase from the previous year. During this period, kidnapping incidents rose by 66%, with 7,825 people abducted and at least 1,142 killed. The data indicates that Boko Haram factions accounted for approximately 90% of all ransom payments, largely driven by a few high-profile mass abductions. Security experts have raised concerns over the integration of these payments into the formal banking sector, warning that the proceeds are increasingly financing insurgent activities.

SunTrust Bank Nigeria Limited has marked a decade of commercial operations, signaling a new phase of growth following a successful recapitalization. The bank is prioritizing technological investments to enhance service delivery and customer experience, while continuing its focus on digital banking solutions and non-interest banking services. The milestone underscores the bank’s commitment to evolving its retail and business banking capabilities to meet increasing demands for accessible and efficient financial services in Nigeria.

President Bola Tinubu has directed the Nigeria Liquefied Natural Gas (NLNG) board to prioritize domestic gas utilization and end gas flaring, which totaled 203.9 billion standard cubic feet in 2025. During a meeting with NLNG leadership, the President emphasized the need to convert environmental liabilities into economic assets for Nigerian consumers. NLNG Managing Director Adeleye Falade reported that increased production stability has allowed the company to raise its operational capacity to five trains, while maintaining a commitment to dedicating all LPG production to the domestic market. Nigeria holds a 49% stake in NLNG, which has generated over $150 billion since its inception.

The Federal Airports Authority of Nigeria (FAAN) has reached an agreement with Bolt to resume e-hailing services at airports managed by the agency. This follows a brief disruption that sparked passenger complaints over increased transport costs and limited ride options. FAAN clarified that the Airport Car Hire Rank Management System (ACHRAMS) was implemented to improve safety, security, and orderliness at airports, rather than to suppress competition. The authority is currently in talks with other e-hailing providers to finalize similar operational frameworks.

MTN Group is preparing to sell a 30% stake in its Nigerian IHS business to local investors, a move expected to raise between $900 million and $1.1 billion. This divestment is a condition set by the Federal Competition and Consumer Protection Commission for the approval of MTN’s $6.2 billion acquisition of IHS Holding Limited. MTN Group CEO Ralph Mupita confirmed that the proceeds from this market-valued stake sale will be used to pay down debt incurred from the broader IHS transaction.

The Nigeria Governors’ Forum (NGF) has formally endorsed the National Affordable CNG Transit Programme (NACTP), an initiative aimed at lowering transportation fares by promoting the use of Compressed Natural Gas (CNG). State governors believe that migrating to the more cost-effective CNG will lower operating expenses for transport operators, which is expected to trigger a decline in the prices of food and essential commodities nationwide. The forum is currently evaluating the implementation and financing framework for the program, which follows the ongoing economic impacts of the federal petrol subsidy removal. Additionally, the governors discussed participating in the CANEX Weekend 2026 and the Intra-African Trade Fair 2027 to boost local exports and investment.

Lagos real estate developers are grappling with soaring production costs, driven primarily by high land values, expensive construction materials like cement and steel, and rising infrastructure and regulatory fees. Industry experts note that these pressures are compelling developers to pass costs to buyers and tenants, or adjust by building smaller units and shifting to more affordable locations. With the state housing deficit reaching 3.4 million units, the mismatch between rising development costs and stagnant consumer purchasing power remains a significant hurdle for the market.