Oando Plc has reported a pre-tax profit of N135.76 billion for the 2025 financial year, representing a 64.6% decline from the N383.27 billion recorded in 2024. The company’s audited results filed with the Nigerian Exchange reveal a 22.2% drop in revenue to N3.18 trillion and a gross loss position of N2.76 billion, down from a N93.34 billion profit the previous year.

Despite a 32% increase in average daily production to 32,482 barrels of oil equivalent, Oando faced significant pressure from rising finance costs and a working capital deficit of N3.76 trillion. While the company recorded a net profit of N204.81 billion, this was largely bolstered by a N69.05 billion tax credit. Oando’s total liabilities rose to N8.01 trillion, leaving the company with a negative equity position of N566.97 billion. CEO Wale Tinubu described the year as a milestone for operational integration following the NAOC Joint Venture acquisition.

Lagos State Governor Babajide Sanwo-Olu and Minister of Works David Umahi have formally dismissed claims that the ongoing Lagos-Calabar Coastal Highway is responsible for recent flooding in Lagos. During a joint inspection, officials attributed the city’s recurrent flooding to its natural coastal geography, low-lying terrain, and the impact of indiscriminate refuse disposal, which often blocks critical drainage infrastructure.

Minister Umahi emphasized that the highway project was specifically designed and elevated to withstand ocean surges for the next several decades. He noted that the affected areas were swampy before construction began and that the government is collaborating on additional drainage channels and service roads to improve water management. Both leaders urged the public to disregard social media misinformation, reaffirming that the state remains committed to enforcing environmental regulations and maintaining infrastructure to mitigate the inevitable risks of seasonal rainfall in a coastal environment.

Elektron Renewables has completed a solar expansion at Abuja’s Jabi Lake Mall, increasing the facility’s total capacity to 1.5 MWp. The project, which adds 902.4 kWp of new capacity, now supplies 70 percent of the mall’s power demand and generates roughly 1.3 gigawatt-hours of electricity annually. This installation currently stands as the largest rooftop solar system on a shopping mall in West Africa, aimed at reducing operational energy costs and improving sustainability for the retail destination.

De Beers is implementing some of the steepest price cuts in its history for rough diamonds, abandoning its strategy of keeping official prices above secondary market levels to combat weak demand and competition from synthetic alternatives. Meanwhile, Apple is reportedly facing significant manufacturing hurdles ahead of its first foldable iPhone, the iPhone Ultra, expected this September. Production yield issues mean the premium device, estimated to cost between $2,300 and $2,500, will likely face severe supply constraints at launch.

As Africa enters the second half of 2026, reform-driven initiatives are beginning to stabilize markets across the continent. Key developments include Ethiopia strengthening domestic banks ahead of future foreign competition, while Ghana has successfully settled a 700 million dollar Eurobond obligation early. Additionally, Nigeria has rejoined the continent’s top five destinations for foreign direct investment, with inflows doubling to 4 billion dollars, and South Africa’s private sector has returned to growth. These indicators suggest that sustained economic reforms are fostering increased investor confidence despite ongoing global challenges.

The Nigerian Federal Government has taken major steps to boost economic development through manufacturing innovation and infrastructure investment.

The government has launched the nation’s first Manufacturing Technology University Innovation Pod (Manu-Tech UniPod) at the Michael Okpara University of Agriculture, Umudike, in Abia State. This facility, developed in partnership with the UNDP and TETFund, aims to bridge the gap between academic research and commercial industrial production to support job creation and Nigeria’s manufacturing ecosystem.

Simultaneously, Minister of Works David Umahi is overseeing the construction of the Sokoto-Badagry super highway. Emphasizing a shift toward high-quality, durable road standards, the Minister stated that the project is crucial for lowering logistics costs and improving trade links between the country’s economic corridors. He also defended the integrity of federal infrastructure projects amid recent flooding concerns in Lagos, attributing the issues to poor drainage maintenance and urban management rather than highway construction.

Nigerian digital strategist Princewill Chuka Egbujor is expanding his PDF Profit Academy to help Africans monetize their expertise. The platform provides a framework for creating and selling digital products, such as eBooks and templates, without requiring significant capital or technical experience. Designed specifically for African market conditions, the training has reportedly facilitated over $500,000 in revenue for participants. Egbujor, who previously held roles at companies like Jumia and FCMB, aims to lower barriers to entry for aspiring entrepreneurs by teaching them to leverage their professional knowledge as a sustainable income source.

A recent IMF report highlighting that Nigeria’s federal government engaged in off-budget spending equivalent to two percent of its GDP has intensified scrutiny of the Lagos-Calabar coastal road project. The 700-kilometre highway, already controversial due to its high estimated cost and procurement concerns, is now suspected by analysts to be a beneficiary of these extrabudgetary funds. While government officials have offered varying explanations—ranging from clerical errors in the 2025 budget to the use of an EPC+F (Engineering, Procurement, Construction, and Financing) model—critics maintain that the lack of budgetary transparency and the project’s exorbitant per-kilometre costs raise serious questions about fiscal accountability.

Nigerian President Bola Ahmed Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate Meta, Google, X, and various generative AI platforms. The probe, prompted by a petition from the Nigerian Press Organisation, centers on allegations that these tech giants are exploiting local news content for profit without providing fair compensation to publishers. Regulators will examine claims of market abuse, the unauthorized use of copyrighted material to train AI models, and the lack of commercial agreements. The FCCPC, led by Tunji Bello, has pledged a transparent, evidence-based process to determine if these practices violate Nigerian law. This move positions Nigeria alongside other nations seeking to regulate the impact of global platforms on local media economies.

Despite holding vast oil and gas reserves, Nigeria continues to struggle to convert foreign investment interest into sustained economic growth. While reforms like the Petroleum Industry Act and recent administration initiatives have improved the business climate, significant challenges remain. Persistent issues including crude oil theft, infrastructure deficits, and regulatory uncertainty continue to hinder production and deter long-term capital. Experts argue that Nigeria must now shift its focus from merely attracting investment to building an integrated energy economy, specifically by leveraging natural gas to boost domestic industrialization and reliable electricity generation for its citizens.

FTSE Russell has reversed its decision to reclassify Nigeria as a “Frontier Market,” citing concerns over the mandatory pre-funding requirement introduced under the Nigerian Exchange Limited’s new T+1 settlement cycle. While Nigerian regulators argue that pre-funding and faster settlement are essential structural reforms designed to improve market integrity and reduce risk, FTSE Russell maintains that these requirements hinder the Delivery versus Payment (DvP) standards expected by international investors. Market observers argue the decision penalizes Nigeria for implementing necessary reforms that strengthen its financial resilience, prioritizing investor convenience over systemic stability. Despite this setback, stakeholders emphasize that Nigeria’s long-term development must prioritize sound institutional regulation over the pursuit of index inclusion.

Pennyshelters Africa has launched PalmGrove Estate, a hybrid investment model in Rivers State that pairs residential land ownership with commercial oil palm cultivation. Set to launch on July 18, 2026, in Odogwa, the project allows investors to retain titled land while the company’s subsidiary, PennyFarm360, manages plantation operations and sales. This initiative aims to transform land from a passive investment into a revenue-generating asset, building on the company’s experience with previous agricultural ventures.

The Republic of Benin has launched the Benin Deal Room 2026 (BDR 2026), an investment forum scheduled for September 16–18, 2026, in Cotonou. The initiative aims to connect global investors with over 20 pre-vetted public-sector projects valued between $2 billion and $3 billion.

Organized by Benin’s Directorate General for Economic Attractiveness and Diplomacy alongside other state agencies, the forum seeks to transition from networking to concrete financial closures within six months. The projects, which span key economic sectors, have undergone technical readiness assessments and will be supported by a 60-day post-event transaction desk to facilitate due diligence and negotiations. A primary objective of the initiative is to strengthen formal trade and business partnerships, particularly with Nigerian institutional investors and companies.

As Nigeria enters the second half of 2026, the economy is showing signs of its greatest stability in years. However, analysts warn that this recovery faces significant risks from rising inflation and increased political spending as the nation approaches the 2027 general elections. The coming months will be critical in determining whether ongoing reform programs will lead to sustainable growth or renewed macroeconomic instability.

Nigeria’s micro, small and medium enterprises (MSMEs) are facing an existential crisis driven by unreliable electricity, rising fuel costs, and broader economic instability. These energy challenges are forcing businesses to cut staff, reduce production, or shut down entirely, threatening the sector that serves as a primary engine for the nation’s employment and GDP. As businesses pass increased operational costs to consumers, inflation is further exacerbated. Experts argue that urgent reforms are needed, including accelerated power infrastructure investment, a transition to renewable energy solutions, and comprehensive tax and policy relief to prevent further economic decline.

The Victoria Island–Lekki natural gas pipeline, a 72.5-kilometre project developed by Axxela for NNPC Gas Marketing Limited, aims to significantly boost industrial growth in one of Nigeria’s fastest-growing corridors. By providing a cleaner, more affordable alternative to diesel, the pipeline is designed to reduce operational costs for businesses, improve power reliability for critical infrastructure like the Lekki Deep Sea Port and the Dangote Refinery, and support the federal government’s “Decade of Gas” initiative. The project represents a strategic public-private partnership intended to enhance Lagos’s competitive position by lowering energy expenses, fostering job creation, and promoting long-term economic stability.

Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA), has strongly condemned the recent wave of anti-immigrant violence in South Africa. Mene warned that these attacks threaten the core goals of the AfCFTA, which aims to create a single African market by facilitating the safe movement of people, goods, and capital. While South Africa seeks to leverage the trade agreement to boost its economy, the government faces mounting domestic and international pressure to address the xenophobia and protect foreign nationals. Currently, South African authorities report increased border enforcement and efforts to prosecute those involved in recent anti-migrant protests.

WeLight, Africa’s largest solar mini-grid operator, has raised 27 million euros ($31 million) in new investment led by the International Finance Corporation (IFC). The funding round, which also included founding shareholders Axian Group, Sagemcom, and Norfund, will support the company’s expansion into Nigeria and the Democratic Republic of Congo. WeLight, which currently operates nearly 190 grids in Madagascar and Mali, aims to address the significant electricity access gaps in those nations. This investment underscores growing institutional confidence in decentralized renewable energy as a critical solution for providing electricity to the millions of people in sub-Saharan Africa currently living without grid access.

The Nigerian government spent N358.32 billion on electricity subsidies in the first quarter of 2026, despite persistent power supply issues and grid instability. According to the Nigerian Electricity Regulatory Commission (NERC), the government covered over 50 percent of total generation costs by maintaining a freeze on electricity tariffs at July 2024 rates. While the subsidy amount decreased by 14.44 percent compared to the previous quarter, NERC clarified this was due to lower electricity offtake by distribution companies rather than market reforms. During the same period, national power generation capacity declined, and the grid suffered two major disruptions. NERC warned that this open-ended subsidy model leaves the government financially vulnerable to fluctuating energy costs.