Ahead of Saturday’s gubernatorial election in Osun State, candidates have clashed over economic strategies regarding the state’s recent increase in federal allocations. APC candidate Munirudeen Oyebamiji advocates for shifting the state from a civil-service-reliant economy toward private investment and agricultural processing. ADC candidate Najeem Salaam proposes large-scale public sector job creation and localized power generation, while incumbent Governor Ademola Adeleke is campaigning on his record of infrastructure development, including road networks and healthcare facility upgrades. The debate underscores a critical choice for voters between government-led social spending and a push for industrial-driven economic growth.

President Bola Tinubu has approved the Deep Offshore Oil and Gas Projects Incentives Order, 2026, aimed at attracting up to $50 billion in investments to Nigeria’s stagnant deepwater oil sector. The new policy replaces ad-hoc, project-by-project negotiations with a standardized, rules-based fiscal framework to improve investment certainty. This reform is expected to potentially unlock long-delayed projects, such as Shell’s Bonga South West, by creating a predictable environment for global energy firms. The government also emphasized that qualifying projects must prioritize local content to boost domestic engineering and job creation.

The Ondo State Government has launched a comprehensive audit of infrastructure and social development projects across the state’s 18 local government areas. Commissioner for Local Government and Chieftaincy Affairs, Amidu Takuro, stated that the exercise aims to ensure accountability and assess the impact of initiatives, which range from healthcare and education facilities to solar streetlights and water projects. Additionally, the government currently provides a monthly stipend of at least 20,000 Naira to 300 elderly residents in each local government area.

The Academic Staff Union of Universities (ASUU) at Imo State University (IMSU) has commenced a total, indefinite strike following the state government and university management’s failure to implement a welfare agreement. The union cited the expiration of a 21-day ultimatum regarding the implementation of a December 2025 agreement, alongside unresolved arrears in salaries, promotions, and earned academic allowances dating back to 2009. ASUU-IMSU leadership stated that industrial action will continue until all demands are met, while also calling for an end to the university’s use of the Treasury Single Account.

South Africa’s apparel manufacturing hub in Newcastle is facing potential collapse following the departure of 15% of its 15,000-strong workforce. The mass exit of skilled foreign nationals, triggered by recent anti-immigrant unrest, has left factories struggling with severe labor shortages. Factory owners warn that unless they can secure a structured transition period to train local replacements, the sector faces widespread closures, noting that current wage structures and the physically demanding nature of the work make it difficult to attract local labor. The industry is currently battling a combination of operational disruptions, regulatory scrutiny, and shrinking order books, threatening the very jobs protesters aimed to protect.

Real estate industry stakeholders are set to gather in Lagos on August 15, 2026, for the Africa Real Estate Innovation Summit of Excellence (ARISE Africa). Organised by the Billionaires Realtors Group (BRG) Network to mark its 10th anniversary, the summit aims to address challenges in urban housing, infrastructure, and real estate financing across the continent. Industry leaders will focus on fostering strategic partnerships, exploring investment opportunities, and discussing innovative development models to support Africa’s rapidly growing urban population.

West African industrial firms are increasingly turning to data-driven, predictive maintenance strategies to manage aging infrastructure amid grid instability and a shortage of technical skills. According to Nnadozie Ogbuehi, vice president for services in Sub-Saharan Africa at Schneider Electric, reliance on reactive, break-fix maintenance is no longer sufficient for sectors including data centres, manufacturing, and healthcare. Ogbuehi argues that leveraging original equipment manufacturers for real-time analytics and predictive insights is essential to reduce risk, maintain asset safety, and ensure operational resilience in a challenging regional environment.

Fintech and autotech platforms are increasingly bridging the funding gap in Nigeria’s clean mobility sector by replacing traditional credit scoring with asset-backed data. Companies like Qoray Mobility & Energies, through its Superdash platform, utilize IoT and telemetry to provide lenders with real-time visibility into vehicle utilization, earnings, and repayment performance. By automating payment enforcement directly at the asset level, firms such as Gigmile, Leap Mobility, and DriveMe are making financing accessible to operators previously deemed unbankable due to lack of credit history. This shift toward revenue-based, instrumented asset financing is seen as critical to accelerating the adoption of electric vehicles and CNG-powered transportation in the country.

Dangote Industries Limited is planning a significant expansion into East Africa with a proposed 700,000 barrel-per-day oil refinery on Lamu Island, Kenya. The project, estimated to cost up to $17 billion, aims to dominate the regional fuel supply market. Financing strategies reportedly include internal cash flow, bond issuance, and a potential IPO of the refinery unit, though Nigeria’s Securities and Exchange Commission has not yet received a formal listing application. The project faces challenges, including securing state incentives, potential anti-dumping protections, and strict environmental scrutiny due to the site’s UNESCO heritage status. Construction is expected to span three to five years.

Nigeria must diversify its renewable energy mix beyond solar to meet its 2030 zero-emissions targets and address energy insecurity. While solar remains the fastest-growing source, significant untapped potential exists in waste-to-energy, small-scale hydropower, wind, biomass, and geothermal energy. Harnessing these diverse resources is essential for lowering industrial costs, improving rural electrification, and attracting investment into the nation’s energy transition.

The Mortgage Banking Association of Nigeria (MBAN) has challenged the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) to prioritize housing finance delivery over profit generation. While acknowledging MREIF’s strong half-year 2026 performance—which included a profit before tax of 14.49 billion naira and an 86 percent growth in its mortgage portfolio—the association expressed concern that a significant portion of the fund’s assets remains in cash and investment securities. MBAN argues that MREIF’s long-term success should be measured by its effectiveness in reducing Nigeria’s housing deficit and increasing homeownership, rather than just returns on investment. The association is calling for increased collaboration with primary mortgage banks to accelerate responsible capital deployment while maintaining prudent underwriting standards.

A new 21-storey luxury residential development, 16 Alexander Tower, is under construction in Ikoyi, Lagos, with a scheduled completion date by December 31, 2027. The project, managed by a team including Cappa and D’Alberto, features 52 apartments, extensive wellness amenities, and sustainable infrastructure such as on-site water and sewage treatment. Developers are positioning the site as a premium investment opportunity, emphasizing rigorous structural engineering and safety standards to meet the growing demand for high-end real estate in the area.

Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group (NGX Group), met with President Bola Ahmed Tinubu and the Economic Management Team on August 6, 2026, to discuss leveraging the capital market to achieve Nigeria’s $1 trillion economic target. During the meeting, Popoola urged the federal government to privatize and list key assets, including holdings in Indorama Corporation, NLNG, and the NNPC. He also called for policy incentives to encourage Nigeria’s leading fintech and private companies to list on the domestic exchange, alongside a review of Capital Gains Tax on securities to boost investor confidence. President Tinubu signaled his support for these reforms, confirming that the NNPC will be reformed and eventually listed on the NGX. Recent data shows the market’s growth, with capitalization rising from N30 trillion in 2023 to N160 trillion currently.

Nigeria’s N400 billion airtime and data credit market faces potential cost hikes for consumers as a regulatory dispute between the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC) continues. While a July Federal High Court judgment affirmed the FCCPC’s authority to regulate credit services, an appeal by the Wireless Application Service Providers Association of Nigeria (WASPAN) has left the sector in regulatory limbo. Industry experts warn that the potential for double regulation could force operators to raise prices to cover compliance costs, highlighting an urgent need for a harmonized policy framework to prevent increased costs for the 40 million Nigerians who rely on these services.

The African Continental Free Trade Area (AfCFTA) Secretariat has adopted Nigeria’s Customs Modernisation Project as the model for a $3.1 billion continent-wide digitalisation programme. A 20-year concession agreement has been signed with Bergmans Security Consultants and Supplies Limited, the parent company of the Trade Modernisation Project (TMP), to deploy the Nigerian-developed Unified Customs Management System across approximately 50 member countries. According to the Infrastructure Concession Regulatory Commission (ICRC), the initiative showcases the efficacy of public-private partnerships (PPPs) in delivering indigenous technology solutions, improving trade facilitation, and enhancing government revenue without the need for additional public borrowing.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that local refineries received 53.7 million barrels of crude oil and condensate during the second quarter of 2026. This achievement represents a 97.4% performance against Domestic Crude Supply Obligations (DCSO) mandated by the Petroleum Industry Act. The NUPRC noted that the increase in supply is supported by higher national production levels and the formalization of long-term bankable supply agreements. While the Dangote Refinery remains the largest domestic recipient, the commission continues to enforce a willing-buyer, willing-seller framework to bolster national energy sufficiency.

The African Development Bank (AfDB) has identified Nigeria and Ghana as economies where external debt interest payments now rival or exceed public health spending. According to the bank’s 2026 Regional Economic Outlook, rising debt-servicing costs are significantly narrowing the fiscal space available for critical infrastructure and social services. Data shows that the share of African government revenue devoted to external debt service climbed from 23.7% in 2017 to 31% in 2024, raising concerns about the long-term impact of debt burdens on national productivity and development.

Airtel Nigeria has launched 350 new premium experience centres as part of a strategy to establish 500 compact retail outlets nationwide. Located in major urban centres including Lagos, Abuja, Kano, Benin, and Abeokuta, these shops are designed to provide faster access to services such as home broadband, SIM registration, and account support. This expansion aims to reduce wait times at larger branches and reinforces the company’s commitment to improving customer experience through increased accessibility.

The Nigeria Customs Service (NCS) has reported revenue generation of N4.03 trillion for the first half of 2026. This performance keeps the agency on track to meet its ambitious N11.07 trillion annual revenue target. Comptroller-General Adewale Adeniyi attributed the growth to the deployment of technology, the removal of human discretion in cargo processing, and intelligence-led enforcement. The agency is also advocating for a review of the national import waiver regime to further align fiscal incentives with current economic objectives.