A growing number of Nigerians are using stablecoins to send and receive cross-border payments faster and at lower cost than traditional banking systems. Businesses say the digital assets, pegged to the US dollar, help cut delays, reduce fees, and simplify international transactions.
Nigeria has announced the discovery of a new polymetallic mineral province in Kaduna State containing copper, nickel, lithium, rare earth elements, platinum group metals and gold, describing it as one of the country's most significant critical minerals discoveries in recent years.
The discovery was made by Steron Mining in collaboration with the Nigerian Geological Survey Agency (NGSA). At the same time, Steron Mining reported approximately 3.3 million tonnes of lithium reserves at its Abuja project, with total mineral resources estimated at 94.8 million tonnes.
The Nigerian government said it will continue promoting domestic mineral processing and value-added development to strengthen its position in the global critical minerals supply chain. That infrastructure, power supply and regulatory challenges remain key factors affecting future project development.
Dangote Group signed a $400 million equipment agreement with China’s Xuzhou Construction Machinery Group, known as XCMG, to support the expansion of the Dangote Petroleum Refinery and other industrial projects.
If completed, the expansion would place the Lekki-based plant in the same league as Reliance Industries’ Jamnagar refinery in India, currently regarded as the world’s largest single-site refining complex.
For Dangote, the agreement is more than a machinery purchase. It is part of a wider plan to turn Nigeria from a fuel-import dependent economy into a major supplier of refined petroleum products across Africa and beyond.
The refinery has already begun changing trade flows in the region. Reuters reported earlier this month that the facility processed 700,000 barrels per day during a performance test, above its official 650,000 bpd nameplate capacity.
The plant, which started operations in 2024, produces petrol, diesel and jet fuel for the Nigerian market while also exporting refined products to other African countries, Europe, the United States and Saudi Arabia.
The XCMG deal also highlights China’s growing role in Africa’s industrial expansion. Chinese firms have become major suppliers of infrastructure equipment across the continent, offering large-scale machinery at prices and timelines many African companies consider more competitive than Western alternatives.
The refinery is preparing for a major capital raise ahead of a planned listing. The company had earlier this month sought about $1 billion through a private placement, valuing the refinery at about $39.1 billion. Investor demand had already exceeded $2 billion.
That valuation would make the refinery one of Africa’s most valuable privately built industrial assets.
Dangote has framed the refinery as a long-term industrial bet on Africa, not just Nigeria. The planned expansion would increase fuel supply, deepen petrochemical production and strengthen Nigeria’s position in regional energy markets.
However, the scale of the project also comes with risks. The first phase of the refinery took more than a decade to complete and faced delays, funding pressure and crude supply challenges.
The second phase will test whether Dangote can expand faster while maintaining stable crude supply, regulatory support and export demand.
Still, if the expansion succeeds, it could reshape Africa’s fuel market and give Nigeria a rare advantage in a sector where it has long underperformed despite being one of the continent’s biggest crude oil producers.
After more than three decades off the Formula 1 calendar, Africa's bid to host its first Grand Prix since 1993 is gaining momentum, with Nigeria joining South Africa and Rwanda in the race.
The National Sports Commission (NSC) has confirmed that Nigeria submitted an official bid to stage a Formula 1 Grand Prix in Abuja, joining South Africa and Rwanda in the race to host the sport's first African event since the 1993 South African Grand Prix at Kyalami.
Nigeria has appointed Opus Racing Promotions as its representative to engage with Formula One Management (FOM) and the Fédération Internationale de l'Automobile (FIA), with officials describing the proposed Abuja race as part of a project reportedly worth about $500 million.
If successful, Nigeria would become the first West African nation to host a Formula 1 World Championship race.
The bid comes as Formula 1 continues expanding into new markets, with host countries increasingly viewing Grands Prix as catalysts for tourism, foreign investment and infrastructure development.
Three countries, one Formula 1 dream
While Nigeria is the newest contender, South Africa and Rwanda have been pursuing Formula 1's return for months.
South Africa is banking on its rich motorsport heritage, having hosted 23 Formula 1 World Championship races between 1962 and 1993.
Its campaign is built around the historic Kyalami Circuit, which has secured approval for the FIA Grade 1 upgrades required to host modern Formula 1 races.
Rwanda, meanwhile, is pitching a purpose-built circuit near the under-construction Bugesera International Airport.
The country officially launched its bid during the FIA General Assembly in Kigali in December 2024, with President Paul Kagame positioning the project as part of Rwanda's strategy to become a leading destination for international sporting events.
Africa's strongest bid in decades
Formula 1 has not raced in Africa for more than three decades despite expanding its calendar across the Middle East, Asia and North America.
The continent's absence has drawn repeated criticism from seven-time world champion Lewis Hamilton, who has argued that the sport cannot truly be global without an African race.
Although only one country is likely to secure hosting rights, the emergence of bids from Nigeria, South Africa and Rwanda marks Africa's strongest collective push yet to reclaim a place on the Formula 1 calendar.
Each proposal offers a distinct advantage. Nigeria presents the continent's largest consumer market and a rapidly growing economy, South Africa offers a proven Formula 1 venue with decades of racing history, while Rwanda is promoting a modern, purpose-built circuit as part of its broader sports tourism ambitions.
With Formula 1's calendar already packed with 24 races, winning a place will require more than a world-class circuit.
Governments must also demonstrate commercial viability, infrastructure readiness and long-term commitment. Regardless of which bid succeeds, Africa's renewed drive signals that the continent is no longer waiting for Formula 1 to return but is actively competing to host it.
The Nigerian Navy is reporting that it again seized several stowaways as it is grappling with a growing problem of stowaways attempting to hide on outbound ships. The authorities arrested five suspects who were hiding in the rudder compartment of a bulk carrier berthed at the Lagos port complex.
The Nigerian Navy said the five, who are aged between 24 and 43 years, were apprehended attempting to hide in the rudder compartment of the bulker Chinafrie Happiness (174,413 dwt). The 289-meter (948-foot) vessel sails under the flag of Liberia. It is Chinese-owned and was berthed alongside the Tin Can Island Port, bound for India.
The suspects were discovered on June 17 and were taken to the Nigerian Navy ship, where they underwent preliminary investigation and profiling before being handed over to the immigration service.
“The handover forms part of ongoing collaborative efforts among security agencies to curb illegal migration and enhance maritime safety and security,” said Sub-Lietenant AO Ajayi, Naval Assistant to Commander NNS Beecroft.
Ajayi added that with Nigeria recording increasing cases of stowaways in its seaports, it has now become important for the country to discourage youths from attempting to board seagoing vessels illegally.
In March, the Nigerian Navy arrested three suspected Ghanaian stowaways rescued from the 2008-built oil/chemical tanker MV Anatolia (IMO: 9388003) and who were trying to illegally migrate to Europe. The suspects were discovered concealed within the rudder compartment of the vessel that sails under the flag of Panama while the ship was berthed at the Dangote terminal in Lagos.
According to risk intelligence firm Castor Vali, stowaways have become a persistent operational risk for vessel owners operating in Nigeria and the wider West African maritime corridor. Last year, vessels recorded approximately 2,300 stowaway-related incidents, with some foreign shipping lines experiencing two to three cases per week.
The firm highlights that the stowaway problem is fast becoming costly owing to the fact that each confirmed stowaway can attract a sanction of around $2,000, contributing to annual costs estimated at roughly $4.6 million in Nigeria alone.
Total exposure can approach $30,000 per incident when other factors like repatriation, delay, security management, and compliance handling are taken into account. Some of the stowaways have been successful, with stowaways captured in the Canary Islands and a group that made it across the Atlantic to Brazil on the rudder of a ship.
