Business

Lagos woos South African investors with $1.2b digital push, infrastructure drive

Published

2 months ago

April 27, 2026

By Ambrose Nnaji

Lagos State is positioning itself as West Africa’s premier investment hub, pitching major infrastructure upgrades, regulatory reforms and a surge in digital spending to South African investors as it seeks to deepen cross-border capital flows under the African Continental Free Trade Area (AfCFTA).

Speaking at the second edition of the Nigeria–South Africa Economic Diplomacy Roundtable 2026, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebe said the Lagos government attracted about ₦1 trillion in new investments in 2025, alongside more than $1.2 billion in digital infrastructure commitments, including data centres and broadband expansion.

“Lagos offers a stable, reform-driven environment with world-class logistics and a vibrant entrepreneurial base ready to scale opportunities”, the Commissioner said.

The roundtable, held under the South Africa Week 2026 platform and hosted in partnership with MTN Group and the South African Mission in Lagos, brought together government officials and corporate executives seeking to align policy with business realities.

Represented by the Director of Cooperatives, Ministry of Commerce, Cooperative Trade and Investment, Adeyemi Adeyinka, Ambrose-Medebe said Africa’s largest city economy, which accounts for more than 30percent of Nigeria’s Gross Domestic Product (GDP), is banking on a wave of infrastructure development to lower business costs and unlock trade. She highlighted progress on urban rail systems, road networks, and flagship projects such as the Lekki Deep Sea Port and coastal highway, designed to strengthen Lagos’ position as a regional logistics hub.

Ambrose-Medebe said the state has also accelerated regulatory reforms, including digitised government services and faster construction permitting timelines of about 15 working days for low-risk projects, helping it rank as Nigeria’s top-performing state in ease of doing business in 2025.

She said these moves are critical as Nigeria and South Africa — Africa’s two largest economies — attempt to reverse historically low levels of bilateral trade despite strong diplomatic and investment ties.

“Structural bottlenecks have long limited intra-African trade, but reforms at the subnational level, particularly in Lagos, could help unlock new value chains,” she said.

The state’s medium-term strategy, anchored on its Industrial Policy (2025–2030) and Development Plan 2052, targets export-led growth, with a focus on manufacturing, technology, and services, Ambrose-Medebe said.

She said the flagged upcoming investment roadshows, including the “Invest in Lagos” initiative in partnership with the Commonwealth Enterprise and Investment Council, is aimed at converting investor interest into bankable projects.

South African firms, already dominant in sectors such as telecommunications, retail and financial services in Nigeria, are being encouraged to expand into renewable energy, infrastructure financing, agribusiness value chains, and the creative economy.

According to the Commissioner, Governor Babajide Sanwo-Olu’s administration has allocated more than 52per cent of its 2026 budget to capital expenditure, signalling continued emphasis on infrastructure-led growth.

For investors, the pitch is clear: Lagos wants to be the entry point into a rapidly integrating African market. “This roundtable must move beyond dialogue to concrete deals and joint ventures”, Ambrose-Medebe said, underscoring a push for deeper commercial ties between the continent’s economic heavyweights.

The Chairman of the Nigerian-South Africa Chamber of Commerce, Ije Jidenma, called for deeper trust, joint ventures and outcome-driven partnerships between Nigerian and South African firms, as both countries seek to convert diplomatic ties into tangible economic gains.

Jidenma said economic diplomacy must move beyond rhetoric to deliver measurable progress in trade, infrastructure and private sector collaboration. She praised the vision of South Africa’s Consul General, Bobby Moroe, noting his role in advancing bilateral engagement and positioning the relationship as central to Africa’s growth agenda.

“At its core, economic diplomacy is about deploying economic tools—trade, investment, finance—to advance national interests,” Jidenma said, adding that the chamber is working to ensure businesses from both countries expand across each other’s markets on a “win-win and sustainable basis.” He said stronger collaboration could drive export growth, attract capital and technology, and help secure critical infrastructure across sectors such as energy and food systems.

The push comes amid shifting global economic dynamics that are forcing African economies to look inward for growth. Jidenma described the roundtable as both “timely and strategic,” arguing that Nigeria and South Africa must lead by example in strengthening partnerships across infrastructure, logistics, housing and digital connectivity to unlock investment flows and boost productivity.

He acknowledged persistent structural and perception challenges but stressed that building trust remains central to unlocking the full potential of the relationship. “Our role is also about attitudinal change,” she said, urging businesses to look beyond short-term obstacles and align around a broader continental vision.

Jidenma pointed to growing private sector leadership as a catalyst for that shift, citing remarks by Mcebisi Jonas on embedding corporate activity within national development priorities. Companies, she said, must go beyond profit-making to become part of the “fabric of nation-building,” integrating investment with long-term socio-economic impact.

The chamber, she added, is positioning itself as a bridge to facilitate deals, reduce information gaps and support market entry for businesses on both sides. Discussions at the roundtable are expected to focus on practical outcomes, including closing financing gaps, improving broadband infrastructure and creating a more enabling environment for private sector participation.

With Africa’s largest economies under pressure to deliver on integration ambitions, Jidenma said the success of the platform would ultimately depend on its ability to translate dialogue into projects. “The people in this room can activate transformative infrastructure—not just for our two countries, but for the continent,” she said.

As stakeholders deepen engagement, the Nigeria–South Africa corridor is increasingly seen as a test case for whether economic diplomacy can deliver scalable, private sector-led growth across Africa.

Acting Consul General Kgothatso Xulu, representing Consul General Bobby Moroe, said both countries must move beyond dialogue to structured, results-driven engagement capable of unlocking continental growth. He argued that while high-level conversations have helped sustain diplomatic goodwill over the years, the next phase of the Nigeria–South Africa relationship must be defined by implementation—clear timelines, bankable projects and measurable outcomes that directly impact trade, investment and industrial development.

According to her, aligning policy with private sector priorities will be critical to achieving this shift. He noted that regulatory bottlenecks, market access constraints and fragmented value chains continue to limit the full potential of bilateral trade, despite the size and influence of both economies. Structured engagement, she said, should focus on resolving these barriers through coordinated reforms, while also expanding opportunities in key sectors such as telecommunications, energy, infrastructure and digital innovation.

Xulu stressed that the stakes go beyond bilateral gains, positioning Nigeria and South Africa as joint drivers of Africa’s economic future. With the African Continental Free Trade Area opening new pathways for intra-African trade, she said both countries carry a responsibility to lead by example—demonstrating how strategic cooperation can translate into scalable growth, stronger regional value chains and inclusive development across the continent.

Oil & Gas

Senate orders arrest of Mele Kyari over alleged N210tr NNPCL financial gaps

Published

2 days ago

June 10, 2026

NewsNexis Africa

By Editor

The Senate Committee on Public Accounts has ordered the arrest of former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over his repeated failure to appear before it to respond to alleged financial discrepancies amounting to N210 trillion.

The directive was issued on Wednesday by the committee chairman, Senator Ibrahim Hassan Dankwambo, following a voice vote by members of the panel.

The committee is investigating audit queries covering the period between 2017 and 2023, during which it says massive financial figures in the NNPCL accounts remain insufficiently explained.

At the session, Senator Adams Oshiomhole urged the committee to invoke its constitutional powers, arguing that repeated absences by the former NNPCL chief undermined the integrity of the probe.

He questioned the justification for Kyari’s reported absence on health grounds in Germany, insisting that such explanations were not sufficient given the scale of the alleged financial issues and Nigeria’s fiscal pressures.

According to him, the committee must act decisively, especially as the audit queries were raised by professional auditors and not by public speculation.

The Vice Chairman of the committee, Senator Onyeka Peter Nwebonyi, also supported the move, stating that there was no further need to delay proceedings and calling for the issuance of an arrest warrant.

Following the deliberations, Chairman Dankwambo ruled that Kyari should be arrested and compelled to appear before the committee immediately.

The probe, which initially involved summons issued in March, also covered other former senior officials of the NNPCL, including former Chief Financial Officer Umar Ajiya Isa and former Group General Manager of NAPIMS, Bala Wunti.

The committee flagged two major financial components during its review of audit reports: N103 trillion allegedly linked to cumulative Joint Venture (JV) cash call spending since 2017, and N107 trillion recorded as “sundry receivables” in the December 2023 audited financial statements, reportedly owed by banks and other entities.

The panel had earlier directed the current NNPCL leadership under Bayo Ojulari to appear before it in July 2025 to respond to the audit queries, warning that failure to comply could also lead to enforcement actions.

With the latest order, the Senate Committee says it is intensifying efforts to compel accountability over the alleged financial discrepancies and ensure full compliance with its ongoing investigation into NNPCL’s audited accounts.

Oil & Gas

Dangote Refinery exceeds design capacity, reaches 700,000 barrels per day

Published

1 week ago

June 5, 2026

NewsNexis Africa

By Editor

Nigeria’s ambition to become a major global refining hub received a significant boost as Dangote Petroleum Refinery & Petrochemicals announced that it has increased crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its original nameplate capacity of 650,000 bpd.

The milestone, achieved during a performance test conducted by the refinery’s process licensors, underscores the facility’s growing operational efficiency and reinforces its status as the world’s largest single-train petroleum refinery.

The achievement comes less than two years after the refinery commenced fuel production and signals the rapid maturation of a project that is reshaping Nigeria’s downstream petroleum sector while strengthening Africa’s energy security.

According to the Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, the increase in processing capacity forms part of a broader strategy to more than double the refinery’s throughput to 1.4 million barrels per day within the next 30 months.

“The refinery’s growth trajectory is not only about meeting domestic demand but positioning Nigeria as a major refining and export hub serving Africa and global markets,” Edwin said.

The increase in capacity further enhances the refinery’s ability to process larger volumes of crude oil while optimizing production of premium motor spirit (petrol), diesel, aviation fuel, liquefied petroleum gas (LPG), polypropylene and other petroleum products.

Industry analysts view the development as a major step toward reducing Africa’s dependence on imported refined products, a challenge that has historically exposed many countries to supply disruptions and foreign exchange pressures.

Owned by Nigerian businessman and philanthropist Aliko Dangote, the refinery has rapidly emerged as a key supplier of refined petroleum products to domestic and international markets.

Since commencing operations in 2024, the facility has expanded exports across Africa and into Europe, supplying markets in countries including the United Kingdom, France, Spain, Italy and the Netherlands. The refinery has also delivered gasoline to the United States and aviation fuel to Saudi Arabia, demonstrating its growing relevance in global energy trade.

The refinery’s rising output comes at a time when geopolitical tensions and supply chain disruptions in the Middle East continue to affect global energy markets. Industry observers note that several African countries increasingly view the Dangote Refinery as a strategic source of supply that can help strengthen regional energy security.

Its growing international footprint has also earned global recognition. In April, the refinery was identified by S&P Global Commodities Insights as the world’s largest exporter of jet fuel, reflecting its expanding role in international petroleum markets.

Beyond exports, the refinery has played a critical role in transforming Nigeria’s domestic fuel market by reducing dependence on imported petroleum products and easing pressure on scarce foreign exchange resources.

The expansion aligns with broader national objectives of maximizing value from Nigeria’s crude oil resources, creating jobs, supporting industrialization and strengthening the country’s balance of trade.

Growing production volumes have also attracted increased interest from international crude suppliers and commodity trading companies, with the refinery sourcing feedstock from both domestic producers and global markets to support its rising operational needs.

Looking ahead, Dangote’s ambition to expand capacity to 1.4 million barrels per day by 2028 could position the facility among the largest refining complexes in the world, further elevating Nigeria’s standing in the global energy value chain.

The refinery is also expected to deepen industrial development by ensuring reliable supplies of key petrochemical feedstocks such as polypropylene and, in the future, Linear Alkylbenzene (LAB), a critical raw material used in detergent manufacturing.

For Nigeria, the refinery’s latest capacity milestone represents more than an operational achievement. It signals the emergence of a strategic industrial asset capable of reshaping fuel markets, strengthening energy security, driving export earnings and accelerating the country’s transition from a crude oil exporter to a major processor and supplier of refined petroleum products.

Business

Nigeria’s outdoor advertising industry set for transformation through landmark research

Published

2 weeks ago

June 1, 2026

NewsNexis Africa

By Editor

Founder, OOH Academy/Convener, LOMA Awards, Kingsley Onwukeke, has described the commissioning of Nigeria’s first major independent Out-of-Home audience and consumer penetration study in over a decade as a defining moment for the future of the industry.

Speaking at the official commissioning ceremony, in Lagos, Onwukeke announced the appointment of Research Brooks to undertake the “Nigeria OOH Advertising Consumer Penetration & Audience Behaviour Study,” an ambitious nationwide research project designed to reshape how Out-of-Home advertising is measured, understood, planned, and valued across Nigeria.

The initiative, championed by OOH Academy Nigeria — organisers of the Location Marketing (LOMA) Conference and Awards — is being executed in collaboration with TMKG Consulting and supported by leading stakeholders across the advertising ecosystem.

According to Onwukeke, the Nigerian Out-of-Home industry can no longer depend on fragmented assumptions and outdated estimations in an era driven by technology, audience intelligence, mobility data, and measurable media performance.

“For too long, the industry has operated without comprehensive independent audience data. Yet Out-of-Home advertising remains one of the most visible and influential media platforms shaping consumer awareness across Nigeria. As cities evolve and audience behavior changes, the industry itself must evolve through credible intelligence and measurable insights,” he stated.

The study will focus on critical industry indicators including audience penetration, consumer mobility patterns, engagement levels, media visibility, effectiveness, market intelligence, historical industry spend analysis, and emerging opportunities shaping the future of the sector.

Beyond a one-time project, the initiative is designed to become an annual industry intelligence publication under the flagship report titled “LOMA Outlook: The State of Out-of-Home & Location Marketing in Africa.”

Industry observers believe the development could significantly influence future media planning, investment decisions, audience measurement standards, and the broader credibility of Nigeria’s advertising ecosystem.

Onwukeke also acknowledged the support of international partners whose involvement reflects growing global confidence in Africa’s Out-of-Home sector.

These include Moving Walls, the Singapore-based audience measurement and location intelligence company; Polygon, the South African screen network aggregator and programmatic DOOH company; and Absen, one of the world’s leading LED display technology manufacturers.

He reaffirmed the commitment of OOH Academy Nigeria and the LOMA Conference and Awards to advancing industry knowledge, recognising overlooked industry contributors, and strengthening long-term sustainability within the Out-of-Home sector.

“To build a stronger industry, we must invest in knowledge, transparency, and credible measurement systems. Today’s commissioning represents a major step toward that future,” he said.

To ensure transparency and professional credibility, an independent oversight committee comprising respected media and research professionals was constituted for the project.

Members include Emmanuel Adediran, Business Unit Lead at Plus Acuity; Ikechukwu Ogbonna, former Kantar executive and former Head of Consumer Research at Dentsu Nigeria; and Felix Ehikhuemen, former OAAN leader and founding member of the African OOH Congress.

Onwukeke further disclosed that major industry bodies including the Outdoor Advertising Association of Nigeria (OAAN), Media Independent Practitioners Association of Nigeria (MIPAN), and the Advertising Regulatory Council of Nigeria (ARCON) are fully aware of the initiative and recognise its strategic importance to industry development.

The final report and findings are expected to be officially unveiled during the fourth edition of the Location Marketing (LOMA) Conference and Awards scheduled for September, with copies distributed to stakeholders across the advertising industry to support informed decision-making and future growth.

Business Unit Director, Plus Acuity Limited, Emmanuel Adediran, said out-of-home advertising has remained one of the most resilient channels within the traditional media mix over the past five to 10 years, recording steady year-on-year growth.

According to him, the sector is expected to attract even greater investment and attention as the industry moves into 2026 and 2027.

“We are entering an era where data and information have become central to marketing investments and business decisions,” he said. “As marketing professionals, it is our responsibility to provide accurate, timely, and consistent data that can support investments in out-of-home advertising.”

Adediran noted that measurement remains one of the major challenges facing the sector.

“When it comes to out-of-home advertising, there is still uncertainty around measurement. There are estimates from different sources and fragmented systems across the industry. There is no single source of data that harmonises all of this,” he added.

Also speaking, Lead and Principal Investigator at, Jonathan Kalu, described the initiative as long overdue.

“This event has been long coming. We almost achieved it last year, but discussions ended in a narrow miss. However, this year, we are finally here, and it promises to be something every stakeholder in the industry should look forward to,” he said.

Kalu assured stakeholders of the company’s commitment to delivering reliable, evidence-based industry intelligence.

“We have assured the convener of LOMA that we will spare no effort in making this an evidence-based research journey that the industry can consistently rely on. It is important to make that clear from the outset. We are fully committed to the process,” he stated.