Nigeria in September 2026: the most important developments in economy
In September 2026, the Nigerian economy was defined by the initial public offering of the Dangote refinery. On September 7 the company signed the IPO documents, with a minimum subscription of N5,250 per share, and announced a $14 billion expansion; Abu Dhabi's Adnoc was reported to be in talks to acquire stakes. The offer opened on the Nigerian Exchange on September 14, seeking N2.15 trillion at a valuation of $47 billion, the largest IPO in Africa. Two investment sites were overwhelmed by demand, and stockbrokers expected oversubscription. Aliko Dangote said petrol at N1,350 is cheaper in Nigeria than in neighbouring countries, while commentary noted the offer is out of reach for many Nigerians. The head of the exchange called it a sign that the market can raise capital on this scale. On September 30 Dangote launched a $16 billion refinery at Lamu port in Kenya amid land protests and legal concerns.
The naira stood at N1,375 per dollar in the parallel market on September 24 and between N1,370 and N1,382 in the last week of the month. The Central Bank said bank recapitalisation and foreign exchange reforms are strengthening the financial system. The Presidency warned that a return to fuel subsidy would kill the state oil company, and Nigeria rejoined the JP Morgan bond index after 11 years.
In energy and trade, NNPC marked completion of the OB3 gas pipeline on September 4, and the IEA said energy investment could double within five years. Nigeria won a $2.35 billion arbitration case over the Mambilla hydropower project. On September 24 Nigeria and the United States signed a mining investment agreement covering a solid minerals sector valued at $700 billion. A war involving Iran caused a cooking gas supply shortage. Uber ceased operations in Nigeria and Uganda, cutting 3,300 jobs.
On the roads, accidents and gridlock continued on the Lagos-Ibadan Expressway, where streetlights also failed on the Longbridge stretch.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.