Happy Friday! It’s Friday the 13th 👻. But we’re Africans… we don’t believe in that stuff, right? RIGHT?

Nigeria may have just revived a deepwater oil project that has been stuck in the “almost happening” phase for nearly two decades.

President Bola Ahmed Tinubu has approved a package of targeted fiscal incentives aimed at unlocking the long-awaited Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project. The project is operated by Shell plc in partnership with Nigerian National Petroleum Company Limited and other international oil companies. If investors sign off, the project could attract around $20 billion in foreign direct investment and usher Nigeria back into the deepwater oil conversation.

20 years to greenlight

The Bonga field itself isn’t new. It was Nigeria’s first deepwater oil project, starting production in 2005, about 120 km off the Niger Delta coast. But the Southwest Aparo extension has been stuck in planning mode ever since. Between tax disputes, regulatory uncertainty, and shifting economics in the oil industry, the project kept getting pushed further down the to-do list.

The new incentive package aims to fix that. According to officials, once the fiscal framework is in place, the partners can officially commit capital.

The draw

The development is expected to produce about 150,000 barrels of crude oil per day and 140 million cubic feet of gas daily, while creating more than 5,000 direct and indirect jobs. Even more importantly, it would be the first final investment decision on a Nigerian deepwater production-sharing contract since 2008.

Earlier this year, Shell CEO Wael Sawan met with President Tinubu and signalled that the company was ready to ramp up investment in Nigeria again (this hasn’t been the case recently). Energy projects often span 20 to 40 years, so companies prioritise stability and clear fiscal rules before committing billions. Recent reforms, according to Shell, have improved Nigeria’s attractiveness compared with other investment destinations.

That’s the theory, at least. The real test comes when investors actually sign the cheque.

Red flags and side eyes

Environmentalists and community members affected by Shell’s past shenanigans (like when they refuse to clean up oil spills) warn that expanding oil production risks deepening ecological damage in the Niger Delta, a region that has endured decades of pollution from spills and pipeline leaks.

Shell has faced lawsuits in European courts over environmental damage linked to its Nigerian operations, and some communities still struggle with contaminated farmland and waterways. So while policymakers frame the project as a boost for jobs and government revenue, critics (and maybe history and the nature of capitalism) see the possibility of reopening old wounds.

💸 SPIN for $500m: Nigeria has launched the $500 million Sustainable Power and Irrigation for Nigeria (SPIN) Project, funded by the World Bank, to boost food production and power generation. Minister of Water Resources and Sanitation of Nigeria, Joseph Utsev, said the project will modernise irrigation systems, improve dam safety, and strengthen water management institutions to support agriculture, hydropower generation, and climate resilience. The project builds on the earlier Transforming Irrigation Management in Nigeria programme and will rehabilitate about 14,000 hectares of irrigated land while attracting private investment into irrigation development. Officials say it will also help address Nigeria’s heavy reliance on rain-fed agriculture, with over 400 dams across the country expected to benefit from improved management to better handle floods, droughts and rising food demand.

🤑 Funding is back up: Startup funding in Africa picked up in February 2026 after a slow start to the year, reaching $272 million, up from $174 million in January and slightly above the continent’s recent monthly average. But the rebound came with a catch: six startups accounted for about 80% of the total funding, showing that capital remains concentrated in a small group of larger companies. Spiro raised $57 million in debt financing, Breadfast raised $50 million, and GoCab got $45 million to expand across West Africa. West Africa was the bagged 53% of the funding, followed by North Africa (24%) and Southern Africa (21%). East Africa however, dropped to 3% of the total, despite historically being one of the continent’s busiest startup hubs. The data also shows a shift in how startups raise money: debt financing made up about 45% of February’s funding, as investors grow more cautious about equity investments after the global venture capital slowdown. Overall, African startups raised $446 million in the first two months of 2026, a bit more than the $417 million recorded during the same period in 2025.

Canal+ is not interested in Showmax’s $522M loss: French broadcaster Canal+, channelling their inner Nigerian secondary school teacher, called African streaming platform Showmax an “expensive failure” 😭 and plans to shut it down after the service racked up about $522 million in losses over three years at MultiChoice Group. Canal+ is in the process of acquiring MultiChoice. They intend to cut costs and restore profitability across MultiChoice’s operations. Showmax was central to MultiChoice’s push into streaming, including a 2023 deal with NBCUniversal, which took a 30% stake and provided technology based on its Peacock platform. But subscriber growth and revenue failed to keep pace with rising costs. Annual losses went from $72 million in 2023 to $294 million in 2025. Canal+ now plans to replace Showmax with its own streaming platform across MultiChoice markets as part of a restructuring that also includes job cuts and operational consolidation.

After about 20 years in the country, Shoprite Holdings has closed up shop across Nigeria. Analysts estimate the move could disrupt around $875 million worth of retail-related activity tied to the chain.

Started from the top, now we’re here?

When Shoprite entered Nigeria in 2005, it helped popularise the modern supermarket experience. The chain quickly expanded to about 25 stores across 13 states, becoming a staple of weekend grocery runs and family shopping trips.

But operating a supermarket chain in Nigeria gradually became more complicated. After the pandemic, companies faced foreign exchange shortages, rising import tariffs, higher logistics costs, and supply disruptions. By 2024, customers were already noticing thinner shelves, with some stores stocking little more than wine, detergents, or toys.

Ownership also changed. In 2021, the South African parent company sold its Nigerian operations to a local consortium led by Persianas Investment, which continued running the stores under a franchise agreement. But by late 2025, multiple outlets across cities like Lagos closed.

The domino effect

Shoprite served as a major bulk buyer of food products, beverages, household goods, and locally produced items, creating a large supplier network across Nigeria. With those orders gone, many suppliers have had to pivot to smaller retailers. Some stores inside malls say sales dropped once their Shoprite closed, as fewer shoppers now visit the mall.

Who else is leaving?

Shoprite is one of many. Between 2020 and 2024, roughly 20 international companies and manufacturers exited the Nigerian market, citing challenges such as currency volatility, supply chain disruptions, and rising operating costs.

But it's not always permanent. Personal healthcare products and consumer goods manufacturer, PZ Cussons, walked back plans to exit after its Nigerian business returned to profitability.

The bottom line

Nigeria’s mall sector, valued at about $1.56 billion, has lost one of its biggest anchors. And while Shoprite’s departure adds to the list of multinational exits from Nigeria in recent years, history suggests the fan favourites sometimes spin the block.