The Tech and business sector in the South-South region of Nigeria, encompassing states like Rivers, Akwa Ibom, Cross River, Bayelsa, Edo, and Delta, is experiencing a surge in technological innovation and business development. This transformation is fueled by strategic investments, policy reforms, and a growing entrepreneurial spirit.
As of mid-2025, Nigeria’s South-South region is experiencing notable economic developments across various sectors, including energy, infrastructure, digital finance, and regional governance.
Here’s a comprehensive look at the latest trends and developments shaping the tech and business landscape in the South-South.
Energy Sector Reforms Attracting New Investments
The Nigerian government’s recent policy reforms are revitalising the energy sector, particularly in the South-South, which is rich in oil and gas resources. The introduction of the Upstream Petroleum Operations Cost Efficiency Incentives Order in 2025 offers performance-based tax incentives to upstream operators, aiming to reduce costs and enhance revenue from oil and gas projects. This move is expected to attract fresh investments and drive development in the region’s energy sector. ([African Energy Chamber]
TotalEnergies’ Stake Sale Signals Industry Confidence
In a significant development, TotalEnergies has agreed to sell its 12.5% stake in the Bonga oilfield, located offshore Nigeria, to Shell for \$510 million. This acquisition increases Shell’s ownership in the field to 67.5%, reinforcing its commitment to offshore oil production in Nigeria. The Bonga field, which is undergoing an expansion to add 110,000 barrels of oil equivalent per day, is a critical asset in the South-South’s energy landscape. ([Reuters]
PalmPay’s Expansion Reflects Fintech Growth
PalmPay, a Nigerian digital payment company, is making significant strides in the fintech sector. Handling over 15 million daily transactions in Nigeria, PalmPay plans to expand into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025. This expansion underscores the company’s growth and the increasing adoption of digital payment solutions in the South-South region. ([Ecofin Agency)
MTN’s Revenue Boost Highlights Telecom Growth
MTN Group, a leading telecommunications company, reported a significant increase in its first-quarter service revenue for 2025, with Nigeria contributing a 40% surge. This growth is attributed to strong performances in regions including the South-South, where improved connectivity and digital services are driving economic activities. ([WSJ]
Museum of West African Art (MOWAA) Enhancing Cultural Economy
Benin City is set to become a cultural hub with the opening of the Museum of West African Art (MOWAA). The museum will feature cutting-edge labs, galleries, and performance spaces, aiming to preserve and showcase West African art and heritage. This initiative is expected to boost tourism and create economic opportunities in the South-South region. ([The Guardian
Nigeria’s Admission to BRICS Enhances Global Partnerships
Nigeria’s recent admission as a partner country in the BRICS bloc, which includes major developing economies like Brazil, Russia, India, China, and South Africa, opens new avenues for international collaboration. This development is poised to attract foreign investments and foster economic growth in regions like the South-South.
Energy Sector: Refinery Revivals and Oil Production Boosts
The South-South region, a cornerstone of Nigeria’s oil industry, has seen significant advancements:
- Refinery Operations Resumed: The Port Harcourt refinery resumed production in late 2024, initially processing 60,000 barrels per day, with plans to increase output. This move aims to reduce Nigeria’s reliance on imported refined petroleum products. ([Hydrocarbon Processing][1])
- Warri Refinery Reactivation: After years of inactivity, the Warri refinery has been brought back online, contributing to the nation’s refining capacity and supporting local economies. ([energynews.oedigital.com][2])
- Oil Production Increase: Nigeria’s oil production rose to 1.7 million barrels per day in November 2024, marking a 13% year-on-year increase. This uptick is attributed to enhanced security measures and reduced oil theft in the Niger Delta. ([Vanguard News][3])
Infrastructure Development: Enhancing Connectivity
Infrastructure projects are underway to bolster economic activities:
- Lagos-Calabar Coastal Highway: Construction has commenced on the 700-kilometre Lagos-Calabar Coastal Highway, which will traverse multiple South-South states, including Delta, Bayelsa, Rivers, and Akwa Ibom. This project is expected to improve trade and mobility across the region.
Digital Finance: Growing Adoption Amidst Challenges
The adoption of digital banking services is on the rise:
- Increased Digital Banking Usage: A study conducted in April 2025 revealed that awareness and usage of digital banking services in the South-South region improved significantly, especially during periods of cash scarcity. Effective communication strategies played a crucial role in this uptick.
Regional Governance: Proposals for New State Creation
Discussions around administrative restructuring are gaining momentum:
- Proposal for Warri State: In February 2025, the Nigerian House of Representatives announced the proposal for the creation of Warri State, among others. This move aims to address concerns of marginalisation and enhance political representation for the Itsekiri people in Delta State. ([Wikipedia)
These developments indicate a dynamic shift in the South-South’s economic landscape, with efforts focused on revitalising the energy sector, improving infrastructure, embracing digital financial solutions, and addressing governance issues.
The South-South region of Nigeria is undergoing a dynamic transformation, with significant advancements in the energy, fintech, telecommunications, and cultural sectors. These developments, supported by policy reforms and strategic investments, are positioning the region as a burgeoning hub for tech and business innovation. As the South-South continues to evolve, it offers promising opportunities for entrepreneurs, investors, and stakeholders aiming to be part of Nigeria’s growth story.
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