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AfDB Worries over Nigeria’s $67.7Bn Debt

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Ngozi Okonjo-Iweala, minister of Finance
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African Development Bank (AfDB), has released its African Economic Outlook 2015, and cautioned against Nigeria’s rising public debt profile which it put at $67.7 billion as at December 2014.

AfDB’s figure is higher than the All Progressives Congress (APC) and Prof. Yemi Osinbajo, Vice President-elect recent estimate of $63 billion.

The AfDB said total public debt level, which represents a five per cent increase from end-2013, was driven largely by the 10 per cent rise in the domestic debts of the federal and state governments.

The rising domestic debt emanated from the challenging fiscal position resulting from dwindling oil revenues coupled with need to implement several reform initiatives at both national and sub-national levels of government.

The report, written by Barbara Barungi (Lead Economist) and Eric Ogunleye (macroeconomist consultant), both of the group’s Nigeria Country Office, warned that an unchecked rise in public debt, especially domestic debt, could have negative effects on the economy.

“Increased domestic public debt has a tendency to raise interest rates, resulting in crowding out of the private sector from the local credit market. Anecdotal evidence suggests that increased public domestic debt is the major driver of the high lending rate in the country coupled with high monetary policy rate. Federal Government bonds and Nigerian treasury bills are the dominant instruments in the country’s domestic debt, accounting for over 95 percent of total domestic debt stock”, the report noted.

Despite the rising trend in public debt, the report, however, said the solvency and liquidity indicators show that the country remains at a low risk of debt distress, given a low debt-to-GDP ratio of about 12.5 per cent with external debt as low as 1.7 percent of GDP and mostly through international financial institutions’ concessional windows.

“A few risks persist, however, that tend to make the outlook and prospects of the Nigerian debt profile somewhat worrisome. One of these is the rising trend in sub-national debt. Failure to check this may undermine the effectiveness of the debt-management strategy being pursued. It is hoped that efforts of the DMO to reconstruct the debt at the sub-national levels and establish debt-management departments in each state will improve the situation. It is hoped that the robust debt management framework of the DMO will guide borrowing and the mode of financing any actual increased spending. However, a strong political will to stay the course of public financial management reform and the implementation of a genuine debt-management strategy are critical for success,” it added.

However, the AfDB report said the nation’s economy has enjoyed sustained economic growth for a decade, with annual real GDP increasing by around seven percent;  from 6.3 percent in 2014. The non-oil sector has been the main driver of growth, with services contributing about 57 percent, while manufacturing and agriculture, respectively contributed about nine per cent and 21 per cent.

The economy is thus diversifying and is becoming more services-oriented, in particular through retail and wholesale trade, real estate, information and communication.

The 2015 outlook projected a moderate growth of five percent, due to vulnerability to slow global economic recovery, oil-price volatility and global financial developments. The low oil price, it said, would lead to a sharp decline in fiscal revenues, but that the overall impact on non-oil sector GDP would be relatively muted.

“The sector is, thus, expected to remain the main driver of growth over the medium term and, in the light of the recent macroeconomic challenges, the government has adopted an adjustment strategy that hinges on tightening government spending and shoring up non-oil revenues to compensate for dwindling oil revenues.”

The analysts called on government to address security issues facing the country, especially insurgency in the northeast and other parts of the country which they said has negative implications for investment.

“Insurgency also may hamper the fight against poverty as well as increase crime. An increased number of both internally displaced persons and refugees in neighbouring Cameroon and Niger have created a grave humanitarian situation. However, the current regional coalition force against Boko Haram appears to be making headway in subduing the insurgency.

They added that overcoming geographical and socio-economic barriers is central to achieving inclusive growth and sustainable development, while addressing rural-urban differences to ensure more balanced development through job creation and societal transformation will be critical for Nigeria’s future.

“This will need to be done within all the six geopolitical zones, in addition to addressing inequalities across these zones. Though there have been several policy initiatives aimed at territorial development in Nigeria, limited success has been achieved in addressing the fundamental causes of unevenness. The problem often lies with a structure of governance that gives room for developmental policy implementation at the federal, state and local levels of governance but not at the regional level”.


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TETFund Moves to Tighten Security in Tertiary Institutions

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The Tertiary Education Trust Fund (TETFund) is set to develop a comprehensive security master plan for tertiary institutions nationwide.

The Chairman of the Board of Trustees (BoT), TETFund, Aminu Bello Masari, made this known during his remark at the opening ceremony of a two-day workshop on campus security towards the development of a security master plan for tertiary institutions in Nigeria, held in Abuja.

He outlined the various threats faced by tertiary institutions, including banditry, kidnapping and cyber intrusions.

Masari explained that the master plan aims to enhance threat prevention, detection and response capabilities.

According to him, the discussion at the workshop, which was attended by all the chief security officers of all tertiary institutions, will cover various aspects of campus security, including intelligence gathering and emergency response mechanisms.

He stressed the shared responsibility of campus security among government, security agencies, administrators, students, staff and communities.

The workshop is described as a critical national document that will shape campus security policies and operations.

He encouraged participants to approach the deliberations with dedication, innovation and practical solutions, adding that outcomes of the workshop will significantly impact the safety of campuses and the future of Nigerian tertiary education.

The participants, including chief executives, deans, security officers, and law enforcement representatives, were encouraged to share experiences and practical solutions to ensure robust, future-proof campus security.

“What we begin here today is not merely another conference. It is a foundational step in developing a comprehensive, forward looking security master plan for tertiary institutions in Nigeria.

“This master plan is expected to establish a security of time framework for all time sharing institutions to transcend institutional capacity for threat prevention, detection, mitigation and response, promote intelligence-led security operations and proactive risk management, protect students, staff, facilities, infrastructure and intellectual assets, deepen collaboration between institutions, security agencies and host communities institutionalized emergency preparedness, crisis management and business continuity protocols and integrate modern, physical and digital security technologies into campus operation.

“These deliberations are not theoretical. They form the building blocks of the national framework that will guide campus security policies, investments and operations for years to come. I am particularly encouraged by this diversity of participants. Present here are chief executives, Dean of Student Affairs, chief security officers, ICT professionals, security analysts and the representatives of law enforcement agencies,” he stated.

In his remarks, the Executive Secretary, TETFund, Sunny Echono, pointed out that some campuses are porous and easily invaded, making them attractive targets for criminals.

He recalled a previous mapping exercise to identify high-risk areas and establish emergency response mechanisms.

He said there is a need to interface with various agencies and units in case of a security breach, ensuring clear communication channels.

Echono stressed the importance of having clear communication channels to alert and respond to security breaches, involving agencies like the military, police and Civil Defence.

“Those high-risk areas we identified and see how you can have some emergency response mechanism. This is only the first layer that is there, at the security layer at the source. Naturally, you know you have to interface with so many other agencies and units in the events of such an occurrence,” he said.


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NiDCOM Launches Diaspora Startup Challenge to Boost Nigerian Talent

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The Nigerians in Diaspora Commission (NiDCOM) has sought to harness the innovation and expertise of Nigerians across the globe with the launch of the Connected Diaspora x DOWA Start-Up Challenge and the Connected Diaspora Flagship Event 2025.

Speaking at a news conference in Lagos, Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, described the initiatives as timely and transformative, noting that they are strategically designed to tap into the creativity, enterprise and professional strength of Nigerians in the diaspora.

She said the Start-Up Challenge, themed “Building, Breaking and Believing in Nigeria,” aims to energise innovators abroad by promoting knowledge transfer, enterprise development and strategic investment to support Nigeria’s rapidly expanding economy.

According to a statement by NiDCOM, the challenge, which offers cash prizes of up to ₦1 million, is targeted at spotlighting exceptional ideas and supporting impactful ventures created by Nigerians living overseas.

According to Dabiri-Erewa, the initiative aligns with the Federal Government’s overarching goal of engaging the diaspora community as key partners in national progress.

She further announced that the Connected Diaspora Flagship Event will take place on December 19, 2025, in Lagos, and will bring together entrepreneurs, policymakers, investors, technology leaders and strategic partners for critical discussions on Nigeria’s future.

Kadiri Hamzat, Deputy Governor of Lagos State, will serve as the Special Guest of Honour and is expected to speak on the importance of collaboration between government and the diaspora in accelerating development.

NiDCOM also revealed that notable contributors from the global diaspora community and Nigeria’s entrepreneurship ecosystem will enrich the sessions and help shape new pathways for meaningful engagement.

Dabiri-Erewa said their support remains invaluable in driving the success of the initiative. She emphasized that their continued collaboration helps unlock the potential of Nigeria’s global talent pool and fosters sustainable economic growth.

The Commission called on stakeholders across both the public and private sectors to support the initiative, stressing that the opportunities for innovation, collaboration and nation-building are immense.

NiDCOM urged young Nigerians and diaspora returnees to participate actively in the Start-Up Challenge, reminding them that entries close on December 12, 2025.

The December event will also feature a Diaspora Talent Career and Internship Fair, aimed at connecting diaspora returnees with internship opportunities offered by DOWA partner organisations.

NiDCOM said the fair will further strengthen talent exchange and deepen the country’s development capacity.

The programme timeline includes the opening of applications for the Start-Up Challenge from November 18 to December 12, followed by public voting on Instagram from December 13 to 17.

The winner will be announced on December 18, ahead of the final presentation at the JK Randle Centre in Lagos on December 19.

NiDCOM encouraged interested participants to follow the provided registration details and take advantage of the platform created to connect, innovate and contribute to national advancement.


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PromoPrint Rekindles Nigerian Resilience @ 25th Anniversary

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L-r; Dr. Chukwuka Monye, Founder, Ciuci Consulting; Mrs. Bola Adesola, Chairman, Ecobank Nigeria; Mrs. Patricia Ojora, CEO PromoPrint Ventures Ltd and Mr Jonny Baxter, British Deputy High Commisioner at the 25th anniversary of PromoPrint Ventures held in Lagos recently.
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Indigenous printing company, PromoPrint Ventures Ltd, celebrated 25 years of operations in the country on Tuesday 2nd December, at an event held at the Lagos Motor Boat Club in Lagos.

The evening saw business executives, clients and stakeholders in the printing space gathered to attest to the dexterity and Nigerian resilience demonstrated by Mrs. Patricia Ojora, the Founder and Chief Executive of the company in sustaining the growth of PromoPrint over the last 25 years.

Amongst many things on display that evening were PromoPrints very first t-shirt printed in the year 2000. Guests also cheerfully adorned custom-made patterns done by Promoprint on our indigenous cotton fabric (Funtau).

In her opening remarks, Mrs. Patricia Ojora recalled the past 25 years of operation in Nigeria at the helm of PromoPrint. While not easy, she says:

“We’ve been able to do it and we enjoy it. There’s nothing better than creation. To create something from nothing and do it so well, it’s a passion for me. It’s something that I really, value.  I’m a great supporter of Nigeria, so I believe that we should be able to do things well in Nigeria. We don’t need to always import, that’s why we’re doing this today, to be able to collaborate with people. Most of the people here are people we’ve collaborated with and have worked hard to build Nigeria back up”.

She recounts how she was able to change the narrative of many Nigerians that were printing outside of the country who are now printing with PromoPrint Ventures. “People used to print outside the country because they didn’t trust the quality that was here in Nigeria,” Patricia explains with an understanding that “we can produce good quality here within Nigeria.”

The company is a one-stop shop for all things printing with all operations happening in-house, from the expertise of crafting graphics and garment production to the t-shirts, roller banners, corporate gifts and more being rolled out on a daily basis. “What we are selling is peace of mind in a chaotic place.” Patricia says, with nearly three decades of successful operations and collaboration under her belt.

Significantly, she makes sure the company remains primed for the future, using AI and the like to remain progressive in strategy and implementation. Patricia proudly states, “Our automated printing carousel can churn out 10,000 tees a day if needed and our many corporate clients can attest to this.”

In attendance was Atedo Peterside (CON), Founder, Stanbic IBTC Bank Plc, one of many guests in the room who spoke to PromoPrints impact. “There’s something about longevity,” he shares with the crowd, “If you’ve kept the business going for 10 years, I always tell people, it means you’re doing something right. If you get it going for 20 years, you’re doing something very correct. Patricia must be doing something phenomenally right and it’s my sincere hope that she keeps it going, keep building, keep innovating.”

“Patricia can create almost everything,” Peterside remarks, “she has the courage, audacity and the commitment.”

Mrs. Ibukun Awosika, Nigerian businesswoman and the first female Chairperson of First Bank of Nigeria, contextualises the tenacity of Patricia’s efforts rather well. She reminds the room that “when you think of how many big multinationals who have so much that protects them, who have a lot of support systems internationally and locally, who gave up on Nigerian manufacturing, then you have to go back and think about those of us like Patricia.”

Even after 25 years, Nigeria remains in need of more Entrepreneurs, particularly those like Patricia, to boost the SME and manufacturing industry in the country despite the odds. “She didn’t give up,” Awosika says in admiration.

“What is key is that, when we celebrate the likes of Patricia and her company, we know without a doubt that it’s not just because they want to have a celebration. It’s because, in truth, the Nigerian entrepreneur is a star, and even more so, the Nigerian manufacturer.” Awosika concludes.

So, we celebrate Mrs. Ojora and her PPV entire team, and all that has gone into 25 years of hard work, commitment, creativity, we also recognise the passion that does not allow you to give up on the vision, the commitment to not only creating jobs for other Nigerians but creating value within Nigeria. The commitment to innovating a solution for every challenge and every situation. Indeed, it was a worthy celebration.


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