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WorldStage Economic Summit 2016 to Address Nigeria’s Unemployment Challenges

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With a total of  22.4 million Nigerians unemployed or under‐employed out of the 76.9 million total labour force, Worldstage Economic Summit (WES) 2016 (http://worldstagegroup.com/wes/) will be hosted in Lagos between September 7- 8, 2016 to address the  unemployment challenges in the African biggest economy.

According to Mr Segun Adeleye, president/CEO, World Stage Limited (www.worldstagegroup.com), the organisers, “The alarming rate of unemployment in Nigeria is not only of great concern to the three tiers of government, but also to the private sector and other critical stakeholders of the economy on job creation. While some people see it as an indictment on the educational system that seems to be churning out ‘unemployable graduates’ it is also being seen as an economic deficiency, with economy having a limitation of the labour force it can sustain by its productivity.”

He said Nigeria’s unemployment rate of 10.4% represents about 14 percent of global unemployment in fourth quarter 2015, the 7th highest in the world with only Kenya, Congo and Djibouti having worse rates in Africa.

“This should be embarrassing when compare with countries such as Qatar (0.2%) unemployment rate, Cambodia (0.3%), Belarus (0.5%), Thailand (0.8%), Benin (1.0%), Madagascar (1.2%), Laos (1.40%) and Guinea Bissau (1.80%),” he said.

He said the statistics that job loss in Nigeria dropped by only 1.29% in Q4 2015 at a period when oil price crashed by 65% could only show that there are other inherent factors outside oil that shape the labour market, which will be reviewed at the summit.

On how an economic summit can address unemployment challenges, he said, “We are in an era where Nigeria’s economic problem can no longer be left in the hand of government to fix alone.

There are organisations and experts that have the knowledge of how to solve economic challenges of any kind, but in most cases, they are either not talking at the right forum, or they are not being heard. At WES 2016, the government side is going to be represented by ministers, members of the National Assembly, head of regulatory agencies, CEOs of public corporations, top official from state governments; and they will be interacting with representatives of the organised private sector along with local and foreign experts, to discuss series of the sub-themes through which the problem of unemployment in Nigeria will be tackled.”

He made reference to the challenges facing state governments to the extent that they can no longer pay salaries as at when due, saying these can be addressed with the right concept of how to explore economic potentials to create private sector jobs.

 “With about 65 per cent drop in oil price since 2014, Nigeria’s main source of income, the revenue allocations to the Federal Government, States and the Local Government have dropped drastically with most states now finding it almost impossible to pay workers’ salaries. This has become one of the greatest challenges facing Nigerian economy, as the elected governments are becoming aware that they may not be able to deliver the electoral promises and dividend of democracy if an urgent solution is not found,” he said.

“Besides providing knowledge base for government on how to save billions of naira in revenue, diversify economy, create jobs and end the practice of committing the largest portion of income to the payment of civil servants’ salaries, WES 2016 will help review the economic potentials of the states and arrive at sustainable development strategy for them to be economically viable with or without revenue from federation account.”

He listed the objectives of WES 2016 to include; To identify and proffer solutions to the growing unemployment problem in the public and private sectors of Nigerian economy; To identify the employment generation potentials of every sector of the economy from ICT, Maritime, banking & finance, mining, aviation, construction, oil and gas and others and then address what they need to realise the full potential; To connect new entrepreneurs with financiers and skilled workers for them to be at the driving seat of job creation; To connect employers with job seekers and enhance migration of skills across all sectors;  To generate a national unemployment data bank;  To assist government on policies to make the economy productive, global competitive and generate jobs; To help review the economic potentials of the states and arrive at sustainable development strategy for them to be economically viable with or without revenue from federation account;  To provide knowledge base for government on how to save billions of naira in revenue, diversify economy, create jobs and end the practice of committing the largest portion of income to the payment of civil servants’ salaries.

On how WES 2016 will not end like others past summits at home and abroad with nothing to show for them, he said, “When one deploys a conventional solution to a problem, the result will still be the same old story.

It’s easy for government agencies to announce that they want to create thousands or millions of jobs, but how they will do it is very critical, and has to be tested to be sure that they are on the right track.

They will need the right knowledge base to achieve it and carry other stakeholders along. Governments and institutions have to invest in time and knowledge to think outside the box on how to address economic challenges, and when the solutions are found, they have to try all possible best to apply them to achieve desirable result.

What is unique about WES is that it’s research driven. If the obstacle to job creation in a particular sector of the economy has to do with legislature, the National Assembly Committees involved will be at the WES 2016 and will be made to understand what is expected of them and why they must act fast.

The WSE will then do the necessary following up on all resolutions of the summit to ensure that they are not thrown into the dustbin.”

The expected participants at the summit include the Presidency, National Assembly, MGAs, State Governments, OPS- Oil and Gas, Banking, Insurance, Maritime, Aviation, Mining, Agriculture, Hospitality & Tourism, Entertainment, Construction, Power, ICT, Education, Transportation, Local and Foreign Investors, Media and Other Relevant Stakeholders.

WorldStage is the operator of WorldStage Newsonline, the online news (www.worldstagegroup.com) which is currently a leading source of business information in Africa. WorldStage is also the publisher of TrueColour, the African dream magazine that celebrates the positive side of Africa.

Kirusa Unveils MyGenie App Platform in Nigeria
Telecom and social media solutions provider Kirusa has launched myGenie in Nigeria, a free airtime App for prepaid Android users.

The myGenie app can be used to explore and download new and popular Android apps, and according to Kirusa, users will be rewarded with free airtime credits for downloading, installing, and using these Android apps.

“They can use the free credits to recharge their mobile numbers, or gift the airtime credits to their friends and family. What’s more, myGenie also provides free airtime credits when a user invites their friends to the app, and when their friends start downloading apps via myGenie,” said Kirusa in a statement.

Several apps, including InstaVoice, 474Recharge, Zambia Caller, APUS launcher, Super B Clearer, BBM, and UC Browser have been made available to coincide with the launch.

David Kruyt, App Owner, 474Recharge App, said, “myGenie is an altogether new way of promoting the app developer community. It is a simple way to reach out and get the app campaigns organised. The most exciting part is that myGenie helps in usage and retention of the apps by incentivising customers in Nigeria, making it a win-win for both app developers and customers.”

Inderpal Singh Mumick, CEO of Kirusa, shared on the launch, “Our vision is to grow the mobile ecosystem, and to fuel entrepreneurship in Nigeria, by creating a platform for the local app developers to reach out to their customers in a seamless manner, by assisting them in their app promotion efforts.”

According to Kirusa the platform is currently available to Android mobile users in Nigeria and will be extended to other African countries soon.

 


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FG to Use Digital Economy Initiatives to Curb Corruption Among Youth

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Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.

Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.

The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.

Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.

According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.

“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.

He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.

Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.

Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.

He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.

Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.

“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.

“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.

In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.

“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.

“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.

 


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SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

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Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of defrauding Nigerians of about ₦1.3 trillion through an unlawful digital asset investment scheme.

SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

CBEX

The request was made during the first sitting of the 6th Tribunal in case IST/OA/02/2025 between the SEC and CBEX with 25 others, presided over by tribunal chairman, Hon. Aminu Jinaidu.

The SEC urged the tribunal to compel commercial banks and financial institutions nationwide to freeze all accounts linked to the defendants.

It also sought orders for the seizure of houses and assets allegedly acquired with funds sourced from unsuspecting investors.

According to the commission, CBEX operated illegally by posing as a digital assets platform and capital market operator without registration.

“CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” the SEC told the tribunal.

The regulator disclosed that international authorities had previously raised concerns about CBEX.

The Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that the platform was a suspicious virtual asset entity.

The tribunal noted that CBEX and the other defendants failed to appear in court and were not represented by legal counsel.

Hon. Jinaidu therefore ordered that hearing notices be served on the defendants through national newspapers.

CBEX reportedly entered the Nigerian market in July 2024, operating via a website and mobile application, while claiming to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading.

Investors were promised returns of up to 100 percent within a 40 to 45 day lock-in period.

The scheme later collapsed, triggering widespread losses. Investigations revealed that CBEX functioned as a Ponzi scheme that siphoned more than ₦1.3 trillion, estimated at about $800 million, before disappearing.

The matter has been adjourned to January 27, 2026.


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Lagos Launches Tele-Vet, Nigeria’s First Veterinary Call Centre

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L-r: Asst. Chief Veterinary Officer, Dr. Olawale Olatunde; Permsec, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu; Commissioner for Agriculture & Food Systems, Ms. Abisola Olusanya; Nitroswitch Quality Assurance Officer, Mr. Israel Oluwafemi; Asst. Chief Veterinary Officer, Dr. Tolulope Akin-Oluwole; and Pathology Veterinary Officer, Dr. Esther Onyinye, at the commissioning of Nigeria's first Tele-Veterinary Call Center at the Lagos State Animal Hospital, Oko-Oba, Agege.
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The Lagos State Government, through the Ministry of Agriculture and Food Systems, has launched TELE-VET, Nigeria’s first Tele-Veterinary Call Centre, marking a groundbreaking milestone set to transform access to expert animal healthcare using mobile technology.

Speaking at the event held at the Lagos State Ministry of Agriculture and Food Systems, Animal Hospital, Oko-Oba, Agege, the state’s Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, described TELE-VET as a transformative initiative that strengthens animal health systems, improves food safety, and accelerates agricultural innovation across the state and beyond.

She stated that technology continues to redefine global food systems, and Lagos, under the leadership of Governor Babajide Olusola Sanwo-Olu, remains committed to deploying digital solutions that enhance efficiency, empower farmers, and safeguard public health. The Commissioner explained that TELE-VET addresses long-standing challenges faced by farmers and pet owners, especially limited access to timely and professional veterinary care.

Ms. Olusanya highlighted that TELE-VET builds on the existing mobile platforms, M-Agric and M-Health, available on MTN and Glo networks, which provide daily expert tips, mentorship, and animal-care guidance. By dialing *20791#, users can subscribe for ₦100/day, ₦300/week, or ₦500/month, gaining instant access to a variety of services, while all active subscribers can access the Call Centre free of charge.

She added that the Call Centre will deliver emergency support, first-aid guidance, disease-prevention information, and livestock and pet care assistance, noting that the platform helps farmers reduce costs, save time, and access expert care without traveling long distances. She emphasized that TELE-VET will also enhance surveillance and early detection of zoonotic diseases, aligning with the One World, One Health framework that integrates human, animal, and environmental health.

The Commissioner further mentioned that TELE-VET sets the stage for future innovations, including livestock and pet health insurance, e-commerce for veterinary products, improved mobility for safe animal transport, and enhanced financing opportunities for farmers, positioning Lagos as a national leader in technology-driven agricultural transformation.

Earlier, the Permanent Secretary, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu, commended the initiative as a groundbreaking intervention that will significantly improve service delivery within the State’s veterinary ecosystem. He stressed that TELE-VET responds to the evolving needs of farmers and pet owners who require swift and professional support to enhance productivity and ensure animal well-being.

Mr. Audu noted that the Ministry has invested extensively in strengthening the infrastructure, technical systems, and human resources needed to operate a world-class veterinary call centre. He stated that the service is a strategic investment in Lagos State’s food security architecture, enabling efficient livestock health management and timely response to potential disease outbreaks.

The Permanent Secretary explained that the Call Centre will minimize animal losses, improve farm management practices, and provide timely advisory services to farmers, aligning with the Ministry’s mandate to promote sustainable agricultural practices across all 57 LGAs and LCDAs. He praised the collaboration among veterinary professionals, ICT partners, and technical teams that made the initiative possible.

Mr. Audu reaffirmed the Ministry’s commitment to continuously upgrading the TELE-VET platform to accommodate innovations that improve efficiency and expand service offerings. He encouraged residents to adopt the platform fully, noting that its success depends on widespread participation.

In his remarks, the Director of Veterinary Services, Dr. Rasheed Macaulay, stated that the launch of TELE-VET marks a new era in veterinary care delivery in Lagos State. He explained that the platform provides a practical solution to challenges such as limited manpower, delayed emergency response, and difficulties reaching farmers in remote areas by connecting residents directly to certified experts.

Dr. Macaulay added that TELE-VET will strengthen disease surveillance and reporting across the State, aiding early detection of animal diseases and preventing zoonotic infections. With real-time consultations, improved documentation, and faster escalation processes, the platform will support frontline veterinarians and promote safer, healthier food systems for all Lagos residents.


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