Feature/OPED
History, Recession and a Sector in Progressive Decay
By Jerome-Mario Utomi
You cannot bring about prosperity by discouraging thrift. You cannot keep out of trouble by spending more than you earn. You cannot build character and courage by taking away man’s initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves. -Abraham Lincoln
Two days after the National Bureau of Statistics (NBS) announced on Saturday, November 21, 2020, that the Nigerian economy has slipped into its second recession in five years, and the worst economic decline in almost four decades as the gross domestic product contracted for the second consecutive quarter with the nation’s GDP recording a negative growth of 3.62 per cent in the third quarter of 2020, I stumbled on two opposing views about history.
The first emphasized the views that history promotes scepticism, a questioning attitude or doubt towards one or more putative instances of knowledge which are asserted to be mere belief or dogma, and sharpens one’s critical minds which give room for assessing programmes of development with reference to their historical antecedents.
For the other, history is a storehouse of practical lessons in human activities. To drive the argument home, it submitted; If Africans and, in fact, Nigerians could truly retain the knowledge that they were enslaved and colonized, they will strive to be developed and independent so that it will not happen again,
Without a doubt, it is a perfect disclosure. But the example is so ‘horrendous’, in parts, because they are the direct opposite of what Nigeria is all about. Here, it is always ‘convenient to forget and uncomfortable to remember’.
In line with the above piece of information, President Muhammadu Buhari on Monday in Abuja said that the downturn (recession) was caused by the COVID-19 pandemic including lockdowns, disruption in global supply chains, business failures and rising unemployment.
Mr President, who was represented by Vice-President Yemi Osinbajo, stated this while declaring open the 26th Nigerian Economic Summit with the theme Building Partnerships for Resilience and jointly organized by the Nigerian Economic Summit Group (NESG) and the Ministry of Finance, Budget and National Planning.
Peripherally, Mr President’s points look valid considering the fact that oil production fell to 1.67 million barrels a day from 1.81 million barrels in the previous quarter, and according to reports, the lowest since the third quarter in 2016 when the economy last experienced a recession. This is made worse by the awareness that crude oil accounts for nearly 90 per cent of Nigeria’s foreign exchange earnings.
It is, however, significant to underline, before going further the fact that this opinion article is written not to pass judgement against or wholeheartedly approve and endorse his claim but to consider and set record straight about how the rise of obnoxious policies/decisions lavishly made since 2015 serve only to exacerbate the decline of the nation’s economy and jeopardizes our democracy.
With the above highlighted, let us focus on and be guided by some specific comments credited to well foresighted and quietly influential Nigerians that reacted to the latest economic downturn.
To some, it is no surprise Nigeria entered yet another recession. Their argument is hinged on the premise that until Nigeria is led by an intellectually competent leader, with visionary politics backed by sound economic thinking and knowledge, the economic transformation will remain a dream. It’s for citizens to do the needful.
To others, “Recession didn’t just happen. People looted Nigeria into recession. The same people are regrouping for 2023.”
For the rest, for Nigeria to pull itself out of this economic recession, the second in the last 5 years, there’s a compelling need to cut the pork out of the budget and expenditure at all levels of government and redirect the economy from a wasteful consumption-based one to a productive economy.
Like faith which is a belief in things not seen, there are accompanying reasons and ingrained truth in the above arguments.
In the opinion of this piece, one silent point fuelling recession and economic stagnation/retardation in the country is the reality that the managers of our nation’s economy have continued to go against the provisions of the constitutions as an attempt to disengage governance from public sector control of the economy has only played into waiting hands of the profiteers of goods and services to the detriment of the Nigerian people.
While the nation continues to lie prostrate and diminish socially and economically with grinding poverty, the privileged political few continue to flourish in obscene and splendour as they pillage and ravage the resources of our country at will.
Supporting this assertion is the latest Ibrahim Mo Index of African Governance (IIAG) which reportedly scored Nigeria an embarrassing 26/100 for corruption in state institutions and 25/100 for corruption in public procurement.
Whilst the report went head to ranks Nigeria 34th out of 54 for overall governance and highlights “increasing deterioration” in the governance of our nation, it pointed plenty of “warning signs” for Nigeria, including the following scores: 21/100 for a functioning criminal justice system (ranking in the lowest-performing quarter of nations); 25/100 for political party financing; 30/100 for disclosure of financial information; 35/100 for law enforcement; 32/100 for equal political power (ranking us 38th out of 54).
Certainly, a striking human tragedy deepened by the awareness that it was avoidable. But more important than all of this regret is the realization of the fact that we were warned with mountains of evidence that recession was coming, yet, our leaders who are never ready to serve or save the citizens ignored the warnings describing it as a prank.
The World Bank gave a forecast that the Nigerian economy will contract by 3.2 per cent in 2020, assuming the spread of COVID-19 is contained by the third quarter. The International Monetary Fund forecast a contraction of 4.3 per cent.
In the same vein, a reputable media organizations in the country in one of its editorial comment early this year drew our attention to the sad reality that Nigeria would be facing another round of fiscal headwinds this year with the mix of $83 billion debt; rising recurrent expenditure; increased cost of debt servicing; sustained fall in revenue; and about $22 billion debt plan waiting for legislative approval.
It may be worse if the anticipated shocks from the global economy, like the Brexit, the United States-China trade war and interest rate policy of the Federal Reserve Bank go awry.
The nation’s debt stock, currently at $83 billion, comes with huge debt service provision in excess of N2.1 trillion in 2019 but set to rise in 2020. This challenge stems from the country’s revenue crisis, which has remained unabating in the last five years, while the borrowings have persisted, an indication that the economy has been primed for recurring tough outcomes, the report concluded.
Similarly, the Nigeria Extractive Industries Transparency Initiative (NEITI), a while ago told Nigerians that the nation loses about $4.1 or N123 billion annually due to poor crude oil production metering, stating that unless the government takes appropriate measures, limitations in the metering of crude oil production will continue to pose a serious threat to the nation’s revenue target.
Regrettably, Nigeria is the only oil-producing country without adequate metering to ascertain the accurate quantity of crude oil produced at any given time, the report concluded.
From the above accounts, we don’t need to be economic buffs to know that a country that services its debt with 50 per cent of its annual revenue has become a high-risk borrower. What the above tells us as a country is that the recession did not take the nation by storm. It announced its coming and we read the signs.
And the nation will continue to have its head stuck in recession mud until leaders recognize that as a nation, our economy is in progressive decay not because of our geographical location or due to absence of mineral/natural resources but because they failed to take decisions that engineer prosperity.
As this piece may not unfold completely the answers to these challenges, there are a few sectors that a nation desirous of development can start from. And the first that comes to mind is the urgent need for diversification of the nation’s revenue sources. Revenue diversification from what developments experts are saying will provide options for the nation reduce financial risks and increase national economic stability: As a decline in particular revenue source might be offset by an increase in other revenue sources.
In conclusion,, as the nation continues to bear the present challenge, it is important to inform Nigerians who witnessed recessions in 1984 but ignored the lessons to wonder in dilemma, that like every other socioeconomic challenge, corruption and lack of creative leadership that breeds recession will be difficult to fight or meaningful changes implemented on the nation’s political shore when the individuals/institutions who are the cause of the problems in the first place are still around. And attempting to engineer prosperity without confronting the root cause of the problems and politics that keep them going in the writer’s views is unlikely to bear fruits.
Nigerians need initiative and independent minds to do this as we cannot solve our socio-economic challenges with the same thinking we used when we created it.’
Jerome-Mario Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He could be reached via je*********@***oo.com or 08032725374.
Feature/OPED
The Role of TV in Preserving African Stories and Identity
Scroll through social media today, and you will notice something interesting: everyone is either reacting to a series, quoting a movie line, or debating a character as though they personally know them. Beneath the memes and binge-watch culture, however, lies something deeper. Television remains one of the most powerful tools shaping how Africans see themselves, remember their history, and tell their own stories. In a continent as diverse and expressive as Africa, that matters more than ever.
TV as a Cultural Archive, Not Just Entertainment
Long before streaming algorithms began shaping our viewing habits, television was already preserving African identity. From Nollywood dramas that capture the rhythm of everyday Lagos life to documentaries exploring Maasai traditions and Ghanaian folklore, TV has served as a living archive of the continent’s stories.
It preserves more than entertainment; it preserves language, culture, humour, values, and shared experiences. Unlike fleeting social media content, television allows stories to unfold with depth, exploring the realities of family, tradition, ambition, and modern African life without reducing them to stereotypes. That is the power of TV: preserving not just stories, but perspective.
Why Representation on TV Still Matters
There is a subtle but important truth: if people do not see themselves on screen, they may begin to believe their stories are not worth telling. This is why African TV content is more than entertainment; it is affirmation.
Seeing a character who speaks like you, struggles like you, or celebrates like your community does something powerful. It validates identity and challenges outdated narratives that have historically defined Africa through external lenses.
This is where MultiChoice Group, through platforms such as DStv and GOtv, plays an important role. They do not simply broadcast content; they help distribute cultural memory at scale.
GOtv, DStv, and the Everyday African Viewer
Think about a typical evening in many African homes: the TV is on in the background, someone is laughing at a comedy show, another person is watching a local series, and someone else is catching up on the news. That shared viewing experience remains very real.
Through platforms such as DStv and GOtv, African households are exposed to a blend of local storytelling and global content. More importantly, they have helped amplify African-produced content by bringing Nollywood films, African reality shows, talk shows, and documentaries into mainstream rotation.
It is not just about access. It is about visibility.
A young filmmaker in Lagos today is more likely to believe their story matters because they have seen similar stories broadcast widely. A child in Accra grows up hearing familiar accents and seeing environments that look like their own on screen, not as exceptions, but as the norm.
TV Is Also Shaping Modern African Identity
African identity is not static; it is evolving. Television reflects that evolution in real time.
Today, audiences see:
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Young Africans balancing tradition and modern dating culture
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Stories tackling mental health in African households
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Fashion and music influences spreading through TV series
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Political satire shaping public conversation
Conversations that were once confined to homes are now being explored on screen, giving audiences the language to discuss issues that were previously unspoken.
In many ways, television is doing what oral tradition has always done: passing stories, values, humour, warnings, and history from one generation to the next. The difference is that today’s griots are writers, directors, and broadcasters.
The Future: From Watching to Owning Our Narratives
The next stage of African storytelling is not just about being seen; it is about ownership.
As more African creators produce content and platforms continue to invest in regional storytelling, television becomes more than a mirror. It becomes a tool for shaping how Africa is represented to itself and to the world.
While streaming continues to grow, television, particularly accessible platforms such as GOtv, remains one of the most effective ways to reach everyday audiences across different income levels and regions. After all, storytelling only matters if people can access it.
African stories are not new. They have always existed in families, on streets, in markets, in history books, and through oral traditions. What television has done, and continues to do, is give those stories a stage wide enough for millions to experience them at once.
The next time you watch a local series or documentary on DStv or GOtv, remember that you are not just being entertained. You are participating in the preservation of African identity itself.
Feature/OPED
The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation
By Kehinde Ogundare
Ask a tech entrepreneur in San Francisco what AI means for their business, and they are likely to talk about competitive advantage, product differentiation, and scale. Ask a small business owner in Kano or Onitsha the same question, and the conversation shifts entirely.
For many Nigerian SMEs, the priority is keeping the lights on, managing costs, and finding sustainable ways to grow in a challenging economic environment. This difference in perspective explains why the global AI conversation, often shaped by assumptions about stable infrastructure, deep capital, and abundant technical talent, frequently fails to address the realities facing Nigerian SMEs.
This matters because Nigerian SMEs are not a peripheral concern. In 2024 alone, MSMEs contributed 46.32% to Nigeria’s GDP, accounting for 96.9% of businesses and 87.9% of employment. These businesses are the backbone of the Nigerian economy, and if AI is going to mean anything for Nigeria’s development, it has to work for them in the daily conditions they actually operate in.
However, research drawing on empirical data from 144 Nigerian SMEs found that inadequate infrastructure, low digital literacy, skills shortages, and regulatory gaps are collectively preventing them from meaningfully engaging with AI. Awareness of AI is high and growing. What is missing is a clear and honest conversation about what adoption actually requires in this specific context. The barriers are real, but none of them are insurmountable. The question is whether the tools, pricing models, and support structures being offered to Nigerian SMEs are designed with those barriers in mind, or whether they have been built for another market entirely.
Subscription models making AI affordable for small businesses
When most small business owners hear “AI,” they imagine expensive software, specialist consultants, and a hefty upfront bill.
That assumption is not entirely wrong, but it describes a particular way of buying technology, not AI itself. The shift that makes AI genuinely accessible at the SME level is the move away from large, one-time capital purchases towards tools that charge a predictable monthly subscription. Businesses can pay for what they use, scale back when necessary, and avoid the debt that a major technology investment can create.
The deeper opportunity here is consolidation. Many SMEs are already spending money across multiple disconnected tools—one for invoicing, another for customer records, another for stock tracking—none of which talk to each other. An integrated platform that handles several of these functions together, with AI built in, can actually cost less than the sum of those separate subscriptions while giving business owners a clearer picture of their operations.
With margins already under pressure, any technology a business adopts needs to visibly show an increase in productivity or bottom line. Subscription-based, integrated platforms, priced transparently and honestly, are the model that best fits this reality.
Infrastructure challenges demand a mobile-first approach
No conversation about technology in Nigeria is complete without confronting the infrastructure problem, and AI is no exception. Nigeria continues to face major infrastructure barriers, including limited broadband access, unreliable power supply, and high data costs, all of which constrain deeper AI adoption. These are structural features of the operating environment that any sensible technology strategy must account for today.
The electricity situation alone is significant. The World Bank estimates that the lack of stable electricity costs Nigeria’s economy approximately $26.2 billion annually, equivalent to about 2% of GDP, forcing many businesses to run on expensive diesel generators. That cost ripples outward.
In practical terms, AI tools built for Nigeria cannot assume a stable broadband connection or a computer that is always powered on. The tools that will actually get used are the ones that work on a smartphone, consume minimal data, and can function offline when connectivity drops, syncing back up when it returns. The mobile phone is already how many Nigerian SME owners run their businesses. AI that meets them there, rather than demanding infrastructure they do not have, is AI that has a genuine future in this market.
The direction is clear: build capability from within, using tools that make that possible. Recent AI performance research reveals that 64% of African workers are already actively using AI at work, signalling massive grassroots readiness and driving forward-thinking organisations across Nigeria, Kenya, and South Africa to aggressively prioritise internal upskilling frameworks to bridge the talent gap.
As the policy groundwork is being laid, the commercial ecosystem is beginning to respond. What remains is a clear-eyed acceptance that AI tools built for this market need to look different from those built for markets with different realities. Low cost, low bandwidth, and usability for non-technical people are not modest ambitions; they are the actual requirements. Build for those realities, and AI has a real future in Nigeria’s SME economy.
Feature/OPED
When Leaders THRIVE: Yetunde B. Oni’s Candid Counsel to Lateef Jakande Leadership Academy
Union Bank’s Managing Director and Chief Executive Officer sat with 30 of Nigeria’s most promising young leaders for a frank conversation on character, relationships and the discipline of growth.
Out of 25,000 applicants, only 30 earned a place. That single figure tells you how rare the room was when Yetunde B. Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, recently sat down with a cohort of the Lateef Jakande Leadership Academy.
The Academy, a Lagos State Government initiative established in honour of Alhaji Lateef Kayode Jakande, the state’s first civilian governor, exists to raise a generation of ethical and capable young leaders. Its fellows are drawn from across professions, sectors and ethnicities, and shaped through a fellowship facilitated by the Africa Leadership Initiative, West Africa (ALI WA), whose work on values and principled leadership has become a quiet engine behind some of the country’s most thoughtful emerging talent.
It was into this gathering that Mrs Oni brought not a corporate address, but a conversation. Honest, personal and at times disarming, she spoke about the philosophies that have carried her through a career spanning more than three decades, the setbacks she has had to surmount, and the values that opened doors she never expected to walk through.
She gave them a framework to hold on to. She called it THRIVE.
The six principles
T — Take ownership of your relationships. Leadership, she argued, begins with the deliberate stewardship of the people around you. Relationships are not incidental to a career. They are infrastructure.
H — Honour God. She spoke openly about faith as a steadying force, an anchor that keeps ambition tethered to something larger than the self.
R — Recharge and refresh. Mental and physical health, she insisted, are not luxuries to be deferred until the work is done. Leaders who neglect their well-being eventually have less to give.
I — Invest in your growth. Continuous and heavy investment in personal development is, in her telling, the price of staying relevant. The learning never ends.
V — Value your work. She pressed the fellows on identity and brand. What do you stand for? Do you create value? Who, in truth, are you? The questions were not rhetorical.
E — Embrace setbacks. Failure, she said, is not the opposite of progress but a part of it. The leaders who endure are the ones who learn to metabolise disappointment rather than be defeated by it.
The people behind the leader
If one theme threaded the entire conversation, it was relationships. Mrs Oni was candid that she did not arrive at the top of Nigerian banking alone. She credited the steady support of family, her parents and her husband, alongside the mentors, friends, coaches and sponsors who shaped her at different stages.
She drew a sharp and useful distinction between a mentor and a coach, two roles often conflated and rarely understood, and she traced much of her progress back to a foundation of Nigerian cultural values: hard work, honesty and integrity, courtesy and respect. These, she told the fellows, are not relics. They are the very qualities that have earned her trust and opened doors throughout her journey.
“You need people,” was the message, delivered without sentiment. Relationships, she explained, must be managed and nurtured with the same seriousness one brings to any other discipline. Time must be managed with equal care.
On believing, and risking
Perhaps the most resonant moment came when Mrs Oni spoke about self-belief. She admitted that becoming the MD/CEO of Standard Chartered Bank, Sierra Leone, did not cross her mind – not because she was unqualified, but because she didn’t think she would get it. Encouraged by her husband, she applied anyway, and she got it!
That appointment would later see her make history as the first woman to lead a Standard Chartered Bank operation in her market.
The Union Bank of Nigeria appointment told a similar story. She had not even known the position existed after the CBN’s intervention. It came to her through relationships; through the quiet networks of people who knew her work and recommended her name while she was unaware in faraway Sierra Leone.
The lesson she left with the fellows was unambiguous. Believe in yourself. Take the risk. Put in for the thing you are not yet certain you deserve, because the opportunity you are waiting for may be one you cannot see, reaching you through someone you have not yet met.
Why this matters
Engagements of this kind are easy to underestimate. They produce no headlines about balance sheets and no immediate line on a financial statement. Yet they speak to something Union Bank has long understood: that institutions endure when they invest in people, and that leadership is built one honest conversation at a time.
Credit is due to the Africa Leadership Initiative, West Africa, whose facilitation of the Lateef Jakande Leadership Academy continues to shape young Nigerians of real promise, and to the Academy itself for the rigour of a process that turned 25,000 hopefuls into 30 fellows ready to lead.
For Yetunde B. Oni, the afternoon was less about what she had achieved than about what she was willing to give: her time, her story and her counsel, offered freely to those coming after her. It is, in the end, what the best leaders do. They light the path for the next generation, and they THRIVE.
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