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The Nigerians’ New Round Of Economic Pang

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Nigeria Economy challenges

By Jerome-Mario Utomi

This piece stemmed from three different but related sources. The first has to do with the astronomical increase in the prices of goods and services in Nigeria, a country that is still discussing minimum wage at a time when the global community is focusing on living wage. And a nation where everything heads up except the wages and salaries of workers, particularly the civil servants.

The second has to do with the Global Trends in Child Monetary Poverty report recently released by the World Bank, which reportedly stated that 40 million Nigerian children are living in extremely poor households and families.

The world financial body, according to media reports, clearly stated that; “In absolute numbers, most children living in extreme poverty live in middle-income countries, 179.4 million children (14.9 per cent in lower middle and 2.2 per cent in upper middle income in extreme poverty) – including 52.2 million children in India (11.5 per cent) and 40 million children in Nigeria (37.9 per cent) living in extremely poor households.”

The third and very key was my recent conversation with one well-informed and development-minded Nigerian resident in the United States of America (USA). Through my conversation with him, he lamented bitterly about the current economic situation in the country. To register his total displeasure, he thus remarked; that this country has become a failed nation. Worried by his submission, I queried; what are the indicators of your claim?

And just immediately, he responded; the indices are the teaming jobless and frustrated Nigerian youths migrating to Libya in search of greener pastures. How will Nigerians be migrating to Libya? Libya is a war zone, the home of human trafficking. Another index is the Niger Delta region which has been persistently denied development. What about the substantial number of the Nigerian population that now goes to bed without food? I am a living witness.

There is this young girl who worked with me in Nigeria. She called me recently and told me how bad things were that she had not eaten for two days. She needs only 2,000 naira. There was another one, a single mother of two who once sold her television to buy food for her sons. What could have caused that? And yet you see politicians in Nigeria living above their means. We heard of the one discussing money that they shared not knowing he was on record while making that very costly statement. They now joke with the poor at the national assembly. Is that not pathetic? Nigerians are dying. There are no hospitals for them. Their educational system is nothing to write home about. Everything is gone. Are you looking for more indicators?

Continuing, he said; going back to palliatives, during the COVID-19 era, I received up to twenty thousand dollars ($20,000) from the US government. Quote me. I did not apply for it, I did not ask anybody for it, and I did not line up for it. Many Nigerians who are currently residing here received that money and there was food everywhere. They had food distribution centres. You now see why Americans would want to fight for their country’s rights. They go around to get information from other countries and bring it back to develop their place. Yes, that is a country. Nigeria on the contrary has become a political geography whose economic power has become so weak and too fragile that even its citizens have no trust in it as it can no longer support their life chances. This is the simplest characteristic of a failed state.

“Do you need further evidence?” he queried.

On the way forward, he captures it this way; for our country to develop, we have to free it from the current crop of leadership structure surrounding it, we have to push our survival instinct aside, we have to set our regional considerations aside, we need to push politics aside to save this country. We are endowed with everything. We have no right to be where we are now, he concluded.

Even as I struggled not to agree or internalize his thoughts on the state of the nation Nigeria, I, at about the same time recalled that a similar fear was raised about 2 years ago by a former United States Ambassador to Nigeria, John Campbell, and a former Director with Harvard University’s Kennedy School of Government, Prof. Robert Rotberg. The duo reportedly said it is time for the US to acknowledge that Nigeria is a failed state in the light of the many challenges plaguing the country.

Campbell and Rotberg said this in an article titled, ‘The Giant of Africa is Failing’ which was published in the May/June edition of ‘Foreign Affairs’ magazine. They argued that every part of Nigeria now faces insecurity which threatens the nation’s corporate existence.

The article read in part, “Nigeria’s worldwide companions, particularly the USA, should acknowledge that Nigeria is now a failed state. In recognition of that truth, they need to deepen their engagement with the nation and search to carry the present administration accountable for its failures, while additionally working with it to supply safety and proper financial system.”

“Some overlapping safety crises have remodelled Nigeria from a weak state right into a failed one. Buhari’s authorities have struggled to quell numerous Jihadi insurgencies, together with the one waged by the militant group Boko Haram,” the article read. Campbell and Rotberg said the Federal Government seemed to have given up in some areas because non-state actors had taken over while quasi-police organisations and militias controlled by state governments had become more common, clearly, a bracing account.

But for me, while this piece provides too short a space to explain why the description of Nigeria as a failed political space shall remain an unending commentary, it is however, spaced enough to state that such conversations are strong indications that the nation’s challenge is predicated on inadequacies of, and failure by public office holders to generate breakthrough ideas and exacerbated by comprehensive incompetence to learn what the job of leadership is all about.

Also contributing to the frequency of this ‘topic’ is the recurrent total absence of creative/innovative thinking and superior leadership communication compounded by a lack of political will on the part of the elected officials to domesticate leadership lessons learned abroad.

Take as an illustration, considering the slow-growing economy but scary unemployment levels in the country, the current administration in my opinion will continue to find itself faced with difficulty accelerating the economic life cycle of the nation until they contemplate industrialization, or productive collaboration with private organizations that have surplus capital to create employment.

To achieve such a feat, power (electricity) and other infrastructure – roads need to be addressed. Notably, not doing any of this, or continuing on the low growth of the economy will amplify the painful consequence of strategic mistakes made by previous administrations in the country that failed to invest during the period of rapid economic growth.

The question that is as important as the piece itself is; what is the Federal Government currently doing to sustainably solve these challenges that currently and frequently make the global community perceive us as a failed state? In my view, the nation has to find a solution and fast to these challenges because history teaches that democracy needs economic development, literacy, a growing middle class, and political institutions that support citizens with a favourable economic environment to survive.

This leads to another set of sad narratives. Presently, Nigeria is a country that services its debt with over 75 per cent of its annual revenue. We don’t need to be economists to know that we have become high-risk borrowers.

Even more damaging is the awareness that the country, going by reports, would be facing another round of fiscal headwinds. This challenge stems from the country’s revenue crisis, which has remained unabating in the last years, while the borrowings have persisted, an indication that the economy has been primed for recurring tough outcomes.

Indeed, the question may be asked why the country’s revenue crisis remained unabated in the last five years.

Also creating the failure narrative is the fundamental recognition that here is a country reputed for crude oil dependence and laced with a management system devoid of accountability, transparency and accuracy. Before a real solution can be proffered, we need as a nation to find and understand the sources of the national problems without losing sight of the real and lasting meaning wrapped in the lesson.

Without a doubt, what the above tells us as a country is that there is more work to be done, and more reforms to be made; that as a nation, we are poor not because of our geographical location or due to the absence of mineral/natural resources but because our leaders fail to take decisions that engineer prosperity. And we cannot solve our socio-economic challenges with the same thinking we used when we created it’.

This piece may not unfold completely the answers to these challenges, but 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 development experts are saying will provide options for the nation to reduce financial risks and increase national economic stability: As a decline in a particular revenue source might be offset by an increase in other revenue sources.

God Bless Nigeria!!!

Utomi Jerome-Mario is the Programme Coordinator for Media and Public Policy at the Social and Economic Justice Advocacy (SEJA), a Lagos-based Non-Governmental Organization (NGO). He can be reached via je*********@***oo.com/08032725374

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The Role of TV in Preserving African Stories and Identity

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Preserving African Stories

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:

  • Young Africans balancing tradition and modern dating culture

  • Stories tackling mental health in African households

  • Fashion and music influences spreading through TV series

  • 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.

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The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation

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Kehinde Ogundare 2025

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.

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When Leaders THRIVE: Yetunde B. Oni’s Candid Counsel to Lateef Jakande Leadership Academy

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When Leaders THRIVE Yetunde B. Oni

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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