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Lagos, Rivers, Ogun Lead Nigeria’s Domestic Debt Profile in 2024 — DMO

Lagos, Rivers, Ogun Lead Nigeria’s Domestic Debt Profile in 2024 — DMO

 

As Nigeria continues to grapple with economic headwinds, new data from the Debt Management Office (DMO) has shed light on the growing financial burdens carried by state governments across the country. Topping the list is Lagos State, with a staggering domestic debt of ₦900.19 billion as of December 2024—more than double that of the second-highest debtor, Rivers State.

Rivers State’s debt stands at ₦364.39 billion, reflecting its own share of the fiscal strain, while Ogun State, another South-Western state, is third with ₦211.86 billion. Delta State follows closely with ₦199.58 billion in domestic debt, and Bauchi, the leading state from the North-East, takes the fifth spot with ₦143.95 billion.

Other states in the top 10 include Niger (₦140.74 billion), Imo (₦126.14 billion), Benue (₦122.58 billion), Akwa Ibom (₦122.19 billion), and Enugu (₦119.28 billion). These figures reflect the financial realities many governors face as they attempt to fund development projects, pay salaries, and manage recurrent expenditures in the face of dwindling federal allocations and rising inflation.

A regional analysis paints an even clearer picture: the South-West and South-South geopolitical zones dominate the list, with Lagos, Ogun, Rivers, and Delta collectively accounting for over ₦1.6 trillion in domestic debt. This trend speaks to the high cost of maintaining infrastructure and public services in Nigeria’s economic hubs and oil-producing regions.

Experts note that while some of these debts are tied to long-term capital projects that could boost economic productivity, the rising figures also call for stricter fiscal discipline, increased internally generated revenue (IGR), and transparency in loan utilization.

The figures, curated by data intelligence firm Statisense and sourced from the DMO, provide a critical snapshot of the country’s subnational debt landscape and highlight the urgent need for sustainable debt management practices across all tiers of government.

By

Anthony Emeka Nwosu

INTERNATIONAL MUSIC EXPERT TO LEAD CRUCIAL INDUSTRY DIALOGUE IN LAGOS

INTERNATIONAL MUSIC EXPERT TO LEAD CRUCIAL INDUSTRY DIALOGUE IN LAGOS

AMB Roundtable Set to Address Digital Transformation Challenges Facing Nigeria’s Booming Music Sector

Lagos, Nigeria – In a significant boost for Africa’s largest music market, the upcoming AMB Roundtable has announced the appointment of globally acclaimed music business scholar Professor Daniel Nordgård as moderator for its high-level industry discussions. The event comes at a pivotal moment for Nigeria’s $26 million music industry as it seeks sustainable solutions to digital age challenges.

Event organizer Michael Odiong emphasized the timing’s importance, stating: “Nigeria’s music industry is experiencing unprecedented global success but still faces fundamental structural issues. From fair digital compensation to effective royalty collection, we need these critical conversations now more than ever. Having Professor Nordgård guide this dialogue brings world-class expertise to our local challenges.”

The roundtable will focus on three key areas crucial to Nigeria’s music ecosystem: digital monetization strategies adapted to Africa’s unique mobile-first economy, policy frameworks to protect creative rights while fostering innovation, and structural reforms to create sustainable career paths beyond just superstar artists.

Professor Nordgård, whose groundbreaking research on digital transitions has influenced music markets worldwide, noted Nigeria’s special position: “What’s happening in Nigeria’s music sector represents one of the most fascinating case studies globally. The direct leap from informal distribution to digital platforms, combined with Afrobeats’ international explosion, offers valuable lessons for emerging markets everywhere.”

Industry analysts highlight the event’s potential impact, particularly in addressing Nigeria’s persistent challenges with piracy, uneven royalty distribution, and infrastructure gaps in live music promotion. The discussions aim to produce actionable policy recommendations and business models tailored to the African context.

The AMB Roundtable will convene top music executives, digital platform representatives, policymakers, and leading . Expected outcomes include a comprehensive policy white paper for Nigerian legislators and best practice guidelines for digital music services operating in African markets.

 

By Anthony Emeka Nwosu

About the AMB Roundtable
The AMB Roundtable is Nigeria’s premier music business think tank, facilitating strategic dialogue between African music stakeholders and global industry leaders to develop solutions for sustainable creative sector growth.

Nigeria Data Protection Commission Engages Health Ministry to Strengthen Data Privacy in Healthcare Sector

Nigeria Data Protection Commission Engages Health Ministry to Strengthen Data Privacy in Healthcare Sector

The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, recently led a delegation on a strategic working visit to the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate. The meeting focused on enhancing data protection compliance in the health sector under the Nigeria Data Protection Act (NDPA) 2023.

During the engagement, Dr. Olatunji highlighted the critical role of data privacy in healthcare, warning that breaches could lead to severe consequences, including reputational damage, medical errors, and even loss of life. He urged health sector stakeholders to adopt robust measures to safeguard sensitive patient data and sought the minister’s support in ensuring full compliance with the NDPA.

In response, Prof. Pate commended the NDPC’s efforts and pledged the ministry’s commitment to collaborating with the Commission. He assured that all 107 agencies under his supervision would adhere to the Data Protection Act and emphasized the need to extend awareness to state-level health authorities through the National Council on Health.

As part of the partnership, the NDPC proposed free training programs for health workers on data privacy best practices—an offer warmly accepted by the minister. Additionally, the Commission has been invited to address the Committee of Chief Medical Directors to further emphasize the importance of data protection in healthcare delivery.

The meeting marks a significant step toward strengthening data security in Nigeria’s health sector, aligning with global privacy standards.

#ChampioningPrivacyRights #NADPA2025 #DataProtectionInHealthcare

Tinubu Is an Asset to Northern Nigeria and the Nation — Defence Minister Matawalle

Tinubu Is an Asset to Northern Nigeria and the Nation — Defence Minister Matawalle

Minister of State for Defence, Bello Matawalle, has described President Bola Ahmed Tinubu as a significant asset to Northern Nigeria and the country as a whole, urging citizens to dismiss what he termed “baseless and politically motivated” criticisms against the president.

In a statement released on Friday and signed by his Special Assistant on Political Affairs, Ibrahim Goga, Matawalle, who previously served as Governor of Zamfara State, condemned recent attacks on Tinubu, asserting that they are driven by individuals who failed to secure their political ambitions.

“President Tinubu has demonstrated an uncommon commitment to addressing the challenges facing our region,” the minister stated. “Those attacking him with propaganda are only seeking relevance after failing to secure their political future.”

He accused unnamed political figures of sponsoring misinformation campaigns as a way to divert attention from their own lackluster performance while in office. “These individuals had the opportunity to lead but left no meaningful legacy,” he said. “Today, they parade themselves as defenders of the people, using falsehoods and crocodile tears to win sympathy.”

Matawalle commended the Tinubu administration for what he described as significant progress in security and infrastructure development. He pointed to Operation Fansan Yamma, a recent military offensive against terrorism in the North, as a major success, noting that over 65 notorious bandit leaders have been neutralized and more than 200 terrorist camps destroyed.

“Our security forces, backed by the President’s proactive strategies, have recorded remarkable successes,” he said, adding that recent festive seasons like Easter and Ramadan were among the most peaceful in years for northern communities.

The minister also praised the revival of previously neglected infrastructure projects under the current administration. He cited the Zaria-Gusau-Talata Mafara-Sokoto expressway and the Abuja-Kaduna-Kano highway as examples of Tinubu’s dedication to regional development.

“These projects were abandoned for years, but President Tinubu has revived them. Critics deliberately ignore these achievements because they do not serve their narrative,” he stated.

Calling for unity across the North, Matawalle urged the region’s residents to reject divisive rhetoric and rally behind the Tinubu administration. “We must be part of the solution, not the problem,” he said. “The North stands to gain more through unity and support for a working leadership.”

BorderlessTek Launches Lifeline for Underprivileged Nigerian Children Through Coding

BorderlessTek Launches Lifeline for Underprivileged Nigerian Children Through Coding

 

In a powerful intervention against digital exclusion, a UK-based Nigerian tech entrepreneur, Wale Atekoja, is rewriting the future of disadvantaged children in Lagos, one line of code at a time.

His organization, Borderless Tek, has launched the Kids Coding Partnership — a grassroots tech education program designed to equip underprivileged schoolchildren in communities like Ikorodu and Yaba with foundational coding and software development skills, completely free of charge.

This is not just another CSR initiative. It’s a deliberate human-centered response to the growing digital divide that continues to marginalize low-income Nigerian children from the technology revolution sweeping the globe.

“We’ve been teaching Black kids in Europe how to code, but what about those back home?” says Wale Atekoja, better known as @AtexXeta on social media. “We’re not targeting the privileged. We’re starting with the forgotten — the children who have never touched a laptop.”

 

The first three-month cohort of the program is scheduled to kick off in September 2025, targeting public Junior and Senior Secondary School students across Lagos’ low-income areas. The curriculum will focus on practical, hands-on learning — from basic programming to animation, mobile app creation, and problem-solving.

But Wale is not walking this path alone.

The initiative is supported by strategic partners such as Yesding (education facilitation), Proline (internet infrastructure), and Akowe App, a credential verification startup that will ensure every certificate earned is both digitally secured and internationally recognized.

> “This is how we break cycles of exclusion,” says Olamide Busari, a representative from Akowe. “These children will walk away not only with new skills but with verifiable certificates that open doors.”Borderless Technology (@BorderlessTek) / X

 

This credibility ensures the effort extends beyond the classroom — helping students qualify for advanced training, internships, or even scholarships. It’s about real-world impact, not just inspiration.

The classrooms — to be set up in schools and libraries — are being fitted with digital infrastructure through partnerships with local governments and community stakeholders. Earlier pilot classes held this year already demonstrated tangible success: students who had never used a laptop built mobile apps and animations in just weeks.

Wale’s intervention is not just technical — it is deeply personal. Raised in Nigeria, he knows what it feels like to have the intellect but not the opportunity.

“I know what it’s like to be capable but invisible,” he says. “That’s why we’re building a new table — not waiting for a seat at someone else’s.”

 “We’ve been teaching Black kids in Europe how to code, but what about those back home?” says Wale Atekoja, better known as @AtexXeta on social media. “We’re not targeting the privileged. We’re starting with the forgotten — the children who have never touched a laptop.”

He is calling on corporate entities, public servants, NGOs, and everyday Nigerians to join the effort — by donating laptops, sponsoring training centers, or mentoring the children.

“We’ve opened the doors,” Wale adds. “But we need others to help keep them open.”

In a country where millions of young people are at risk of being left behind in the tech-driven global economy, the Kids Coding Partnership is more than a program — it is a necessary human intervention. A digital lifeline. A second chance.

And for many Nigerian children, it may be their first real shot at creating — not just consuming — the future.

NITDA Boss Hosts Gambian Minister at GITEX Africa, Discusses Strategic Tech Collaboration

NITDA Boss Hosts Gambian Minister at GITEX Africa, Discusses Strategic Tech Collaboration

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has welcomed the Gambian Minister of Communications and Digital Economy, Hon. Lamin Jabbi, Esq., to the Nigerian Pavilion at the ongoing GITEX Africa in Marrakech.

The high-level meeting focused on deepening bilateral collaboration in the digital economy space, with particular emphasis on revitalising the Gambian tech ecosystem and fostering regional innovation. Discussions also covered plans for the Gambian delegation’s active participation in GITEX Nigeria, slated for September 2025.

Highlighting the need to boost digital trade between Nigeria and Gambia, Abdullahi stressed the importance of fostering closer ties among tech startups, innovation hubs, and venture capitalists across both countries. He further encouraged the adoption of supportive policy frameworks—such as tax holidays for startups in Gambia—as a catalyst for driving innovation, attracting investment, and strengthening cross-border partnerships in West Africa’s digital economy.

Southeast Nigeria Leads in Self-Made Billionaires, Not Ritualists – Hon. Obi-West Utchaychukwuo Declares

Southeast Nigeria Leads in Self-Made Billionaires, Not Ritualists – Hon. Obi-West Utchaychukwuo Declares

A renowned radio personality and social commentator, Hon. Obi-West Utchaychukwuo, has sparked conversation on social media with his bold statement debunking the myth surrounding wealthy individuals from Southeast Nigeria. According to Utchaychukwuo, the wealth of Igbo businessmen is not rooted in ritual practices but in hard work, smart networking, and deep business acumen.

In a recent statement shared online, Utchaychukwuo noted that the southeastern region of Nigeria, predominantly occupied by the Igbo ethnic group, is home to the highest number of self-made billionaires in the country. “These are not people who looted public funds,” he emphasized, “but entrepreneurs who have built legitimate empires.”

He pointed to events such as the high-profile burial ceremony of Obi Cubana’s mother, which drew nationwide attention due to the extravagant displays of wealth. While some questioned the sources of the funds, Utchaychukwuo clarified that many of those in attendance were top importers, exporters, and sole distributors of major international products across Africa.

“There is hardly any Igbo family today without at least one millionaire. This isn’t by accident. It’s due to a strong entrepreneurial culture passed down through generations,” he said.

He also challenged common stereotypes, urging the public to stop associating Igbo businessmen with rituals, fraud, or money laundering. “You need to emancipate yourself from the misconception,” he said, listing notable Igbo entrepreneurs such as E-Money, Obi Cubana, Jowi Zaza, Valentine Ozigbo, and business entities like Air Peace as examples of legitimate wealth creation.

Utchaychukwuo went on to reveal that one of the contributors to the over N250 million raised during the burial is the sole distributor of a pharmaceutical drug in Nigeria that records millions in annual sales. “He earns N1,000 from each unit sold at N3,500. With sales running into millions yearly, that’s a legitimate billionaire,” he said.

The media figure further urged young Nigerians to shift focus from salaried jobs to entrepreneurship, noting that Nigeria remains an untapped goldmine for business-minded individuals. He cited the example of Hotels.ng founder, Mark Essien, who returned to Nigeria from Germany and built one of the country’s largest hotel booking platforms. The company attracted a $1.2 million investment from eBay founder Pierre Omidyar in 2015.

“Poverty is vanity,” he concluded, “because living a life without meaning or purpose is in itself, vain. Nigeria has opportunities for those ready to act.”

The statement, now trending with hashtags such as #madamCEO, #DivineFM, and #highchiefadaigbo, has ignited fresh discourse about wealth creation, regional stereotypes, and youth empowerment in Nigeria.

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Regional Poverty Risk in Nigeria: North Central Households Most Vulnerable in 2023 — Report

Regional Poverty Risk in Nigeria: North Central Households Most Vulnerable in 2023 — Report

 

A new report has shed light on the economic vulnerability of Nigerian households, showing significant disparities in poverty risk across the country’s six geopolitical zones. The data, compiled by the Global Multidimensional Poverty Index (GMPI) in collaboration with the Oxford Poverty and Human Development Initiative (OPHI) and published by Statisense, highlights the percentage of households in each region that are considered vulnerable to poverty in 2023.

According to the report, the North Central zone tops the list with 22.58% of households identified as being at risk of falling below the poverty line. This is closely followed by the North East, where 21.47% of households are vulnerable, reflecting the ongoing socio-economic challenges and insecurity that have plagued the region.

In the South South, often regarded as Nigeria’s oil-rich zone, 19.44% of households remain vulnerable to poverty. Despite the region’s resource wealth, many communities continue to struggle with underdevelopment and economic instability.

The South West, home to some of Nigeria’s largest urban economies including Lagos, showed a vulnerability rate of 17.18%, while the North West recorded 13.61%, indicating relatively lower levels of economic fragility compared to the northern and southern counterparts.

Surprisingly, the South East had the lowest poverty vulnerability rate at 11.47%, suggesting a more resilient household economic structure in the region, possibly attributed to widespread entrepreneurship and remittances from the diaspora.

Experts Call for Regional Economic Policies

The findings have prompted renewed calls from economists and development experts for region-specific economic policies that address the unique challenges of each zone. Analysts warn that failure to tailor social protection programs and job creation strategies to local realities could deepen existing inequalities.

Speaking on the data, a development economist noted, “These figures reflect not just income disparities but multidimensional poverty — including lack of access to education, healthcare, and proper living standards. The North Central and North East in particular need urgent, focused interventions.”

Federal and State Government Interventions Needed

The federal and state governments are being urged to review their poverty alleviation strategies and increase investments in infrastructure, education, and health — especially in high-risk zones. With Nigeria battling rising inflation and a growing youth population, the stakes are high for sustainable economic recovery and inclusive growth.

As 2024 approaches, stakeholders believe these poverty indicators should serve as a guiding compass for policy formulation, resource allocation, and donor support, ensuring no region is left behind in Nigeria’s fight against poverty.

 

Nigeria’s Top Banks Record Historic Profits, Asset Growth in 2024 – Zenith, GTBank Lead in Earnings and Returns

Nigeria’s Top Banks Record Historic Profits, Asset Growth in 2024 – Zenith, GTBank Lead in Earnings and Returns

Nigeria’s leading tier-1 banks, commonly referred to as FUGAZ – comprising First Bank, UBA, GTBank, Access Holdings, and Zenith Bank – have reported their full-year 2024 financial results, revealing a year of significant profitability, robust asset growth, and varied levels of return on assets (RoA). The figures reflect strong resilience and performance amidst economic headwinds and changing monetary dynamics in the country.

Zenith Bank and GTBank Cross ₦1 Trillion Profit Mark

In what has been described as a historic performance, both Zenith Bank and Guaranty Trust Bank (GTBank) surpassed the ₦1 trillion milestone in Profit After Tax (PAT) – a first for many in the Nigerian financial sector. Zenith Bank led the chart with ₦1.03 trillion in PAT, closely followed by GTBank with ₦1.02 trillion. This milestone signals strong cost management, increased interest income, and operational efficiency.

UBA, which has significantly expanded its footprint across Africa and other global markets, also posted an impressive ₦766.57 billion in PAT, reflecting its improved cross-border operations and diversified income sources. Access Holdings, another pan-African banking group, recorded ₦642.22 billion in PAT, continuing its trend of growth after its transformation into a HoldCo structure.

First Bank’s 2024 profit figures are still pending publication as of the time of this report.

Access Holdings Tops Asset Table with ₦41.50 Trillion

In terms of asset accumulation, Access Holdings solidified its position as Nigeria’s most asset-rich financial institution, closing 2024 with total assets of ₦41.50 trillion. This reflects its aggressive expansion strategy, mergers and acquisitions, and diversified investment portfolio.

UBA followed with ₦30.32 trillion in total assets, underscoring the strength of its Pan-African banking operations. Zenith Bank recorded ₦29.96 trillion, while GTBank, despite its smaller footprint compared to its peers, managed ₦14.80 trillion in total assets.

The continued asset growth across FUGAZ banks points to strong customer deposits, growth in loan portfolios, and strategic investments in treasury instruments and digital banking infrastructure.

GTBank Tops in Asset Efficiency with Highest RoA

Beyond size and profit, Return on Assets (RoA) provides a critical insight into how effectively banks use their assets to generate profits. GTBank stood out with the highest RoA of 6.89%, reflecting high operational efficiency and superior profitability relative to its asset base. This is a notable achievement, especially given its relatively leaner asset book compared to its rivals.

Zenith Bank recorded an RoA of 3.44%, UBA followed with 2.53%, and Access Holdings posted 1.55%. These numbers highlight the varied strategic approaches and business models across the institutions, with some favoring scale while others focus on efficiency and niche banking.

Sector Outlook Remains Positive Despite Challenges

The 2024 results from FUGAZ banks come at a time when Nigeria’s financial ecosystem is undergoing transformation due to regulatory reforms, inflationary pressures, FX market fluctuations, and evolving customer expectations. The performance of these banks suggests a resilient and adaptive banking sector, positioned to play a crucial role in supporting economic stability and growth.

As stakeholders await First Bank’s full-year report, analysts anticipate that the FUGAZ group, as a collective, will continue to be the bellwether for Nigeria’s banking industry, driving innovation, inclusion, and sustainable profitability.

Data Source: FY 2024 Bank Reports, Compiled by Statisense

 

South East Leads in Milk Consumption as Experts Call for Wider Dairy Access Across Nigeria

South East Leads in Milk Consumption as Experts Call for Wider Dairy Access Across Nigeria

 

By Anthony Nwosu – Lagos

The South East region of Nigeria has emerged as the leading zone in milk consumption, with a record 54.7% of households reportedly consuming milk and dairy products regularly. This is according to the latest 2023/2024 data released by Statisense using figures from the National Bureau of Statistics (NBS), the General Household Survey (GHS), and the Living Standards Measurement Study (LSMS).

The national average of milk consumption stands at 41.5%, with other zones falling behind the South East. The South South region follows closely at 50.1%, while the South West records 48.3%. However, the figures drop significantly in the North: North West (37.6%), North Central (29.4%), and North East (23.3%).

Health and nutrition experts say these numbers reflect the socio-economic imbalance in Nigeria, where access to nutritious foods like milk is often dictated by purchasing power and awareness.

Milk: A Nutritional Necessity

“Milk is not just a beverage—it’s a nutritional powerhouse,” said Dr. Adaeze Onwumelu, a nutritionist based in Enugu. “It provides essential nutrients such as calcium, protein, vitamin D, and potassium which are crucial for the development of bones, especially in children, and also supports heart and muscle health in adults.”

She added that regular milk intake can help tackle malnutrition and stunting, which are still prevalent in many parts of Nigeria.

Economic Barriers Remain a Challenge

Despite its health benefits, milk consumption remains relatively low in many parts of Nigeria due to economic constraints. Industry observers note that the average Nigerian consumes only about 8 litres of milk per year—far below the World Health Organization’s recommendation of 210 litres.

“Affordability is a big issue,” says Suleiman Yakubu, a dairy supply chain expert. “Most households in rural areas can’t afford processed milk, and local milk production still struggles with poor infrastructure, limited grazing access, and outdated techniques.”

Nigeria reportedly spends over $1.5 billion annually on dairy imports, further driving up the cost of milk-based products for the average consumer.

Closing the Dairy Gap

Experts and industry stakeholders are now calling for deliberate efforts to bridge the dairy gap through policy reform, investment in local dairy farming, and nutrition awareness campaigns.

“The government should subsidize dairy products and strengthen school feeding programs that include milk. That will improve access, especially among children in low-income families,” said Mrs. Chinelo Ibe, a food security advocate.

There’s also a push for increased support for small-scale dairy farmers to boost local production, reduce import dependency, and ultimately make milk more affordable and accessible to all Nigerians.

A Call for Action

As the South East sets the pace in milk consumption, nutrition advocates say other regions must not be left behind.

“Milk is a basic dietary need. Ensuring that every household can afford and access it is not just a health issue—it’s a matter of national development,” Dr. Onwumelu stressed.

With proper investment, policy backing, and public education, Nigeria can improve its dairy consumption nationwide and build a healthier future for its citizens.