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VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

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VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

By: Our Reporter

Vice President Kashim Shettima has inaugurated the Supervisory Board of the Debt Management Office (DMO) as part of efforts by the Federal Government to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Speaking during the Meeting of the Board on Wednesday at the Presidential Villa, the Vice President who is also Chairman of the Board charged the members to come up with a more strategic approach to public debt management.

He noted that Nigeria must continue to use public debt as a vehicle for the development of critical infrastructure and tool for economic growth and poverty reduction.

“With prudent management, debt can be transformed into an asset for economic growth and poverty reduction. Our goal must be to formulate policies, regulations, and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country,” the VP stated.

VP Shettima explained that this approach aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which prioritizes fiscal discipline, economic stability, and sustainable development.

He stressed that borrowing, when applied prudently, could serve as a catalyst for economic growth rather than a financial liability.

“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction. However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he said.

The Vice President commended President Bola Ahmed Tinubu for his economic reforms, acknowledging the President’s dogged efforts towards reforming the Nigerian economy.

He also praised the Minister of Finance and Coordinating Minister of the Economy and the DMO leadership for their untiring efforts in the day-to-day management of the nation’s sovereign debt portfolio.

“I want to commend the dedication of our leader, President Bola Ahmed Tinubu, GCFR, in his dogged efforts towards reforming our economy. I applaud the Honourable Minister of Finance and the Coordinating Minister of the Economy, and the DMO Management, for their untiring efforts in the day-to-day management of our sovereign debt portfolio,” he said.

The Vice President also noted Nigeria’s recent success in the global financial market on the issuance of a $2.2 billion double-tranche Eurobond, which he described as a testament to investor confidence in the country.

“I also use this opportunity to congratulate them and other members of the Nigerian delegation for a successful outing in the recent $2.2 billion double-tranche Eurobond issuance. The over-subscription rate of the bonds showed an impressive appetite for our country’s sovereign instruments in the global capital market.

Other members of the Board are Minister of Finance and Coordinating Minister for the Economy, Wale Edun (Vice Chairman); Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (member); Special Adviser to the President on Economic Matters, Dr. Tope Fasua (member); Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso (member); Accountant-General of the Federation (OAGF), Dr. Oluwatoyin Sakirat Madein (member), and Director-General of the Debt Management Office, Patience Oniha (Secretary).

VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

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NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

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NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

By: Michael Mike

The Nigerian Institute of Social and Economic Research (NISER), in partnership with the Nigerians in Diaspora Commission (NiDCOM), has called for a more robust and coordinated diaspora policy framework to enhance Nigeria’s development prospects.

This call was made on Tuesday during a high-level validation workshop convened to review findings from a comprehensive diaspora study spanning six continents. The initiative aims to strengthen engagement with Nigerians abroad and maximize their contributions to the country’s economic and social growth.

In her opening remarks, NISER Director-General, Antonia Taiye Simbine, described the Nigerian diaspora as a critical national asset, noting that annual remittances exceed $20 billion—one of the highest in Africa.

She emphasized that beyond financial contributions, diaspora Nigerians bring valuable expertise, innovation, and international networks that can significantly enhance national competitiveness.

Despite these advantages, Simbine pointed to persistent challenges hindering effective engagement, including inconsistent policies, weak institutional coordination, regulatory constraints, and trust gaps between stakeholders.

She stressed that the validation workshop provides an opportunity to refine the study’s recommendations, ensuring they are practical, inclusive, and capable of driving meaningful impact.

Also speaking, NiDCOM Chairman/CEO, Abike Dabiri-Erewa, urged a strategic shift in how diaspora remittances are utilized. According to her, Nigeria must transition “from remittances for consumption to remittances for investment.”

Dabiri-Erewa highlighted the global competitiveness of Nigerians abroad, noting their contributions across key sectors such as healthcare, technology, and governance. She explained that the study’s findings would help shape a structured roadmap for diaspora engagement, anchored on improved policy coordination, investment-friendly systems, and technology transfer.

She further underscored the need for data-driven policymaking, adding that Nigeria must intentionally transform the challenge of “brain drain” into opportunities for “brain gain” and “brain circulation.”

Contributing to the discussion, representatives of the Nigerian Medical Association (NMA) emphasized the growing role of diaspora professionals in strengthening Nigeria’s healthcare system. Speaking on behalf of the association’s president, Dr. Bala Muhammad Audu, Dr. Idris Liman noted that innovations such as locally available in vitro fertilisation (IVF) services—once largely accessed abroad—demonstrate the impact of knowledge transfer from Nigerian experts overseas.

He reaffirmed the association’s commitment to fostering collaboration with diaspora medical professionals to improve healthcare delivery and reduce the need for medical tourism.

Participants at the workshop collectively stressed that sustained and well-coordinated diaspora engagement could be transformative for Nigeria’s development. The validation process is expected to yield refined, evidence-based policy recommendations to guide government efforts in integrating diaspora contributions into national planning.

NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

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UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

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UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

By: Michael Mike

The UK-Nigeria Tech Hub has unveiled a new Creative Fund aimed at boosting local production capacity across Nigeria’s film, fashion, and music industries.

The initiative, backed by the UK Government, is designed to address critical gaps in technical skills, infrastructure, and access to modern production tools within Nigeria’s creative sector.

The fund aligns with the goals of the UK-Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group, launched in 2025, and follows commitments made during Bola Ahmed Tinubu’s state visit to the United Kingdom in March 2026.

Speaking on the launch, Director of the Tech Hub, Oyinkansola Akintola-Bello, said the initiative represents a shift from policy discussions to practical action.

She noted that while Nigeria’s creative industry already contributes significantly to the economy, more support is needed to enable creatives to produce high-quality work locally rather than outsourcing key technical processes abroad.

Funded under the UK’s Digital Access Programme and implemented by Tech4Dev, the Creative Fund draws on findings from a 2024 study of Nigeria’s creative ecosystem. The research revealed that the sector employs about 4.2 million people and contributes roughly $3 billion annually to the country’s GDP, despite facing structural challenges.

These challenges include limited access to formal financing, heavy reliance on self-taught skills, and the outsourcing of high-value technical work outside Nigeria.

The fund will support projects across film, fashion, and music, particularly those with strong potential for scalability, job creation, and local impact. It will also help cover technical gaps by funding access to specialists such as visual effects artists, sound engineers, and post-production experts, as well as digital tools like content delivery systems and AI-powered production technologies.

Country Manager for Nigeria and Sub-Saharan Africa at Tech4Dev, Abraham Akpan,, emphasized that the initiative prioritizes inclusion by supporting women-led and youth-driven ventures, as well as underrepresented groups in the creative economy.

He added that the fund is intended to ensure Nigeria’s creative growth is backed by sustainable local talent and infrastructure.

Applications for the Creative Fund are currently open and will be reviewed on a rolling basis. Eligible applicants include creative companies, studios, production houses, fashion enterprises, and music labels with clearly defined technical needs and a commitment to co-investment.

The initiative is expected to strengthen Nigeria’s creative value chain and position the country as a hub for high-quality, locally produced creative content.

UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

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NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

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NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

By: Michael Mike

The National Environmental Standards and Regulations Enforcement Agency (NESREA), alongside members of the press, carried out an enforcement exercise in Abuja, sealing 30 facilities over non-compliance with Environmental Impact Assessment (EIA) requirements in the construction sector.

In a speech delivered at the briefing, the Director of Environmental Quality Control, Elijah Udofia, said the affected facilities were found to have violated environmental regulations guiding construction activities, prompting decisive action by the agency.

“These violations were identified through NESREA’s routine inspections and compliance monitoring activities. In addition, these facilities also demonstrated unwillingness to fully comply with regulatory requirements relating to environmental documentation and responsiveness to compliance engagements. Where regulatory communication is clear, time-bound, and evidence-based, failure to respond constitutes a serious breach of compliance obligations and poses risks to both the environment and public health,” he said.

Udofia explained that the construction sector, while vital to national development, poses serious environmental risks when safeguards are ignored, including improper waste management, building on floodplains, uncontrolled emissions, and unsafe handling of materials.

He stressed that NESREA’s actions were in line with its mandate to enforce environmental laws and ensure public safety.

“Environmental compliance is not a choice. The regulations are designed to prevent harm before it occurs and to ensure that construction activities are managed responsibly from the start,” he stated.

He added that the agency moved from engagement to enforcement after the facilities failed to meet compliance requirements or respond adequately to regulatory concerns.

The director outlined the measures taken by NESREA, noting that the enforcement actions were aimed at stopping or curtailing environmentally harmful activities, compelling compliance through regulatory interventions, and ensuring that corrective measures are implemented within stipulated timelines.

“These enforcement steps are consistent with the agency’s powers under the NESREA Act and the National Environmental (Construction Sector) Regulations 2011,” he added.

Sending a strong warning to developers and contractors, Udofia emphasized that environmental documentation is mandatory and must be submitted as required by law. He also urged operators to respond promptly to compliance notices and implement proper environmental safeguards on-site.

“Dust control, waste management, erosion prevention, and safe site practices must be integrated into project execution—not added after problems arise. Compliance is part of project success,” he said.

NESREA also reassured the public that its enforcement actions are based on evidence and due process, not sentiment.

“We will continue to enforce the law fairly and consistently across the country,” Udofia noted.

He further called for cooperation from stakeholders to improve environmental performance across the construction sector.

“While we enforce compliance, we also call on stakeholders to cooperate with NESREA. Communities deserve clean and safe environments, and developers deserve predictable regulatory processes,” he said.

The agency concluded that the enforcement action should serve as a clear warning, reaffirming its commitment to strict enforcement of environmental regulations, especially where violations pose risks to public health and the environment.

NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

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