Business

World Bank Commends NNPCL Public Private Partnership Model

Published

2 years ago

October 24, 2023

World Bank Commends NNPCL Public Private Partnership Model

Mr. Olufemi Aduwo, Permanent Representative of Centre for Convention on Democratic Integrity (CCDI) to ECOSOC /United Nations and Chairman, CSO-African Countries Group of World Bank, Civil Society Policy Forum (CSPF) who just returned from the World Bank/IMF boards governors meeting in Morocco speaks in this interview on some pressing issues about the Nigerian economy.

Excerpts…

How would you rate Nigeria’s current debt status, and to what extent might Nigeria’s debt status hamper/accelerate growth?

Since 2023 figures are fluctuating let 2022, be our guide. As at 2022, Nigeria’s debt reached an all-time high of NGN77 trillion. Over the past decade, Nigeria has experienced a notable surge in its debt levels. The debt to GDP ratio has more than doubled from 17.7% to 37.3% in 2022, and over 80% of the country’s revenue is being used to settle or service debt. Spending over 80% on debt servicing leaves about 20% of the country’s revenue thinly spread across other sectors such as health, education, security, road and infrastructure, agriculture, social welfare, etc. While many academic research may argue that increased borrowing increases GDP and household income, this is obviously not the case for Nigeria as it is clear from statistics and the faces of the masses that increasing government debt and loans have amounted to increasing poverty, which can only be attributed to the poor fiscal management in Nigeria.

There are many factors fueling Nigeria’s debt crisis, the main one being fiscal mismanagement. The Nigerian government lacks fiscal discipline. The Fiscal Responsibility Act of 2007 clearly stated that the government at all levels might borrow only for “capital investment” and “human development”. This Act has been flouted over the years and efforts to amend some ambiguities in the Act have not succeeded over the years. For instance, the Act prescribes the inclusion of “borrowing for important reforms of major national importance”. This is ambiguous and most often abused. The terminology is vague and increases the government’s borrowing power. The relevance of the Fiscal Responsibility Act is sabotaged by the lack of strict sanctions to enforce compliance.

The Fiscal Responsibility Commission, just like other oversight Agencies in Nigeria lacks sanction power and is poorly supported. The existing fiscal structure in Nigeria somewhat promotes the lack of accountability, transparency and corruption. For instance, government Audit Reports from the Auditor General’s office are never made for public usage or access. Even the National Assembly and Presidency over the years have ignored this lack of transparency in public reports. How do we fight corruption without public audit reports? The Fiscal Responsibility Act also requires that borrowed funds be managed in a separate account to allow for proper monitoring and a clean spell out of what the debts are used for. However, the norm has been to add the loans to the overall consolidated funds, without a clear public report on what capital projects are funded by the loans. It is sad that the only place where detailed progress reports of projects funded by loans, are the creditor websites, and never the Nigerian government or relevant MDAs public reports. Let me repeat, there is nothing wrong in borrowing if the conditionalities are okay and the purpose for investment. Borrowing to pay salaries is anathema.

One of Nigeria’s most concerning problems currently is the swift loss in value of the local currency. Is that a worry for the World Bank? Would the World Bank at some time in the future be willing to consider debt forgiveness for Nigeria? With what preconditions?

The first reason, which is also the root cause of the naira depreciation, is that supply of dollars into the economy has been declining while demand for dollars remains relatively unchanged courtesy of the country’s huge demand for dollars fuelled by dependence on imported goods for many economic activities. Foreign revenue generation is weak. Devaluation makes a domestic currency less expensive than other currencies, which has two main implications, according to the International Monetary Fund (IMF). “First, devaluation makes the country’s exports relatively less expensive for foreigners. Second, the devaluation makes foreign products relatively more expensive for domestic consumers, thus discouraging imports. This may help to increase the country’s exports and decrease imports, and may therefore help to reduce the current account deficit.”And in Nigeria’s specific case, the free float of the naira ended the Central Bank’s previous regime of foreign-exchange rationing for importers, which limited their capacities to obtain foreign currency, particularly to service their international debt and payment obligations. We note that most of the goods are imported. On Debt forgiveness, not only the World Bank and IMF Nigeria is indebted to, we borrow from China, London and Paris clubs as well.

In 1999 when democracy returned to Nigeria, its total debts stood at $28.04 billion. The figure dropped to $2.1 billion on the famous debt relief secured by President Olusegun Obasanjo. It went up to $7.3 billion under Dr. Goodluck Jonathan in 2015. Under Buhari the figure has gone up by as much as over 400 per cent to $41.8 billion. In October 2005, Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion and an overall reduction of Nigeria’s debt stock by $30 billion. The deal was completed in April 2006 when Nigeria made the final payment and its books were cleared of Paris Club debt. I doubt if such grace would ever be available to us again, for many obvious reasons.

What areas would the World Bank be willing to partner Nigeria to alleviate its myriad of economic challenges?

The World Bank is always available to provide advice and warning to developing countries on monetary policy and development related issues. It’s left for us to accept or not. The bank provides low-interest loans, zero to low-interest credits, and grants to developing countries. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management.

Your organisation organised a sideline session on Public Private Partnerships in the just concluded World Bank/IMF boards of governors meetings in Morocco. What were the highpoints of the event?

Let me say this, any country that wants a robust economy and wants to create jobs must stay on top of its infrastructure and related services. But you and l know that government simply cannot afford to finance all the infrastructure costs from the budget. That was the major reason why the session was held. The session was moderated by Imad Fakhoury, World bank Director of infrastructure and PPPs and four renowned economists served in the panel of discussion. Because of the relevant of the topic, 340 guests from 84 countries were in attendance.

During the session, attention was on the tax scheme PPPs model as acceptable among others models, not only that it delivers, it reduces government borrowing. The session, the NNPCL’s involvement in the tax scheme in Nigeria was x-rayed by the panelists and they all agreed that it would serve as catalyst to the economic growth and development, if red tapism did not creep into the financing arrangement. The NNPCL has invested huge amounts in roads construction across the country. Not only that, the World Bank is studying the tax scheme in Nigeria; by the time we meet at World Bank /IMF Boards of Governors meetings in April in Washington DC, definitely the World Bank will issue an official statement on the effectiveness of tax scheme and assistances the bank plans to provide.

On 25 January 2019, President Buhari signed the Executive Order 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. The scheme is aimed at closing the gap in the infrastructure deficit plaguing the country, particularly the road transport sector. Under this scheme, private companies are enjoined to fund the construction of major road projects in the six geo-political zones of the country. In return, these companies get a tax credit or reduction equal to the amount invested

What’s your take on the current status of the NNPCL under Mr. Mele Kyari and, do you think the model will impact positively on the nation’s economy. On a larger scale, with NNPCL as a reference point, how can public and private partnership function better in areas of building and managing infrastructure?

Your question is two in one or double barrel. To answer the first part of your question, the current status of the NNPC Ltd is a good omen, a new path to growth and prosperity. The Saudi Arabia National Oil Company (ARAMCO) has been listed on the stock exchange since 2019. Saudi Aramco reported earning $161billion in 2022, claiming the highest ever recorded annual profit by a publicly listed company. That should be the path the NNPCL should follow. I think that should be the path Kyari should follow; the sooner the NNPCL is listed on stock exchange the better. On the Private – Public partnerships, already NNPCL has shown good example. More private companies should follow and government should create enabling environment to encourage others. Infrastructure is a key component of sustainable development.

Business

Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives

Published

15 hours ago

April 3, 2026

Sahara Weekly

Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives

A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.

Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.

Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.

During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.

In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.

Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.

The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.

Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.

In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.

Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”

Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.

The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.

Beyond couture, Adeosun integrates community impact into her practice.

She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.

Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.

According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.

Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.

Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.

Business

GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications

Published

1 day ago

April 2, 2026

Sahara Weekly

GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.

Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

About HabariPay

HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.

Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.

HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.

About Squad

Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.

Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.

Find out more at www.squadco.com.

Business

Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings

Published

2 days ago

April 2, 2026

Sahara Weekly

Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings

LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”

The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.

Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.

According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.

“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”

Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.

The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.

For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos

As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.