But beneath the statistics lies a growing reality that increasingly shapes everyday life: rising debt pressures continue to threaten economic stability, public spending, and long-term growth.

That warning has now been reinforced by the Nigerian Economic Summit Group (NESG), which says Nigeria’s public finance situation remains fragile despite signs that some debt indicators temporarily improved in 2024.

In its latest debt monitoring report, the policy advocacy group warned that the country is still operating within what it described as a “high-stress” debt environment, with deeper structural weaknesses continuing to undermine fiscal sustainability.

At first glance, the numbers appear encouraging.

Nigeria’s Debt Burden Index (DBI), a metric designed to measure fiscal stress more realistically than conventional debt indicators, declined to 70.9 points in 2024 from a record 83.6 points in 2023.

Ordinarily, such a decline could suggest that debt pressures are easing.

But according to the NESG, the apparent improvement masks a more troubling reality.

The organisation explained that the reduction was driven largely by temporary moderation in debt servicing pressures rather than any meaningful strengthening of government revenues or fiscal fundamentals.

Meanwhile, Nigeria’s debt-to-GDP ratio continued climbing sharply, rising to 40.6 per cent in 2024 as the government maintained heavy reliance on borrowing to finance widening fiscal deficits.

The contradiction, the NESG said, exposes the weakness beneath the headline figures.

“The underlying fiscal vulnerability remained significant,” the report noted.

In practical terms, the country may appear more stable on paper, but the structural problems driving debt accumulation remain largely unresolved.

The report further warned that debt pressures are expected to intensify again throughout 2025.

According to NESG projections, the Debt Burden Index could rise to 78.4 points in the first quarter of 2025 before peaking at 79.6 points in the second quarter.

Although slightly lower pressure is expected in the third quarter, the index is projected to climb again toward the end of the year.

Rather than showing a path toward debt sustainability, the pattern suggests Nigeria remains trapped within a cycle of persistent fiscal stress.

For economic analysts, the concern goes beyond debt numbers themselves.

High debt pressure affects government capacity to invest in critical sectors such as infrastructure, healthcare, education, power, and social protection. As more public revenue is diverted toward debt servicing, less funding remains available for productive economic development.

The situation also increases pressure on taxation, inflation management, exchange rate stability, and investor confidence.

The NESG warned that improvements in headline debt indicators should not create a false sense of comfort, stressing that Nigeria’s fiscal system is still struggling with weak revenue mobilisation, rising expenditure pressures, and heavy dependence on borrowing.

The group has repeatedly advocated stronger fiscal reforms, improved revenue generation, prudent debt management, and deeper structural adjustments aimed at reducing long-term pressure on public finances.

For now, however, the report suggests Nigeria’s debt challenge is far from over.

Behind the appearance of stability, the country’s fiscal foundation may still be carrying more pressure than the numbers initially reveal.

Ufot is the group managing director of SO&U, one of Africa’s foremost marketing communications groups.

The announcement was made in a statement on Friday. It follows the recent confirmation that the summit will take place on Tuesday, August 12, 2025, at Radisson Blu Hotel, Isaac John Street, Ikeja, Lagos.

Themed “Financing as Catalysts for a Thriving Creative Economy,” the summit will bring together key figures in the creative space—including industry leaders, investors, policymakers, and emerging talents—to discuss ways to boost the sector’s growth and sustainability.

Olumide Iyanda, chief executive officer of Mighty Media Plus Network Limited and Convener of the summit, said Ufot’s career achievements and support for the creative economy make him an ideal choice.

“The summit will explore innovative funding solutions, fostering partnerships between creatives and investors, and provide tools for effective financial management. It will also serve as a space for collaboration between creatives, industry leaders, and policymakers to drive sustainable growth,” Iyanda said.

He recalled Ufot’s long-standing relationship with QEDNG, dating back to the platform’s launch in 2014. According to him, Ufot’s guidance and encouragement helped shape QEDNG’s direction and identity.

“Mr Ufot’s position as chairman will underscore his role as a thought leader and champion of Nigeria’s creative industry. His leadership and insights will inspire participants to pursue innovation and excellence, reinforcing the importance of strategic collaboration. It will also highlight his pivotal contributions to the advancement of the creative sector in Nigeria,” Iyanda added.

Ufot began his career in 1984 at Insight Communications, where he rose to the position of Deputy Creative Director (Art). In 1989, he joined CASERS as Creative Director.

Just six months later, he co-founded SO&U, which has since become one of Nigeria’s most respected advertising agencies.

He holds a Bachelor’s degree in Industrial Design from Ahmadu Bello University, Zaria, and has also completed programmes at the Swedish Institute of Management and the Lagos Business School.

Over the years, Ufot has held several leadership roles in the industry. He served as President of the Association of Advertising Agencies of Nigeria (AAAN) and Chairman of the Advertising Practitioners Council of Nigeria (APCON).

He also chairs the Board of the Policy Innovation Centre, sits on the board of the Nigeria Economic Summit Group (NESG), and co-chairs its Policy Commission on Tourism, Hospitality, Entertainment, Creative Industries and Sports (THECS).

Ufot is committed to developing future industry leaders. He mentors young professionals and lectures at the School of Media and Communication, Pan-Atlantic University, where he chairs the advisory board.

He is a past President of the Lagos Business School Alumni Association and former Board Chair of LEAP Africa, a non-profit organisation focused on youth leadership and entrepreneurship. He also serves on the board of Special Olympics Nigeria.

In 2014, the Federal Government of Nigeria honoured him with the Member of the Order of the Federal Republic (MFR) for his contributions to the corporate sector.

The QEDNG Creative Powerhouse Summit is open to a broad audience, including artists, filmmakers, musicians, designers, advertisers, academics, and financial institutions.

It is expected to be a landmark event for collaboration, innovation, and investment in Nigeria’s creative economy.

The allocation for the power sector was raised to N1.90 trillion, up from the initially proposed N418.37 billion for 2025.

However, according to NESG’s recent report titled “2025 FGN Budget Analysis: Can the Budget Deliver Major Economic Boost?”, the increase is not enough to resolve current electricity tariff reforms.

The report also identified non-cost-reflective tariffs and poor revenue collection as key issues that have led to the collapse of several power distribution companies (DisCos).

Typically, the energy sector budget is intended to fund initiatives aimed at boosting infrastructure and improving overall performance.

Of the newly allocated amount, N810 billion is designated for meeting Nigeria’s funding obligations under the $1.74 billion World Bank Power Sector Recovery Programme (PSRP), which focuses on enhancing the technical and financial performance of electricity distribution companies.

In addition, N269.74 billion has been earmarked for special intervention projects aimed at addressing critical infrastructure deficits and expanding electricity distribution across the country.

Beyond these commitments, the federal government has also proposed various initiatives to strengthen the sector, including the establishment of mini-grids in educational institutions and the installation of solar-powered street lights.

Speaking on the longstanding challenges impeding progress in the sector, the NESG report stated:

“Nigeria has historically faced challenges in implementing power sector budgets due to bureaucratic inefficiencies, corruption, and delays in project execution. While the 2025 budget signals a strong commitment to improving the power sector, it lacks a clear accountability framework to ensure the timely and transparent execution of projects.”

The report stressed the need for a robust monitoring and evaluation mechanism to mitigate the risks of fund misallocation, project abandonment, and underperformance of initiatives. It also warned that without comprehensive reforms, the increased budget may have limited impact.

The workshop aimed to strengthen Nigeria’s agricultural sector through public-private partnerships, bringing together key stakeholders from government agencies, international organizations, financial institutions, and the private sector to develop practical solutions for enhancing food security and driving sustainable agricultural growth.

The Urgency of Food Security

In his welcome address, Mr. Boye Olusanya, vice chairman of NESG, represented by Mr. Uche Ogbonna, Executive Director of the Ernest Shonekan Centre for Legislative Reforms and Economic Development at NESG, underscored the paradox of Nigeria’s agricultural landscape.

“Agriculture has long been the backbone of Nigeria’s economy, contributing 24% to our GDP and sustaining the livelihoods of over 70% of our rural population. Yet, paradoxically, we are grappling with one of the most pressing challenges of our time—food insecurity. In a nation blessed with over 84 million hectares of arable land, diverse agroecological zones, and a vibrant workforce, no Nigerian should go to bed hungry. And yet, hunger and malnutrition persist,” he stated.

Mr. Ogbonna stressed that data from the Agriculture and Food Security Survey, led by NBS, has provided critical insights into the scale of this challenge.

However, he emphasized that these findings must transcend research papers and conference discussions—they must translate into tangible policies and investments.

“The cost of inaction is too high. Every delay in fixing our food systems increases the number of children facing malnutrition, the number of farmers trapped in poverty, and the vulnerability of our economy to global food crises. Nigeria cannot afford to be a net importer of food when we have the resources to feed ourselves—and even the world,” he concluded.

Government and International Support

In his opening remarks, Mr. Ibrahim, executive secretary of the Nigerian Agriculture Development Fund, reiterated the necessity of strong partnerships between the government and private sector to build a resilient and productive food system.

He reaffirmed the commitment of the Minister of Agriculture, Senator Abuba Karakari, to fostering an enabling environment for private sector investments through policy reforms and financial incentives.

Representing Vice President Senator Kashim Shettima, Dr. Ali Modibo reaffirmed the administration’s commitment to ensuring food security and agricultural transformation.

He highlighted the pivotal role of the PFSCU in mobilizing investments and coordinating government initiatives.

Notably, he announced a $4.3 billion Memorandum of Understanding (MOU) with Brazil aimed at boosting fertilizer production, hybrid seed development, and agricultural credit lines, significantly strengthening Nigeria’s food production capacity.

A key highlight of the workshop was the participation of the World Food Program (WFP), represented by Mr. Stevenson, who outlined WFP’s $200 million annual investment in Nigeria’s agricultural sector.

He stressed the potential of irrigation, particularly in the Lake Chad Basin, and the importance of fostering private sector collaborations to enhance food production and market access.

Data-Driven Solutions for Growth

Adding a statistical perspective, Mr. Ayodele Babalora, representing the Statistician General, provided key insights into agriculture’s economic contribution.

He noted that agriculture accounted for 24.64% of Nigeria’s real GDP in 2024 and remains the country’s largest employer of labor.

However, he also highlighted persistent challenges such as climate change, pest infestations, and limited access to modern agricultural technologies, calling for increased investments in sustainable data production and agricultural statistics to drive evidence-based policy decisions.

Key Focus Areas and Actionable Insights

Discussions at the workshop centered on four priority areas:

• Boosting production and productivity through improved seed quality, livestock genetics, and advanced fishery practices.
• Expanding agro-industrial growth and job creation by promoting local processing of agricultural commodities.
• Enhancing financial accessibility through increased agricultural loans and investment mobilization.
• Strengthening agricultural data systems to guide policy and investment decisions.

Stakeholders also identified urgent areas for intervention, including better coordination in plant disease management, increased awareness and adoption of improved seed varieties, strengthening Nigeria’s organic agriculture market, and addressing funding gaps for medium-scale agricultural enterprises.

NESG’s Commitment to Transforming Agriculture

The NESG remains dedicated to fostering strong partnerships and advocating for policies that support a thriving agricultural sector.

By working collaboratively with key stakeholders, the NESG aims to drive Nigeria’s agricultural transformation—ensuring food security, economic growth, and sustainable development for future generations.

The event will be held on 27 November 2024, and registration is open to all interested in learning from Abu’s extensive career and insights.

The NESG Academy’s webinar series is part of its commitment to professional development and civic engagement, covering essential topics such as leadership, ethics, governance, public policy, and sustainability.

Through this initiative, the Academy fosters a community dedicated to personal and societal growth, empowering individuals to make a meaningful impact.

Gbemisola Ibrahim, head of Workforce Management and Academy at NESG, highlighted the significance of this month’s speaker, noting Abu’s exemplary career and her contributions to civic and media sectors across Africa. “Eugenia Abu has consulted for esteemed organizations like UN Women, ILO, ECOWAS, NEDC, and Trust TV, and her expertise in media and communications is invaluable. We are honored to welcome her to the NESG Academy webinar, where she will engage participants in an inspiring discussion on building influence and connections,” Ibrahim stated.

Eugenia Abu is a household name in Nigerian media, celebrated for her role as an anchor on NTA’s flagship network news for 17 years and her 34-year career in public service. Among her many accolades, she was awarded the prestigious NMMA Best Newscaster of the Year in 1995. Abu currently serves as a consultant to Bingham University, a council member at Veritas University, and a judge for the National Maltina Teachers Award and the OFAB Media Award. She also holds board positions, including at the Savannah Centre for Diplomacy, Democracy, and Development, and is a member of the National Media Complaints Commission.

Ibrahim stated further that, “the NESG Academy’s monthly webinars provide a space for professional and civic learning. Our mission is to build a better Africa through value-driven citizenship and robust civic education.”

Abu’s experience as a sought-after speaker, moderator, and media expert has seen her host significant national events, such as the presidential inaugurations of Presidents Yar’adua, Jonathan, and Tinubu. She is the Managing Partner and CEO of The Eugenia Abu Media and a frequent contributor to discussions on media, governance, and societal advancement.

Discover NESG Academy’s Programs

• Civic Education Resources: Access tailored resources for schools and communities to promote civic knowledge.
• Public Policy Credential Program: Offered twice a year, this program equips participants with skills in public policy and civic leadership.
• Policypedia.ng: Subscribe for weekly infographics and insights on key policy terms and civic topics.

To join this enriching webinar featuring Eugenia Abu, follow the link here.

This annual event with the pivotal theme “Reimagining Gender-Inclusive Pathways and Partnerships for Poverty Reduction” will take place on the 4th and 5th of September, 2024 at the Abuja Continental Hotel, Nigeria.

Dr Tayo Aduloju, the chief executive officer of the Nigerian Economic Summit Group, stated that:

“The Summit’s theme is deeply rooted in the transformative vision of the United Nations Sustainable Development Goals (SDGs), and provides a comprehensive roadmap for a more equitable, prosperous, and sustainable future for all”.

He further stated that “The Global Hunger Index (GHI) 2023 ranks Nigeria 109th out of 125 countries, indicating severe hunger levels, with women, girls and persons with disabilities facing higher food insecurity. Conflict, climate risks, widening income gaps, food insecurity and inflation have exacerbated rising levels of poverty and inequalities.

He noted further that “Evidence shows a parallel relationship between severe multidimensional poverty and gender inequality. Countries that perform poorly on the Global Gender Report also report the highest incidence of severe multidimensional poverty.”

He mentioned that poverty is defined across three main dimensions: health, education, and standards of living, encompassing access to essential infrastructure and services.

Also, Dr Osasuyi Dirisu, the executive director of the Policy Innovation Centre, stated that “the intersection of poverty and gender inequity underscores profound challenges in health, livelihood, and living conditions, particularly evident in Nigeria. Many families are experiencing severe poverty, aggravated by disparities in access to resources and opportunities.

Addressing these poverty-related challenges requires avenues for promoting gender equity through holistic partnerships. GS-24 will offer a platform to discuss and develop strategies for addressing poverty through a gender lens.”

She explained that the upcoming summit will serve as a platform for stakeholders to engage in critical discussions, share insights, and forge partnerships that will advance the SDGs and promote inclusive economic growth.

The Gender and Inclusion Summit was conceptualized in 2022 as an annual event to provide an inclusive platform to explore transformative ways to advance gender equity, inclusion and gender-responsive governance in Africa.

The Summit will explore gender-inclusive pathways to poverty reduction and the impacts of multidimensional deprivations on health, education, livelihood, and living standards. GS-24 would also leverage the collective power of government, development partners, civil society, academia, and the private sector, highlighting the importance of strategic partnerships for inclusive development.

The Summit will be a two-day hybrid (physical and virtual) event comprising plenary, breakout sessions, oral and poster presentations, learning workshops, exhibitions, side and networking events.

This significant milestone was achieved during the 30th Nigerian Economic Summit (NES #30) Public Lecture and Founders’ Forum held at the Lagos Business School on Thursday.

The Policy Innovation Centre is an initiative of the Nigeria Economic Summit Group (NESG), a leading think tank in Africa, redefining evidence-based policy advocacy.

In his opening remark, Mr Niyi Yussuf, the chairman of NESG, stated that the Public Lecture reaffirmed the essentiality of Public Private Partnership in tackling the complex economic realities of vulnerable Nigerians.

He reiterated NESG’s unwavering commitment in driving reforms through rigorous research, economic and social programs, and inclusive summits, all aimed at shaping the socio-economic development of the society.

“Thirty year ago, at a critical juncture in our nation’s history, the NES was borne out of necessity when the winds of economic challenges blew fiercely, necessitating a platform for a robust public-private dialogue in Nigeria”.

During the unveiling of ‘The Purple Book’, Dr Osasuyi Dirisu, the executive director of Policy Innovation Centre, said that:

“The Purple Book serves as an advocacy tool that stakeholders, governments and organizations could use to achieve better policy implementation for gender and inclusion in Nigeria. It is also a curation of new evidence, contextually relevant solutions and recommendations from the Gender and Inclusion Summit. The Gender and Inclusion Summit was conceptualized in 2022 as an annual event to explore transformative ways to advance inclusion and gender-responsive governance in Africa.”

She stated further that “the Gender and Inclusion Summit served as a platform to amplify stakeholders’ voices about Gender Equality and Inclusion. ‘The Purple Book’ provides an opportunity for us all to move ‘From Voices to Action’ by reflecting on approaches to improve the Gender Equality profile of Nigeria.

The Purple Book is now available for download via the link here.

However, the firm’s forecast shows a marginal decline in inflation and 3.1 per cent rise in Gross Domestic Product (GDP).

The GDP projection by PwC is lower than the 3.4 which the Nigeria Economic Summit Group (NESG) projected a day before.

The report also points to a gloomy 2024 with rising poverty levels and the lingering cost of living crisis in the country.

It stated that achieving sustainable growth in 2024 “requires balancing ambitious fiscal reforms with effective budget implementation” while highlighting the importance of “aligning fiscal and monetary policy to stabilise prices and reach target goals.”

In the report, PwC highlighted seven key trends that will shape the economic outlook including executing fiscal reforms: balancing ambition with budgetary implementation; evolving monetary policy stance: and finding the right framework and instruments to achieve price stability, among others.

PwC also examined the proposed infrastructure funding which it said would remain insufficient in 2024.

“The allocated infrastructure spending budget for 2024 is N1.32 trillion, falling short of both the World Bank’s suggested 70% infrastructure-to-GDP benchmark (currently at 30%) and the yearly $150 billion requirement specified in the National Integrated Infrastructure Master Plan for 2021- 2025.

“Security spending in the past nine years amounted to N14.8 trillion. Despite increased spending, insecurity remains a challenge and jeopardises national stability; negatively affects economic activities and undermines investor confidence.”

On revenue, it stated that “Nigeria’s ambitious revenue targets for 2024 depend heavily on oil prices and reform implementation. Historically, actual revenue realised has averaged less than 70% of the total budget.

“Achieving budgeted oil revenue in 2024 will depend on OPEC oil production quota, international oil prices, improved security in the oil-producing regions and geopolitical factors.

“The proposed fiscal reforms have the potential to boost non-oil revenue and shape the economy, but success hinges on effective budgeting and execution.”

On the cost of living crisis, the report noted that consumer spending may be pressured in 2024 “due to rising prices of goods and services (increasing food and transportation costs), coupled with lower disposable income.”

“However, private consumption is expected to be marginally better than in 2023. Poverty levels are projected to increase to 38.8% in 2024.

“Despite the low unemployment rate in the country, low consumer spending and purchasing power remain an issue, especially in the absence of a commensurate increase in the minimum wage to mitigate the inflationary growth in the economy,” the report added.

His appointment was announced on July 19, 2023 as the sixth President of the Africa’s leading think-tank.

Before his elevation to the office of NESG’s President, Dr. Aduloju served as the Chief Operating Officer (COO) and Senior Fellow for Economic Policy, Strategy, and Competitiveness.

He succeeds Mr. ‘Laoye Jaiyeola, upon the completion of his two-term tenure.

Under Mr. Jaiyeola’s transformational leadership, NESG has taken a quantum leap, utilising technology and data to promote the inclusive and sustainable growth of Nigeria’s economy while upholding its core principles of a free-market economy, the rule of law, and governance in the national interest.

Mr. Niyi Yusuf, the Chairman, Board of Directors, NESG expresses heartfelt gratitude to Mr. Jaiyeola for his dedicated service and impact.

As the incoming CEO, Dr. Tayo Aduloju brings exceptional vision and expertise to NESG. A distinguished scholar-practitioner, economist, policy entrepreneur, and strategist, he has contributed significantly to various reform initiatives, spanning sectors such as aviation, agriculture, finance, governance, maritime and public service.

Dr. Aduloju’s experience includes advising former Presidents Yar’Adua and Obasanjo, as well as spearheading the NESG’s national public-private leadership forums and promoting sustainable development.

Who is Dr. Tayo Aduloju?

Dr. Tayo Aduloju, with an illustrous academic background as an alumnus of the Federal University of Technology, Akure, University of Oxford, Massachusetts Institute of Technology, possesses the ideal qualifications to lead NESG through its upcoming phase.

Notably, Dr. Aduloju holds several distinguished accolades, including the Walden University 2022 Citizens Award for the College of Social and Behavioral Sciences.

He has earned a Doctor of Philosophy Degree in Economic Policy and Public Administration.

He is also a graduate and alumnus of the John F. Kennedy School of Government at Harvard University, in addition to holding an Executive Certificate in Economic Development from Harvard Kennedy School. He is a fellow of esteemed professional institutions, including The Chief of Staff Association, the Institute of Strategic Management in Nigeria, and the Institute of Management Consultants in the United states.

Established in 1996, NESG is a non-profit, non-partisan organisation dedicated to advancing economic reform in Nigeria.

Through its research, programs, and engagement, NESG has become the leading platform for public-private dialogue, fostering collaboration among the government, private sector, and stakeholders.

NESG’s commitment to creating a modern, globally competitive, sustainable, inclusive, and open economy remains unwavering.

NESG looks forward to Dr. Aduloju’s visionary leadership as its 6th CEO and the continued pursuit of its mission to transform the Nigerian economy.

The organization said it remains committed to driving positive change, facilitating crucial reforms, and collaboration to shape a prosperous future for Nigeria.

Ufot stated this recently in Abuja at the Gender and Inclusion Summit 2023 convened by the Policy Innovation Centre of the Nigerian Economic Summit Group.

He noted that for this potential to be harnessed there was a need for strategic investment in health, education, infrastructural development and job creation while leveraging technology to deliver sustainable development at scale.

Commenting on the essence of the Summit, Ufot said it was “conceptualised as a platform for dialogue where critical stakeholders from diverse sectors will reflect on new evidence and contextually relevant solutions to disparities in inclusivity in Nigeria.”

He said:

“The Gender and Inclusion Summit has a truly inclusive scope encompassing women, men, children, youth, people with disabilities, and other vulnerable population. This year, we are dedicating considerable time to discuss issues relating to Nigerian youth for many reasons. Nigeria has one of the largest population of youth in the world, about seventy percent of the population is under 35 years old. The median age of youth in Nigeria is 18.1 years and 42% are under the age of 15.”

He commended the efforts of the current government in providing platforms for youth such as the recently launched initiative to train three million tech talents by the Ministry of Communication, Innovation and Digital Economy.

He further underscored the need for “a collective responsibility to develop inclusive approaches to address barriers to quality education, job and internship opportunities and access to health services for Nigeria’s burgeoning youth population.”

Ufot warned that Nigeria cannot afford to have “a large population of poorly educated, poorly skilled, economically unproductive and unhealthy young people.”

He therefore, tasked participants to deliberate on how to lead Nigeria to “a more inclusive nation, where all citizens have equitable access to opportunities and are positioned to realise their God-given potentials in a Nigerian economy that is modern and open, private sector-led, and globally competitive.”

In his remarks, former Governor of Abia State, Dr Okezie Ikpeazu, said that following his passion for women’s development, he had signed a law making it possible for women to inherit their fathers’ property and own community land. The law, he explained, allows them to be allocated land as against the customs and tradition which made it difficult for them to own land in their communities.

He said:

“Today in Abia State, female children can now inherit their fathers’ property. Now it’s an offence for female children not to be allocated land. The female children can now inherit their fathers’ property.”

Ikpeazu also recalled that he had signed a law against the discrimination of disabled persons, which made it compulsory for all houses in Abia State to be designed with ramps to enable the disabled easy access.

The theme for the 2023 summit was “Building Bridges:  Advancing Gender & Inclusion Through the Intersection of Trade & Health.”