Contrary to widespread assumptions, Nigeria has emerged with a surprising accolade in the realm of fiscal management as the International Monetary Fund (IMF) listed the country with the second-lowest debt-to-GDP ratio in Africa.

This revelation shows Nigeria’s economic stability and prudent financial decisions amid a complex global economic landscape.

As of recent data, Tanzania holds the top position with a debt-to-GDP ratio of 41.8%, a testament to its disciplined approach to debt management.

However, Nigeria closely follows suit, securing the second spot with a ratio of 41.3%. This significant achievement showcases Nigeria’s pivotal role within Africa’s economic sphere, despite external debts reaching $41.59 billion or approximately N31.98 trillion by December 2023.

The relatively modest debt levels in Nigeria can be attributed to several factors, including the diversification of its economic sectors and efficient debt management practices.

According to the Debt Management Office (DMO) Nigeria’s total debt hovers around N97.34 trillion.

Through meticulous oversight and strategic planning, Nigeria has navigated its economic landscape with resilience, thereby fostering investor confidence and maintaining a favourable debt position.

These achievements are particularly noteworthy given Nigeria’s substantial contribution to Africa’s economic landscape.

In comparison to other African nations grappling with higher debt burdens, Nigeria’s robust debt standing places it in a favourable position.

This distinction not only enhances Nigeria’s appeal to investors but also augurs well for potential financial assistance from both global and local creditors, bolstering the nation’s economic stability.

As Nigeria continues to chart its economic trajectory, its prudent fiscal management serves as a beacon of hope and a testament to the country’s resilience amid economic challenges.

With a strategic focus on sustaining this momentum, Nigeria is poised to reinforce its position as a key player in Africa’s economic narrative, setting a precedent for prudent financial stewardship across the continent.

The Federal Government of Nigeria has given its nod to a $750 million funding initiative from the World Bank.

This substantial investment is earmarked for the construction of 1,200 mini-grids across various rural communities in the country.

The announcement came during the Alliance for Rural Electrification Energy Access Forum held in Lagos, where the Managing Director/Chief Executive Officer of the Rural Electrification Agency (REA), Abba Aliyu, addressed the media.

Aliyu revealed that President Bola Tinubu had approved the allocation of the fund for the Distributed Access through Renewable Energy Scale-up (DARES) project.

This ambitious initiative is designed to provide energy access to millions of Nigerians residing in remote rural areas currently devoid of electricity.

Aliyu emphasized the urgency of addressing Nigeria’s electricity gap, noting that the country has the highest such gap globally.

With approximately 85 million Nigerians lacking access to electricity, the DARES project aims to provide energy to about 19 million individuals in rural communities.

Under the project, the $750 million funding will serve as a capital subsidy to incentivize private sector participation in electrifying rural areas.

Aliyu outlined the project’s multifaceted approach, which includes deploying isolated mini-grids to provide electricity to three million Nigerians, establishing interconnected mini-grids to serve 1.5 million individuals, and implementing solar system mesh-grids to benefit around 15.5 million Nigerians.

Also, the funding will be utilized to support over 40,000 farmers by providing them with productive use equipment to enhance productivity.

The significance of this funding cannot be overstated, particularly against the backdrop of Nigeria’s ongoing struggle with energy poverty.

The Federal Government, through the REA, is spearheading efforts to bridge the electricity gap and improve the livelihoods of millions of Nigerians living in underserved rural areas.

In a statement, the Minister of Power, Adebayo Adelabu, highlighted the critical importance of bringing energy access to every corner of Nigeria.

He emphasized the necessity of leveraging off-grid solutions, such as mini-grids, to accelerate energy access, particularly in rural areas where traditional grid expansion may not be feasible.

Adelabu underscored the need for commercially viable investments in mini-grids to ensure sustainable electrification efforts.

He stressed the importance of transitioning from grant funding to commercially viable models, signaling the government’s commitment to achieving universal electricity access while fostering economic sustainability.

The $750 million World Bank funding represents a significant milestone in Nigeria’s journey towards achieving universal energy access. With concerted efforts from both the public and private sectors, coupled with strategic investments like the DARES project, Nigeria is poised to make significant strides in closing its electricity gap and improving the lives of millions of its citizens.

In the vast landscape of Nigeria’s political arena, storms are not uncommon, but the latest tempest brewing over the approval of a $13 billion highway project has ignited a particularly fierce debate across the nation.

The controversy revolves around the decision by Nigeria’s federal cabinet to greenlight the construction of the second section of a 700-kilometer coastal road, connecting Lagos to Calabar, awarded to an ally of President Bola Tinubu.

The project, which has been entrusted to Hitech Construction Company Ltd., owned by tycoon Gilbert Chagoury, has sparked outrage and accusations of impropriety.

Chagoury’s close ties to President Tinubu have drawn sharp scrutiny with critics alleging favoritism and questioning the transparency of the bidding process.

The proposed highway, touted as an economic game-changer, has been marred by allegations of irregularities from the outset.

The bidding process, shrouded in secrecy, bypassed public scrutiny, leading to concerns from civil society groups and opposition politicians. With accusations of inflated costs and a lack of due process, the project has become a focal point for dissent.

One of the central figures in this unfolding drama is Lagos opposition politician Gbadebo Rhodes-Vivour, who has been vocal in his criticism of the project.

Rhodes-Vivour raised concerns over the lack of transparency and questioned the deal’s value for taxpayers, expressing skepticism about whether Nigeria truly secured the best arrangement.

Moreover, the project’s impact on local communities has intensified the backlash. The demolition of houses and buildings, including parts of the popular Landmark beach complex in Lagos, has triggered protests from affected businesses and residents.

This backlash underscores broader discontent with large-scale infrastructure projects that often neglect community interests and environmental considerations.

Critics have also pointed to Chagoury’s controversial past, including a conviction in Switzerland for money laundering and his admission of illegal campaign contributions in the United States. Such associations have fueled suspicions of corruption and cronyism, further fueling the political firestorm engulfing the project.

As the controversy escalates, key opposition figures, including Atiku Abubakar, have seized upon the opportunity to cast doubt on the integrity of the project and its proponents. Abubakar’s assertion of business ties between Tinubu and Chagoury adds another layer of complexity to an already contentious issue.

In response to mounting pressure, government officials have sought to defend the project, stating its economic potential and adherence to due process.

Works minister Dave Umahi reiterated the government’s commitment to transparency but provided little clarity on the opaque bidding process, leaving lingering doubts unresolved.

Against the backdrop of Nigeria’s struggle with corruption and economic challenges, the $13 billion highway project has become emblematic of broader concerns about governance and accountability.

As the political storm gathers momentum, the fate of the coastal road hangs in the balance, with its proponents and detractors locked in a battle for public trust and legitimacy.