Business
Soludo Seeks a New Deal For Nigeria

**By Christian ABURIME
In a compelling convocation lecture delivered at Veritas University on November 7, 2024, Professor Chukwuma Charles Soludo, CFR, the Governor of Anambra State, outlined a vision for a transformative “New Deal for Nigeria.”
Reflecting on his own graduation experience four decades ago, Governor Soludo emphasised the stark contrast between past and present challenges faced by graduates.

He articulated concerns over Nigeria’s socio-economic issues, including rising inflation, unemployment, and a culture where wealth accumulation is prioritised over virtue.
Acknowledging the historical conditions that shaped his generation, Professor Soludo urged graduates to embrace their upcoming year of National Youth Service as an opportunity for personal and societal resetting.

He encouraged active volunteerism and community service, positioning these experiences as crucial for nurturing selfless public service.
He stressed the importance of continuous learning and adaptability in navigating the complexities of modern life, citing a worrying disconnect between graduates’ expectations and the reality of job availability.

Central to Professor Soludo’s message was the call for collective effort in nation-building, asserting that a new social contract encompassing basic socio-economic rights is essential.
He emphasised that graduates from Veritas University, equipped with a holistic education grounded in Christian principles, bear the responsibility of contributing positively to society.
Professor Soludo also advocated the need for a pragmatic approach to governance in Nigeria, reminiscent of the U.S. Marshall Plan, calling for infrastructural investment and a focus on human capital development.
He highlighted initiatives undertaken in Anambra State, such as massive investments in education and health, aimed at creating a more equitable society.
The erudite economist and former CBN governor further lamented the growing educational divide between rich and poor in the Nigerian society, proposing that breaking this cycle of poverty must be a priority.

By fostering an inclusive educational environment, he posited that Nigeria could maximise its demographic potential and prepare itself as a leading global labour supplier by 2050.
In wrapping up, Professor Soludo inspired graduates to view their futures as flexible and urged them to actively shape Nigeria’s destiny through engaged citizenship.
He called on them to cultivate hope, recognising that despite the challenges, they carry the responsibility to realise Nigeria’s potential as a great nation.
His rallying cry reminded the young graduates that true leadership and commitment to civic duty begin with individual action, urging them to contribute meaningfully to the nation’s future.
Business
PENGASSAN – Dangote Rift: A needless attack on private enterprise

The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.
He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.
Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.
Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.
Business
FG Spends $2.86bn on External Debts Servicing – CBN
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.
This was disclosed in the international payment data from the Central Bank of Nigeria.
The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.
In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.
The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.
The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.
The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:
In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.
February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.
In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.
May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.
June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.
July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
Business
ECOWAS Bank okays $308.63m for Nigeria, Guinea
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.
The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.
Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.
The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.
Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.
Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.
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