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Nigeria’s Public Debt Now N121trn – DMO

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Debt Management Office (DMO) says Nigeria’s total public debt has reached N121.67 trillion within three months.

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The Cable reports that this figure represents an increase of N24.33 trillion or 24.99 percent from the N97.34 trillion as of December 2023.

Nigeria’s public debt profile consists of the federal and subnational governments’ domestic and external debt stocks — the 36 states and the federal capital territory (FCT).

According to the DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.

“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion). Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability.”

On June 13, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion. In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500m World Bank loan to boost electricity distribution in the country.

Prior to this, the federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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CNN African Voices Playmakers Profiles Wendy Shay

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This week’s edition of Glo-sponsored CNN African Voices Playmakers will feature Ghanaian singer, songwriter and musical innovator, Wendy Asiamah Addo, popularly called Wendy Shay.

Shay will delight viewers with the story of her journey to the top of her career as well as  her impact in her non-profit social engagements on the 30-minute magazine programme.

Born on February 20, 1996, Shay is a former nurse and midwife. She  plays a unique music style, which is a  blend of Afrobeats, highlife, and hiplife genres. Her hit albums include  “Uber Driver” and “Africa Money.”

She has performed at several events including Miss Ghana 2018 Finals, RTP Awards Africa 2018, BF Suma Ghana Connect 18 concert. In December 2019, she also performed at Ghana’s Afronation Music Festival.

Shay is brand ambassador for the Youth Employment Agency (YEA) in Ghana,  and has won the Best New Artiste of the Year at the Ghana-Naija Showbiz Awards amongst others.

An interesting time awaits viewers on the programme which will be aired  at  8.30 a.m. on Saturday. The edition will be repeated the same Saturday  at 12.00 p.m., on Sunday at 4.30 a.m. and  7.00 p.m. More repeats come on Monday at 4.00 a.m., on Saturday next week  at 8.30 a.m.,  12.00 p.m., and  on Sunday at 4.30 a.m. and 7.00 p.m. and at 4.00 a.m. on Monday.

 


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Empowering small businesses in Africa through digital communication solutions

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By Abiola Ibrahim; Account Executive – Infobip

The African small business landscape is brimming with potential. From active markets to innovative entrepreneurs, the continent represents a vibrant hub of economic activity. Yet, in this dynamic environment, standing out and reaching customers can be a challenge.

Abiola Ibrahim

This is where digital communication steps in as a powerful tool for unlocking growth. By harnessing digital communication, these enterprises can amplify their brand presence, engage with their target audience effectively, and drive sustainable development.

Embracing mobile technology and data analytics

Mobile technology has emerged as an important tool for enhancing communication efforts and connecting with target audiences across Africa. According to GSMA Intelligence, mobile connectivity is playing a significant role in driving socioeconomic progress in Sub-Saharan Africa. Businesses can capitalise on this trend by adopting mobile-based communication strategies to reach and engage with their customers. For example, leveraging SMS marketing campaigns or developing mobile apps tailored to local preferences can enhance customer engagement and drive business growth.

Harnessing the power of data analytics, businesses can optimise their strategies, refine their messaging, and drive meaningful interactions to stay ahead of the competition. By embracing mobile technology and data analytics, small businesses can create a strong foundation for their digital communication efforts.

Personalisation and customer-centric approach

In an era dominated by personalised experiences, small businesses must tailor their communication efforts to resonate with individual preferences. This is more than just reaching customers; it is about engaging them in a conversation tailored specifically to their needs and desires. This involves a multifaceted approach, integrating various elements such as video content, storytelling, SEO optimisation, and community building into their strategies. Through video content, businesses can visually showcase their products or services, providing a more immersive and engaging experience for their audience. Unlike the traditional marketing storytelling, often perceived as one-way communication with customers, businesses who wish to build deeper relationships with their customers need to create conversational experiences. These experiences enable personalised, two-way communication that goes beyond simply using customer’s first name. They humanise the brand, making each interaction feel tailored to the individual customer and demonstrating that the company understands their preferences, from product choices to preferred communication channels.

Strategic use of digital communication solutions

Some small businesses have attained success by being strategic with their digital communication activities. They collect and store data using Customer Data platforms and use flow building solutions to trigger event-based conversations with customers on their preferred channels. This approach enables businesses to automate communication towards their target audience, ensuring the delivery of relevant and personalised messaging. Such strategies have been adopted by different organisations across various sectors to encourage purchases by customers who have abandoned their virtual carts, automate customer loyalty reward programs, set up efficient account signup and verification processes, and send automated reminders to customers to take certain actions.

Establishing a strong brand presence and maximising limited resources

Establishing a strong brand presence is vital for small businesses aiming to differentiate themselves in the market. Focusing on elements such as production, place, people, promotion, and process, businesses can define their unique value proposition and resonate with their target audience. Engaging in local connectivity and community engagement further strengthens brand authenticity, fosters trust, and fuels organic growth.

Small businesses often operate with limited budgets and resources, making it essential to adopt a strategic approach to digital communication campaigns. By setting attainable goals, leveraging technology, and prioritising audience insights, businesses can optimise their investments and maximise returns. Embracing AI-powered tools for content creation, targeted advertising and data-driven decision-making, can help unlock the full potential of digital communication.

Future opportunities and innovation

Looking ahead, the future of digital communication for small businesses in Africa is filled with opportunities for innovation and growth. As AI continues to reshape the marketing landscape, businesses can harness its capabilities to drive personalised experiences, automate processes, and explore new avenues for engagement. By staying agile, adaptive, and forward-thinking, small businesses can position themselves as industry leaders and capitalise on emerging trends to drive sustainable growth and prosperity.

As small businesses continue to evolve and adapt to changing market dynamics, their ability to effectively communicate will be instrumental in redefining entrepreneurship in Africa, shaping a prosperous future for themselves and their communities. Understanding what clients want is more important than ever, as it helps build stronger connections and fosters customers loyalty. Effective communication that delivers the best results involves knowing the right time and place to engage with customers. These preferences are discovered by analysing customer data and setting up events that make the communication most relevant to them.

In summary, the growth journey begins with building a community, getting to know your customers by collecting and analysing data, sending relevant information at the right time, and creating conversational experiences rather than talking at your customers.


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Subscription Hike: CCPT “Erred in Law”, Multichoice Claims in Appeals against N150m Fine

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Multichoice Nigeria has appealed the ruling of the Competition and Consumer Protection Tribunal (CCPT) which imposed a fine of N150 million and “free monthly subscription order” on it.

Subscription Hike: CCPT “Erred in Law”, Multichoice Claims in Appeals against N150m Fine

The Pay TV company, in an appeal filed before the Court of Appeal sitting in Abuja is also highlighting reasons the ruling of the CCPT should be set aside by the appellate court.

This is contained in MultiChoice’s notice of appeal seeking the Court of Appeal to hold that the Tribunal “erred in law.”

MultiChoice’s eight grounds of notice of appeal argued that the members of the Tribunal erred in several areas of law.

Here under are the reasons listed by Multichoice in praying the court to set aside the fine imposed by the CCPT.

Multichoice argued that the Tribunal imposed a fine on it without allowing its legal team to explain itself regarding the price hike.

The Pay TV insisted that the Tribunal should not have presided over a complaint that has not be decided by the Federal Competition & Consumer Protection Council.

A similar Case has been decided before.

Multichoice emphasised that the issue of its price hike had been determined by the Tribunal before, thereby barring its panel from presiding over the same issues in alleged violation of legal procedures.

The tribunal imposed penalties not sought by the lawyer.

Multichoice pointed out that the lawyer did not ask for a N150 million penalty and a one-month free subscription fine against it.

It was also of the view that the Tribunal acted in such a manner without hearing from all of its subscribers.

The tribunal imposed a huge fine based on personal claims.

The firm also stressed that the Tribunal erroneously imposed a huge fine on it while leveraging on a lawyer’s personal issues with his subscription package.

The tribunal imposed a fine in a hurry.

Multichoice also accuses the Tribunal of not hearing all the pending applications for, and against its price hike, before imposing such fines on it.

The tribunal cannot regulate prices.

Multichoice maintained that a tribunal cannot preside over issues of price increase.

Multichoice did not disobey the Tribunal.

Multichoice reiterated to the Court of Appeal that a party cannot be said to have disobeyed an order of court when it has filed an application challenging the powers of the court to preside over a matter.

“An order setting aside the ruling and Orders of the Hon. Tribunal delivered on the 7th June 2024,” Multichoice appealed.

The CCPT has said it  would review the reasons identified by Multichoice, noting that the agency could involve regulatory bodies such as the National Broadcasting Commission (NBC).

 

 

 


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