Debt Busters 💰
#213: Debt is a double-edged sword.
Hello Venturer,
A happy new month to you. Can you believe we're already in the second half of the year? Let's catch up on what's been making waves lately. This week, Nigeria dominated headlines following reports that the country had signed a $150 billion Samoa Deal containing a contentious clause. The development ignited social debate and raised concerns. But it was also a reminder of how much some countries rely on international partnerships for development, one that often comes with a hefty price tag.
Recently, Nigeria’s Debt Management Office revealed that Nigeria's public debt has now surpassed 50% of its GDP for the first time. This raises serious concerns about the country’s economic health. Moreover, efforts to manage such an alarming debt burden can often prove detrimental, as evidenced by the recent protests in Kenya triggered by the Government’s attempts to control their mounting debt. This week, we look at Nigeria's mounting debt and its implications.
Suotunimi Orufa
Features Writer, Ventures Africa
What’s new?
What does Nigeria’s debt crisis have in common with Kenya’s protest?
Nigeria’s debt-to-GDP ratio has exceeded 50% for the first time, marking a more critical juncture for the country’s economic health. This alarming rise serves as a critical warning, especially when paralleled with the current situation in Kenya, where efforts to service mounting debt have triggered widespread protest. Read more.
WIMBIZ announces 2nd edition of its London conference: “next level: Succeeding beyond boundaries”
The Women in Management, Business & Public Service (WIMBIZ) has announced the theme for the second edition of its London Conference: “Next Level: Succeeding Beyond Boundaries.” Read more.
Flexibility choices could be a fatal blind spot in Africa’s renewable energy transition
It is no longer disputed that solar and wind power will be the foundation of Africa’s future energy systems. They are perfectly suited to the continent’s unique conditions and are already the most cost-competitive power option in almost all cases. Read more.
New AI Insights: AfriLabs publishes two groundbreaking reports funded by the Gates foundation
AfriLabs, the largest pan-African network of technology and innovation hubs, is thrilled to announce the release of two pivotal studies on Artificial Intelligence (AI) in Africa. Learn more.
Here are three big stories from Africa’s business and policy landscape you (probably) didn’t miss but should keep in mind this week.
Soft power - To attract, persuade, influence, and shape preferences through culture. Nigeria has effectively done this through entertainment. Our music, films, and content transcend borders, commanding global attention. As master storytellers, we leverage new technologies to amplify our cultural influence. Please read our latest magazine issue to learn more.
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