Founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has expressed deep concern over Nigeria’s growing debt burden, warning that the country’s economic reputation is deteriorating and discouraging foreign investment.
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Babalola made the remarks over the weekend in Ado-Ekiti during the 2025 International Leadership Conference on Leadership, Governance, Sustainable Change, and Wealth Creation (2.0), jointly hosted by ABUAD, Nigeria; Trinity Western University (TWU), Vancouver, Canada; and the African Centre for Leadership, Strategy, and Development (CentreLSD).
Speaking at the conference themed “Shaping Transformational Leaders for a Changing World: Tackling Insecurity, Governance, and Development,” the elder statesman described the theme as “most appropriate at this time of our development,” noting that Nigeria’s financial situation has become alarming.
Babalola lamented that the country’s worsening debt profile is undermining investor confidence, adding that the local financial sector is also feeling the strain. He cited complaints from banks that the Central Bank of Nigeria (CBN) has been unable to honour government promissory notes.
He, therefore, called for urgent reforms and responsible fiscal management to restore economic stability, investor confidence, and sustainable development in Nigeria.
“The theme of this conference is most appropriate at this time of our development,” Babalola said. “Records show that Nigeria is now a big debtor country, with total public debt at ₦152.4 trillion, or $99.7 billion. Consequently, most foreign companies are reluctant to invest in this debtor nation. As I speak to you now, I know that our banks are complaining that the Central Bank is not honouring promissory notes issued by the government due to the Federal Government’s inability to pay because of its mounting debt.”
He also highlighted the constitutional mandate of government, noting: “The main function of government is contained in Section 14 of the Constitution. It states that the Federal Republic of Nigeria shall be a state based on the principles of democracy and social justice. Sovereignty belongs to the people of Nigeria, from whom government derives all powers and authority. The security and welfare of the people shall be the primary purpose of government, and the participation of the people in governance shall be ensured.”
In a lecture titled “Transformational Leadership in an Insecure and Disruptive Era: Building Ethical, Resilient, and Impactful Leaders for Africa,” Otive Igbuzor, founding Executive Director of CentreLSD, identified transformational leadership as a critical tool to combat bad governance, corruption, unemployment, gender inequality, and environmental degradation in Nigeria and Africa at large.
Igbuzor noted that Nigeria and the continent need a new generation of leaders capable of challenging conventional approaches and promoting innovation. He explained that transformational leadership would enable governments to reward merit, integrity, and innovation rather than mediocrity and patronage.
He further stressed that Nigeria must embrace the principles of ethical leadership, innovative education, institutional integrity, inclusive governance, and continental collaboration. Igbuzor urged the Federal Government to institutionalise leadership training across schools and universities, ensuring that leadership formation becomes as essential as literacy.
In her address, the Vice-Chancellor of ABUAD, Professor Smaranda Olarinde, described the conference as timely, emphasising the vital importance of international, regional, and public-private partnerships in addressing challenges such as insecurity, hunger, poverty, infrastructural decay, and economic uncertainties.
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