Business
Nigeria’s economy shows promise, inflation rate projected to decrease

Nigeria’s economy shows promise, – TDF noted that despite…
TDF noted that despite current inflation rates, Nigeria’s economy was transitioning from a static model to a flourishing one, with implications for job and wealth creation.
The Democratic Front (TDF) has welcomed Fitch Ratings’ projection that Nigeria’s inflation rate would decrease from 33.7 per cent to 26.2 per cent by Q1 2025.
The group, in a statement signed on Sunday in Abuja, by Malam Danjuma Mohammed, its Chairman, and Chief Wale Adedayo, Secretary, said the projection aligned with their own research, which considered various emerging economic variables.
TDF lauded President Bola Tinubu’s economic reforms, citing the withdrawal of oil subsidies and the unification of foreign exchange rates as key factors in the economy’s growth.
They highlighted Nigeria’s GDP growth to a 3.19 per cent year-on-year increase in Q2 2024.
“Debt Service-to-Revenue Ratio decreased from 97 per cent to 68 per cent in Q2 2024.
“Non-oil export receipts of 2.7 billion dollars in the first half of 2024, a 6.26 per cent increase from 2023, driven by an increase in the global demand for made-in-Nigeria products.
“External reserves reached 39.07 billion dollars as of September 19.”

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TDF noted that despite current inflation rates, Nigeria’s economy was transitioning from a static model to a flourishing one, with implications for job and wealth creation.
However, they acknowledged that insecurity and logistical constraints have crippled food supplies, triggering artificial inflation.
The group commended President Tinubu’s efforts to address insecurity, including a 500 million dollar loan to launch a military offensive.
They expressed optimism that Nigeria’s food supply process would be restored, leading to a significant decrease in inflation rates.
Overall, TDF sees Fitch Ratings’ report as an endorsement of President Tinubu’s economic reforms and a justification of the successes recorded so far.
They emphasised the need to stay the course for a speedy realisation of Nigeria’s economic prosperity goals.
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Business
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Business
7 Campus programs where student side hustles became startups

By offering seed funding, mentorship, co-working spaces and industry connections, these hubs guide side hustles through validation, prototype development and market launch.
They foster interdisciplinary collaboration, host pitch events and link innovators with investors. Whether born from engineering prototypes, agritech experiments or digital platforms, many successful startups trace their roots to these on-campus ecosystems.
Below are 7 standout incubators where student endeavors evolved into full-time ventures, underscoring the power of campus innovation to drive economic growth and reshape Nigeria’s entrepreneurial environment.
1. UI Research and Enterprise Development (UI-RED) at University of Ibadan
UI-RED provides multi-disciplinary teams with lab access, prototyping workshops and expert advisors drawn from the Faculty of Engineering and the Department of Computer Science.
Startups emerging from UI-RED include an IoT-powered water-quality monitor that secured grant funding and a mobile health-tracking app adopted by rural clinics. Regular demo days attract angel investors and corporate partners looking to pilot student innovations.
ALSO READ: How collaborative tech hubs are empowering Nigerian women entrepreneurs
2. Enterprise Development Centre (EDC) at Pan-Atlantic University
Although independent of a single department, EDC serves Lagos-based students in business, tech and design disciplines. Its structured accelerator program combines weekly masterclasses in lean startup methodology with one-on-one coaching.
Alumni ventures include a last-mile logistics platform born in the EDC co-working space and a B2B SaaS solution for retail inventory management, both of which have since hired full-time teams.
3. Covenant University Centre for Research, Innovation and Discovery (CU-CRID)
CU-CRID equips students with access to biotechnology labs, maker spaces and a dedicated seed fund. Participants receive guidance on regulatory approvals—crucial for medical-device prototypes—and IP filing.

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Successful spin-outs include a biofertiliser start-up that now supplies major farms and a renewable-energy engineering firm deploying solar-powered irrigation systems in rural communities.
4. Centre for Entrepreneurship and Innovation (CEI) at University of Nigeria, Nsukka
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CEI’s incubator specialises in agritech, digital media and fintech concepts. Supported by grants from development agencies, teams use CEI’s demonstration farm and digital studio to refine market pilots.
Notable successes include a blockchain-based commodity-traceability platform that secured a federal award and a social-commerce app connecting artisans to urban buyers.
5. Innovation and Incubation Centre (I&I) at Federal University of Technology, Akure
I&I focuses on deep-tech and engineering ventures. It offers state-of-the-art fabrication labs and a partnership network with local manufacturers.
Student teams have launched a 3D-printed prosthetic arm start-up and an IoT-enabled waste-management system piloted by the Akure municipal council, both now operating as full-time companies.
6. Ife Entrepreneurship and Innovation Centre (IEIC) at Obafemi Awolowo University
IEIC combines an on-campus accelerator with regional outreach, inviting off-campus mentors from venture capital and government innovation agencies. It hosts quarterly pitch competitions with cash prizes and incubation slots.
Graduates include a peer-to-peer tutoring platform that now employs dozens of former students and a smart home-security device venture exporting sensors across West Africa.
7. Startup Lab at University of Lagos
Startup Lab offers evening and weekend workshops in design thinking, coding and digital marketing, alongside a 24/7 co-working space. Its monthly founder socials facilitate team formation across faculties.
Success stories feature a mobile payment integration service adopted by small businesses nationwide and a marketplace for artisanal food producers that grew from a class project to a multi-million-naira enterprise.
From proof-of-concept to market launch, these 7 campus incubators exemplify how tailored support, ranging from technical facilities to investor introductions, can turn student side hustles into sustainable startups.
By embedding entrepreneurial practice within academic settings, they are nurturing the next generation of Nigerian business leaders.
EXPLORE: 7 Powerful tips to empower Nigeria’s rising women entrepreneurs
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Business
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