The Role of Education in Economic Growth: Insights from Top Educated Nations

Education is one of the most powerful drivers of economic growth. It shapes skilled workforces, fosters innovation, and enhances productivity, ultimately contributing to national development and prosperity. The recent ranking of the world's most educated countries highlights how strategic investments in education have translated into economic success.

How Education Fuels Economic Growth

1.     Higher Productivity: A well-educated workforce is more efficient, leading to improved output and quality in various industries.

2.     Innovation & Research: Countries with strong education systems nurture technological advancements, pushing boundaries in medicine, engineering, and artificial intelligence.

3.     Entrepreneurship & Business Growth: Education equips individuals with the knowledge and skills to create businesses, driving employment and economic activity.

WHO Approves Two New RSV Vaccines to Protect Infants Worldwide

The World Health Organization (WHO) has officially recommended two groundbreaking immunization tools aimed at protecting infants from Respiratory Syncytial Virus (RSV)—a leading cause of acute lower respiratory infections in young children. These new vaccines are expected to significantly reduce hospitalizations and deaths, particularly in low- and middle-income countries, where 97% of RSV-related deaths occur.

A New Era of RSV Prevention

WHO's recommendations include:

·       A maternal vaccine administered to pregnant women in their third trimester, offering newborns immediate protection.

·       A long-acting antibody injection for infants, which begins working within a week of administration and provides at least five months of immunity.

Devastating Flood in Mokwa, Niger State Claims Over 100 Lives

Mokwa, Niger State—A catastrophic flood struck the Mokwa Local Government Area on Wednesday night, following hours of torrential rainfall, leaving the community devastated. The tragedy has claimed over 100 lives, with more than 100 people still missing as rescue operations intensify.

Rising Death Toll and Burials

As of Friday, at least 44 bodies had been buried, adding to the 31 victims interred earlier in the week. Local sources reveal that the death toll may be higher, with numerous corpses yet to be accounted for, including Qur’anic school pupils (Almajirai). Many families are desperately searching for missing loved ones.

Trump Administration Halts Critical HIV Vaccine Program, Sparking Global Concerns

The Trump administration has abruptly terminated a $258 million program dedicated to developing HIV vaccines, causing widespread concern among scientists, health experts, and policymakers. The program, led by Duke University and the Scripps Research Institute, was making significant strides in HIV research and also contributed to advancements in treatments for COVID-19, snake antivenom, and autoimmune diseases.

Reasons for Cancellation

Officials from the National Institutes of Health (NIH) stated that the program was reviewed and deemed unnecessary, with the administration opting to shift focus to existing HIV treatments rather than vaccine development. Although antiretroviral therapies can effectively manage HIV, experts argue that they do not provide long-term immunity or a cure, making continued vaccine research vital.

Access Bank’s Acquisition of NBK: What It Means for Customers and the Banking Sector

Access Bank Plc has successfully acquired the National Bank of Kenya (NBK) from KCB Group Plc, completing a transaction that began in March 2024. The deal marks a significant milestone in Access Bank’s strategic expansion into East Africa, reinforcing its presence in Kenya and the region’s financial sector.

Impact on Customers

Customers of both NBK and Access Bank Kenya can expect several key changes following the acquisition:

FEEL MY PULSE | GLOBAL | NIGERIA | 310525

Here’s a summary of public reactions to the major headlines in Nigeria and globally at this time:

Nigeria News

Public reactions to Nigeria’s tax reform bills have been mixed. While some Nigerians see the reforms as a way to modernize the tax system and improve revenue generation, others fear that the proposed VAT increase could worsen inflation and reduce living standards. Business owners in Northern Nigeria believe the reforms could push governors to improve internally generated revenue, but civil servants and entrepreneurs worry about the complexity of the new tax laws.

The announcement of a ground rent hike in Abuja has sparked strong criticism, especially from property owners and political opponents. Many residents argue that the government should focus on improving transparency in tax collection rather than increasing rates. The Federal Capital Territory Administration (FCTA) has begun sealing properties of major defaulters, including the PDP Secretariat and several businesses, leading to backlash from affected organizations.

Residents near the collapsed building in Ikorodu blame the use of substandard materials and poor construction practices. Some allege that the building owner was abroad and had been sending money home for construction, leading to oversight failures. The Lagos State Emergency Management Agency (LASEMA) has urged developers to adhere to safety standards, but many citizens remain frustrated with recurring building collapses in the state.

SEB BLOG NOTES | 310525

Here’s a look into each of the major headlines in Nigeria and globally at this time:

Nigeria News

Tax Reform Bills Ready for Tinubu’s Assent

The Senate and House of Representatives have adopted the harmonized conference committee report on four tax reform bills, which are now awaiting President Tinubu’s assent. These bills aim to modernize Nigeria’s tax system and improve revenue generation. The reforms include a four percent development levy on company profits, with allocations to education, technology, and security sectors.

Abuja Ground Rent Increase

Federal Capital Territory Minister Nyesom Wike has hinted at increasing ground rent in Abuja due to widespread non-payment. Many property owners owe 20 to 30 years’ worth of ground rent, and the government is now enforcing payments by sealing properties of defaulters, including the PDP Secretariat and several businesses.

Lagos Building Collapse

A two-story building under construction collapsed in Ikorodu, Lagos, killing three people, including two siblings and their uncle. Eleven people were rescued, and authorities suspect the use of substandard materials contributed to the disaster. The Lagos State Emergency Management Agency (LASEMA) has urged developers to adhere to safety standards.

Naira Exchange Rate Fluctuations

The naira appreciated to ₦1,610 per dollar in the parallel market but depreciated to ₦1,592 per dollar in the Nigerian Foreign Exchange Market. The fluctuations reflect ongoing economic challenges, despite government efforts to stabilize the currency.

REVIEWSNETWORK@CHANNELSTV.NG | POLITICS TODAY | Conversation With Gabriel Suswam

This video (see it here) is a political discussion featuring Senator Gabriel Suswam on Politics Today. Here are the major issues discussed:

June 12 Democracy Day

·       President Bola Tinubu is expected to attend a joint session of the National Assembly to commemorate the day.

·       The Senate President, Godswill Akpabio, announced Tinubu’s participation, marking a significant moment in Nigeria’s democratic history.

ECOWAS at 50

·       Leaders from across West Africa, including Tinubu, gathered in Lagos to celebrate the Economic Community of West African States (ECOWAS).

·       The event emphasized regional unity, economic integration, and overcoming colonial legacies.

·       Former Nigerian Head of State Yakubu Gowon, one of ECOWAS’s founding figures, was present.

REVIEWSNETWORK@AIT.NG |DEMOCRACY TODAY | MAY 28 2025

This video (see it here) is a May 28, 2025 episode of Democracy Today on AIT, discussing Nigeria's democratic journey, political developments, and upcoming events. Check out the highlight from the programme:

Nigeria's Democratic Journey

·       May 29, 2025, marks President Bola Tinubu's halfway point in his first term.

·       The 26th anniversary of uninterrupted democracy in Nigeria.

·       Reflections on past struggles for democracy, including sacrifices made by activists.

Interview with Abdul Oro

·       Abdul Oro, a former journalist, lawyer, and pro-democracy activist, shared insights on Nigeria’s democratic progress.

·       He discussed governance failures, corruption, and security challenges.

·       He emphasized the need for leadership accountability and citizen participation.

PDP National Executive Committee Meeting

·       The PDP held a meeting after over a year of internal conflicts.

·       Discussions focused on party restructuring and preparations for the 2027 elections.

·       Key figures, including Atiku Abubakar, were absent, fueling speculation about political realignments.

WAO! Auctioning Emefiele’s 753 Duplexes … Going … Going …

Nigeria's Ex-CBN Governor, Godwin Emefiele

This article (read it here) discusses the auctioning of properties allegedly acquired by former Central Bank of Nigeria Governor, Godwin Emefiele, using illicit funds. The Economic and Financial Crimes Commission (EFCC) seized a 753-unit housing estate in Abuja, which was linked to kickbacks from foreign exchange allocations and contracts during his tenure. The EFCC obtained a final forfeiture order in December 2024 and recently handed the estate over to the Ministry of Housing and Urban Development, which plans to sell the units transparently, favoring middle- and low-income buyers.

TINUBU’S TWO-YEAR REVIEW – A CONCERN?

Nigeria's President, Bola Tinubu

Given the article captioned “Tinubu’s two-year review stirs fresh political firestorm”, curtesy The Punch, (read it here) , the SEB Team at this time is delighted to take the topic further in your best interest. The article reviews President Bola Tinubu's first two years in office, highlighting both criticisms and defenses of his administration's performance:

Key Points:

1.   Criticisms from Opposition: Political opponents, including Atiku Abubakar, the Peoples Democratic Party (PDP), and the Coalition of United Political Parties (CUPP), argue that Tinubu's government has worsened economic hardship, increased national debt, failed to control insecurity, and neglected transparency.

2.   Economic Challenges: Policies such as the removal of fuel subsidies and foreign exchange unification are blamed for food inflation, rising costs of living, and business struggles. Critics accuse the government of excessive borrowing, pushing Nigeria into deeper debt.

3.   Security Concerns: The opposition claims that insecurity has worsened under Tinubu, with more Nigerians affected by terrorist attacks and kidnappings.

4.   Defense from APC: The All Progressives Congress (APC) dismisses the criticism as politically motivated, stating that Tinubu’s reforms are necessary for long-term recovery and have already shown positive impact.

President Tinubu’s Second-Year Anniversary Speech

Nigeria's President, His Excellency, Bola Ahmed Tinubu

President Tinubu's second-year anniversary speech highlights Nigeria's economic recovery, security improvements, infrastructural development, and social welfare reforms while reaffirming his administration's commitment to long-term national growth and stability.

FULL TEXT:  Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunted spirit. Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination.

The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice. It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.

PDP Crisis: I Don't Blame Wike; There Was No Need for Leadership to Enter Agreement with Him- Suswam

On Arise TV yesterday we watched The Morning Show  with the caption “PDP Crisis: I Don't Blame Wike; There Was No Need for Leadership to Enter Agreement with Him- Suswam” . So, given the very import of the topic the SEB Team deemed it necessary to take the conversation further in your best interest.

The video (watch it here) discusses the ongoing crisis within Nigeria's opposition party, the People's Democratic Party (PDP). The conflict has intensified between factions loyal to Oyo State Governor Seyi Makinde and former Rivers State Governor Nyesom Wike. Wike has withdrawn from reconciliation efforts, blaming Makinde and Enugu State Governor Peter Mbah for the turmoil. Meanwhile, the PDP national secretariat in Abuja was sealed by officials over unpaid ground rent, which the party claims is a political move by the ruling All Progressives Congress (APC) to undermine democracy.