Common Mistakes Most Enterprenuers Make

We love to hear about the latest start-up success story. Knowing that someone was able to build something from nothing gives us hope that we can accomplish the dream as well. However, not every start-up founder makes it to the finish line. More often than not, early stage start-ups fail before they even get off the ground – most of the time, due to the same big mistake.
What experts noticed through their experiences and what we may have seen at start-ups that we are familiar with, is that, in general, there are three types of start-ups founders. First, there’s the experienced entrepreneur who has been down the road before. They know what process works and their companies have a higher chance of success.
The other two types of entrepreneurs, however, make the wrong choices simply because they don’t know what it really takes to get a start-up running. Here’s how they typically make start-up-killing mistakes:
The newbies

These are the start-up founders who have just graduated from college and are ready to try their hands at entrepreneurship. They’ve scrimped and saved, and with the help of their family and friends, have enough money to get started with their idea. At least they hope it’s enough.

These entrepreneurs can’t overspend. They have to work with the budget they’ve scraped together, which means getting things done as quickly and efficiently as possible. On the one hand, this encourages them to run a lean company. They know if they spend too much in the early stages, the start-up will never survive.
However, they can also be scared to spend money on things that are ultimately very important to start-up success. These inexperienced founders might have heard about the agile start-up process, but they’re skeptical of the methodology. To them, running repeated experiments through iteration seems unnecessary or wasteful. They don’t understand that iteration is the difference between success and failure when a start-up first starts out.
Instead, they work on producing one version of their product quickly and inexpensively. That means taking a huge gamble that their end product will have any market appeal.
What these entrepreneurs don’t understand is that the agile process isn’t really expensive and it pays much higher returns. With this process, small aspects of the product are developed and tested during each step of the process. You create, release, and see how the market responds. The results will either validate your product or help you adjust appropriately. Following this process increases the odds that the end product will be market fit.
The established business person

Over the past few years, we’ve seen more and more of this type of entrepreneur. These are the founders who have had a successful career – typically in the corporate world – and are now ready to create their own company. They’ve accumulated industry expertise and money to self-fund their start-up.
These entrepreneurs have saved enough to have more flexibility in their budgets. However, their years working in a traditional company can play against them if they try to run their start-up in the same manner. If they move at the same slow, bureaucratic pace, they’ll get nowhere.
They spend time and a lot of money getting all their ducks in a row before developing their product. They focus on hiring the right team, creating a strategy, and countless other small details that aren’t important for early stage start-ups. Then, when they’re finally ready to begin developing, they’re running low on money.

Culled from Punch

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Jibowu And Costain Bridges In Lagos To give Way For Lagos-Ibadan Railway Corridor

Minister of Transportation Rotimi Amaechi on Monday said the laying of tracks of Lagos-Ibadan standard gauge rail line would start in December.
He also said that Jibowu and Costain bridges in Lagos would be demolished to give way for the new railway lines.
According to the News Agency of Nigeria (NAN), Amaechi made the remarks in Lagos when he met with the Steering Committee of the project and the China Civil Engineering Construction Company (CCECC).

The minister said “the two bridges that we may likely demolish are Jibowu and Costain to give way to the rail lines.

“But we are rebuilding them immediately; we are not going to abandon them.

“The challenges will be in the cities like Lagos, Abekouta and Ibadan because we have to pay compensation, look at the water pipes, gas pipes, houses and cables.
“In Lagos especially, we deal with bridges, electric cables and water pipes and other assets.”

Amaechi also said that CCECC was consulting with Lagos State Water Corporation, Nigeria National Petroleum Corporation( NNPC), among others, to facilitate relocation of water and gas pipe lines that were parallel to railway line.
He added that CCECC would start laying tracks by December in Lagos, noting that parts of the rail lines that would be used for the project would arrive the country by end of November.

The minister while inspecting the level of work done, called for speedy work by CCECC so as to meet the deadline.
He called on Inspector General of Police, Ibrahim Idris, to ensure that adequate security was provided for officials of CCECC handling the construction of the rail line.

He urged the Coordinator of the project, Mr Leo Tim, to complete the necessary documentation to facilitate provision of security on site by relevant security agencies.
The minister visited Ijoko, Papalanto, Itori and Ewekoro community in Ogun State as part of the monthly site monitoring to ensure the project met the timeline by December 2018.

Five Keys To Learn From Your Mentor As A Young Enterpreneur

By Debbie Larry Izamoje

A lot of young entrepreneurs these days send cold emails, direct messages and private chats to people they want as their mentor. But, sadly only a few know what they want from these mentors or what they can even bring to the table as a mentee.
This well-thought article will give insight to 5 qualities or traits to either steal, imbibe, grab or whatever grammar you choose to use from your prospective mentor. You need to stop liking the way he/she dresses at this point and improve from liking his/her photos on social media.
Get in there, move closer and pick on these amazing traits/qualities to aid your career growth as an entrepreneur.

Visualisation skills

Disruption, as it’s widely used in different industries are the mindset of every entrepreneur. Their desire to push for a new product, new idea, or simply a different way of doing things springs from a deep well of creativity and out-of-the-box thinking.
These people are never content with the status-quo and are always trying out ways to push the beyond boundaries, and developing new ideas in the process. So, to have a successful entrepreneurial career, Your strong visualization skills must be top notch.
Self-confidence

What drives an entrepreneur to venture into something new with no job security, no steady salary and no previous template to follow is the confidence they have in their vision which they want to push passionately. Self-confidence will steer them through their journey.
If they didn’t have a passion or confidence on their idea, their team wouldn’t follow through the vision with commitment and the investors would not be convinced to place their bets on them. Meanwhile, without your self-confidence, you might not be able to convince anyone or any potential investor to invest in your idea.
Perseverance

Successful entrepreneurs possess the quality of perseverance in loads. Navigating new paths in a startup are naturally fraught with challenges, rough tumbles and lot of failures. However, most of the success stories are marked by a strong determination to “try, and try again”.
Truly passionate and motivated entrepreneurs treat failures as stepping stones towards improvement and development. They take learning seriously to evolve newer and improved modules to achieve their vision. In other words, Perseverance is major.
Adaptability

Having a vision, self-confidence and passion does not mean that an entrepreneur has to be bound strictly within their confines. The entrepreneurial nature requires survival skills of adaptability and agility to find new and more successful ways of doing the business. This quality of adaptability to constantly change, and improve keeps the work of being an entrepreneur relevant.
Network building

Successful entrepreneurs possess the leadership quality of a high emotional quotient. This not only stokes their passion but intuitively helps them to understand what their customers want, how to rally people around their objectives, mentor team members for growth, build long-lasting networks for future expansion.
Right from the start, when their idea is taking off, successful entrepreneurs start making connections which could add value to their endeavors. They constantly seek advice from their mentors, closely guide people within the company, create links within the industry and stay attuned to their client base.
ABOUT DEBBIE LARRY-IZAMOJE

Debbie Larry-Izamoje AKA The Entrepreneur’s Best-Friend holds a BSc in Information management from the University of Sheffield, United Kingdom, and MSc in management from University College London (UCL). She has also secured certificates in user innovation from Massachusetts Institute of Technology (MIT) and Innovation and strategy from Harvard University.
She is on a mission to raise a generation of young established or soon to be established professionals who are more vocal about business difficulties while providing solutions through public speaking, training, workshops and coaching.

 

Never sign a deal without this clause

in the event of any dispute arising out of the interpretation or performance of this agreement, parties shall result to arbitration to be conducted by a single arbitrator be appointed by the parties with the seat of arbitration in Lagos and governed by the laws of Lagos state….
The above is a short and simple sample of what is always regarded as an ‘Arbitration Clause’ in any agreement between parties.
Due to the multifaceted nature of business transactions all over the world, there is the need for parties to come together to agree on terms and conditions as to how a particular business venture is expected to be carried out. These agreements are then reduced into writing and parties append their signatures signifying the intention of being bound by the terms as stipulated in the agreement.

As simple and straightforward as this looks, we are all humans and the peculiarity of that very important fact is always the presence of disputes and disagreements. In the event of disputes arising from contracts, the conventional thing for the aggrieved party to do is to approach the courts to seek redress for any wrongdoing or harm that has been done.
But the reality is spending 3 years in court over a dispute of about #20,000,000(twenty million naira) with the potential of being elongated for a period which no one really knows.
Alternative dispute resolution is simply the answer to this problem. Facing the facts, although nobody actually enters an agreement with the aim of breaching the agreement, some circumstances which are not initially envisaged may arise that renders the agreement contentious. So rather than resort to the traditional mode of litigation in court, alternative dispute resolution mechanisms can be employed to ensure the mechanism of business runs smooth and efficiently.
Although what is contained above is an arbitration clause, there are other forms of alternative dispute resolutions which include negotiations, mediation and conciliation. However, the best form of alternative dispute resolution still remains arbitration as it is legally binding and the decision of the arbitrator is usually final.
The practice of alternative dispute resolution is already a major one, the importance cannot be over-stated especially with startups, entrepreneurs and owners of small companies who will probably be in a rush to sign any agreement because of their weak bargaining power.
This will save your life because in the event that a dispute arises, not only is it faster, it is comparatively cheaper to the whole court process. The interesting part of this alternative is the informality and prior existing relationships between the parties are preserved. Parties are also able to decide on the procedure which include the venue, time for meetings and the proceedings of the whole process and the losing party bears the cost!!
So make sure that you do not get carried away with the euphoria of signing a groundbreaking contract and make sure that you save yourself from the heartache of sitting through a boring court session coupled with the numerous adjournments and paying continuous appearance fees to your lawyer as you can easily arbitrate and get on with your business.

Taking any paid job is risky in the present day Nigeria 

We are in a changing world where paid up or salaried jobs are becoming elusive in Nigeria. The reality dawn on us with the debilitating recession we are currently going through. Since we are in a changing world, young Nigerians have to face this reality and embrace the new change.

Mr Wole  Ogunniyi submitted this
We, as a generation of young people in this country live in very unique and different era from that of our fathers.

Our great grandfathers lived in a time where there was no freedom. And even if they worked hard, someone could just take it away – and there was no way to even put up a fight about it.
Though most of our parents were not in the British era, they had parents who lived pre-independence; and they knew what it was like. Our grand parents encouraged our parents to look for stability in life – and take “safe, secure jobs” and not take risks in life.
Our parents grew up in a time where – if you had a stable job, with a stable income, paid your taxes and didn’t question authority, you could live a pretty decent life. And that was a huge improvement over the unpredictable lives of our grand parents.
I’m sure we all have parents who worked for 10+ years in the same organization. My dad worked for 33 years in a government Job. Day in and day out he worked hard, had a stable salary and he was able to provide for the family, raise me and my siblings.
They lived in a very different time.
The times have changed now. Today we don’t have government jobs ready available for you and me to take up.
Gone are the days where you could have one job for life and then chill out for the rest of your life. Our grandfathers and our sometimes fathers would have pensions coming in until the rest of their lives. They worked hard for that and they deserve it.
Unfortunately, things are very different today.
Since our parents grew up in a very different time, they have different beliefs and they are trying to make us take the same path – get a safe – stable and a secure job. And they have raised us telling the same thing.
Our reality is different.
There are no safe, secure and stable jobs anymore.
It’s a myth and somehow our parents and some of us still believe that it exists.

I know you will agree with me when I say that – the most riskiest thing you can do in today’s world is to have a job that pays a monthly salary.
You might want to believe that it is long term. Your parents may be in temporary comfort that their kids are “settled”, but the reality is that you can get laid off any time.

It is highly risky to just have one single source of income.

The safe secure job, that our parents think it exists, is a very recent phenomenon.
In fact, even my grandfather was an entrepreneur. No one offered him a job. He started with agriculture. He invested his time, energy and some money he earned in plots of land, then made some money, which he used to built house and take care of his family.

Think about it – there is a very high chance that your grandfather – or their parents were entrepreneurs.
There was no employment opportunities pre-independence era. The British looted out wealth and our politicians are still looting so much more.
We are in fear, and this makes the concept of  job stability look so appealing to us, that our parents and most of us were ready to give away most of their lives to a government or a private organization.
Now it is time to do something bold.
It is time to embrace entrepreneurship.
At least start experimenting with it.
Entrepreneurship is the safest way to make an income because the results are under your control.
You are not giving the control to someone else.
You are not wasting your life building other people’s dream.
When you are in a job, you get a stable monthly income but suddenly one day you will be laid off. It is a false sense of security.
In business, your income goes up and down. It’s unstable. But it is under your control. And you have multiple sources of income.
For example, I run an online Shop which has multiple clients. I run a blog and Website design Training which brings in revenue. And I also run a physical Shop where i sell stuffs with help of sales representatives.

If one stops working, I won’t be left with no income. I can re-focus on other things and scale up my income again.
So what should you do now.
I think you should start working on practicing entrepreneurship.
Start embracing unpredictability.
The most beautiful thing is that you have all the time to yourself and there is always room for improvement.

Bill Gates dumps his invention, embraces Android phone

Who no like better thing? It means who doesn’t like good product? The richest man on earth, had to embrace Android and abandoned his creation, Windows phone. Nobody wants complexities, technology is meant to make life easier.

Microsoft co-founder Bill Gates has revealed he uses an Android-powered smartphone, rather than a Windows one.”Recently, I actually did switch to an Android phone,” he said, speaking on Fox News Sunday.

Microsoft’s own Windows-powered phones have failed to make a significant impact on the smartphone market, which is dominated by devices running Google’s Android operating system.
However, Mr Gates said he had installed lots of Microsoft apps on his phone.

When asked whether he also had an iPhone, perhaps as a secondary device, he replied: “No, no iPhone.”

He did not reveal which particular smartphone he currently uses.
Microsoft struggled to make a success of its own mobile operating system, Windows Phone.

In 2014, the software giant paid $7.2bn (£5.5bn) for Nokia’s handset business, but Windows-powered phones accounted for fewer than 1% of global smartphone sales in 2016.
Microsoft’s latest operating system, Windows 10, can power smartphones in addition to laptops, tablets and desktop computers. However, few Windows 10 smartphones have been released.
In April, Microsoft started selling a customised version of Samsung’s Galaxy 8 smartphone in its US stores.

“Microsoft’s strategy under its current chief executive Satya Nadella is to make Microsoft apps and services widely available on Android and iPhone,” said Ian Fogg, an analyst at the tech consultancy IHS Markit.

“That’s where their customers are these days.”
The “Microsoft Edition” phone comes with the firm’s apps such as Office, Outlook email and its voice assistant Cortana included.

“It used to be putting the Windows operating system on everyone’s phone was a priority, but now it’s about selling services such as Office and Outlook email,” said Mr Fogg.

“To do that, you have to make those services available on every device.”

Hurricane Harvey, Irma: Beware of Tokunbo cars from USA 

Within the last days of August and the early days of September 2017, the world held its breath as violent tropical storm named Hurricane Harvey and Irma wreaked havoc across Eastern Texas in United States of America as well as North Eastern Caribbean and Some parts of Florida.
Hurricane Harvey was an extremely destructive Atlantic hurricane. In a four-day period, many areas received more than 40 inches of rain as the system meandered over eastern Texas and adjacent waters, causing catastrophic flooding.
You may be wondering, what has this to do to with the automotive industry in Nigeria?
Hurricane Harvey destroyed hundreds of thousands of houses, billions of dollars-worth of property including an estimated 40 lives. But the one that has direct impact on Nigeria is the hundreds of thousands of vehicles damaged by the flood.

According to Fortune magazine, over 100,000 insurance claims for cars impacted by Harvey have already been filed, with the number of claims expected to rise. Others estimate that Harvey has destroyed up to five times more.
For instance, Cox Automotive chief economist Jonathan Smoke told USA Today he believes 300,000 to 500,000 vehicles were destroyed by Harvey’s path. This has serious implications for Nigeria’s automotive industry.
Nigeria’s auto industry depends on imports from overseas. More than 70% of these vehicle imports, according to Nigeria Bureau of Statistics, comes from United States of America.
In 2016, 450,000 vehicles were imported into Nigeria from US, according US Census Bureau. However, one important thing to note about these statistics is that more than 70% of these imports are used cars, also known as Tokunbo, according to Nigeria’s professional services firm, Pricewaterhouse Cooper, PwC in a report released recently.
According to PwC, American Specs, Toyota and Honda dominate the Tokunbo car market in Nigeria as they satisfy the criteria of price, durability and resale value.
The fear of Hurricane Harvey vehicles finding their way into Nigeria is more so because, Texas, the main spot of the Hurricane Harvey, hosts a huge percentage of Nigerian Americans, most of them relying on businesses of used vehicle export to their home country. Statistics shows that the city of Houston, Fort Bend, Tarrant, Dallas, and Travis counties have some of the largest Nigerian population in America.
This is in addition to the fact that the Houston port tops the list of shipping ports in the US for shipping of cars that cannot move.
So, it will not be entirely surprising to start seeing some of the flood-damaged vehicles entering Nigeria before the end of this month and unsuspecting buyers may find themselves assuming the liability of owning one of them.
But flood-damaged cars are not only dangerous to the environment, they can also cost more than money.
“In today’s hi-tech vehicles, a car submerged in flood does not only compromise its engine, both electrical and electronic systems are also destroyed. This is besides the corrosion that would have started affecting the body,” said Chinedu Okwuosa, Director Operations at Cars45.com.
“Just imagine what will happen after you have subjected such vehicle to the Nigeria terrain with all the bad roads and hot weather condition,” he added.
At best, some of these vehicles should be classified as totaled and sold as scraps, yet some businessmen could become unscrupulous and pass on these flood-damaged cars as clean titled Vehicles
However, if you are looking to buy a tokunbo vehicle within this period or the next couple of months, here are a few things that can help you spot the ones damaged by flood:
Speak To The Dealer: A good place to start is getting a reputable dealer. A dealer that has formidable reputation will not risk it to rip his customer off. Ask the dealer if the car you are eyeing is flood-damaged. Any answer that is not a firm ‘No’ should be of concern to you.
Check The Title: You may also ask to look at the title. In that way, you may be able to know if the car is coming from a region affected by flood.
Check The Smell: Experts note that the quickest way to sniff out whether or not a car has flood damage is to literally sniff it.
It’s very difficult to completely rid a flood-damaged car of its moldy aroma, and mildew formation is a sure sign that the car was exposed to significant amounts of water.
This unpleasant smell is a helpful clue for prospective buyers.
Look Out For Rust: The time it takes to export the car from America to Nigeria would have been enough for some parts of the car to start rusting. If you go to buy the car with an experienced inspector, it should not be hard to spot the emerging corrosion.
But to really play safe, this piece of advice from CEO of Cars45, Etop Ikpe might be worthy of consideration. Ikpe says, “If you plan to buy a Tokunbo car within this period, you may want to reconsider your decision.”
“In fact, this is the best time to buy registered vehicle. It may be far safer than your shiny tokunbo,” he said.
This, according to him is because, “all too often, such vehicles get, at best, cosmetic repairs that mask, rather than resolve, longer-term issues, such as rust, mold, and mechanical problems that could plague buyers later-on”.

Credit Punch

Nine banks make N59.6bn from maintenance charges in 6 months


As Nigerians continue to groan under excessive bank charges deducted from their accounts, Zenith, UBA, Access banks and six others made N59.596 billion from these charges, including electronic banking fees, National Daily has gathered.

From the banks half year results for 2017, United Bank for Africa, Stanbic IBTC, Access Bank, Guaranty Trust Bank, Zenith Bank, FBN Holdings, Diamond and Fidelity Banks had jointly made N34.849 billion through electronic banking charges, although it was less than N76.155 billion which they made through the same channel in the first half of 2016.
With the exception of Zenith Bank which recorded a rise in income from electronic banking fees, the other banks had significant declines in the income from electronic channels. There was also a decline in what the banks made through account maintenance charges.
In the first half of the year, eight banks made N24.747 billion, a reduction in the charges compared to N28.368 billion that was made in the first six months of 2016. Of the banks, Zenith Bank stood out in what it made from account maintenance charges while UBA, despite the substantial decline in electronic banking fees income still recorded the highest figure.
UBA which recorded the highest income from electronic transactions saw a 45.9 per cent decline from N18.085 which it made in the comparable period of 2016 to N9.781 billion. GTB which saw a 61.4 per cent decline from N17.263 billion it made in 2016, followed UBA with an income flow of N6.668 billion from electronic banking charges.
FBN Holdings also saw a decline from N10.59 billion which it made in 2016 from electronic banking charges recording an income flow of N6.53 billion, while Zenith Bank recorded a 168 per cent in income flow from electronic transactions in the first six months of the year making N5.386 billion as against N2.008 which it made in the comparable period of 2016.
Zenith Bank also made N8.32 billion from account maintenance charges in the first half of the year compared to N8.92 billion which it made in the H1 period of 2016. GTB increased it income flow from account maintenance charges from N3.89 billion to N4.87 billion.
The Central Bank of Nigeria (CBN), earlier in the year had reviewed the Guide to Bank charges cutting down what customers pay for electronic bank transactions although it retained the account maintenance fee which banks started charging after the phasing out of commission on turnover in 2016.
The apex bank in the revised guideline cut the charges on internet banking transactions to N50 from N100 and Real Time Gross Settlement (RTGS) to N500 from N700. It however increased charges on card maintenance fees from N100 annually to N600 annually.

Four Nigerian banks are showing signs of distress, MPC


It seems the days of distress are back with us in Nigeria. The last time we had this type of distress was during the tenure of former Governor of (Central Bank of Nigeria) CBN, Mallam Lamido Sanusi, now Emir of Kano.  The CBN revealed this on its website, but refused to disclose the names of the banks affected

Four commercial banks in the country are operating with too many non- performing loans on their books and with liquidity ratios below the minimum requirement , two members of the Central Bank of Nigeria ’ s Monetary Policy Committee have said in statements on the bank ’ s website.
The two MPC members, Dr . Doyin Salami and Prof . Balami Dahiru Hassan, did not name the lenders, but said the four banks together were equivalent to at least one Systemically Important Bank.
Their statements were part of those of eight members of the MPC published late on Tuesday.

According to Hassan , financial sector stress tests showed that the Capital Adequacy Ratios for the nation ’ s banking industry worsened to 11 . 51 per cent in June, from 12. 81 per cent in April, as against a regulatory minimum of 15 per cent for banks with international licences.
He said , “ The financial performance indicators showed that when the four outlier banks were removed , the CAR , NPLs ratio and the Liquidity Ratio are all above the prudential requirement .
“ The banking sector liquidity ratio showed that all DMBs registered above the minimum of 30 per cent Liquidity Ratio with the exception of four outlier banks . The stress test , therefore , shows that the Deposit Money Banks are less resilient to shocks . ”
Hassan stated that the NPLs stood at 15. 07 per cent in June compared with the five per cent regulatory limit .
Salami , on his part, said the ratio stood at 8 . 17 per cent when excluding the four lenders in question .
He stated , “The Financial System Stability Report by the CBN staff highlights one of the biggest challenges with, which the central bank must grapple.
“ At slightly over 15. 0 per cent , the portfolio of the NPLs as a proportion of the total loan book of banks remains above the regulatory maximum and continues to rise . Whilst the CBN staff continue to note that once the figure is discounted for the impact of ‘ four outlier banks ’ , the NPL ratio drops to 8 . 17 per cent . ”
The International Monetary Fund had urged Nigerian policymakers to quickly increase the capital of undercapitalised banks and put a time limit on regulatory forbearance after it said last month that four banks were under – capitalised .
Union Bank of Nigeria Plc on Wednesday started a N 50bn share sale to existing shareholders to enhance its regulatory and working capital .

Anambra Least Foreign And Domestic Indebted State. Lagos, Osun, Highest -NBS 

The National Bureau of Statistics (NBS) in its report on Nigerian Domestic and Foreign Debt – June 2017 data yesterday, said Nigeria’s foreign debt stood at $15.05 billion, while the domestic debt portfolio was put at N14.06 trillion in June this year.
This represents a growth of $3.64 billion and N0.04 trillion respectively within a six-month period.

The NBS showed that $9.67 billion of the debt was multilateral; $218.25 million, bilateral, while $5.15 billion was from the Exim Bank of China, credited to the Federal Government.

Federal Government debt accounted for 74 percent of Nigeria’s total foreign debt while all states and the Federal Capital Territory (FCT), accounted for the remaining 26 percent.

Total Federal Government’s debt accounted for 78.66 percent of Nigeria’s total domestic debt, while all states and the Federal Capital Territory (FCT), accounted for the 21.34 percent balance.

A breakdown of the Federal Government domestic debt stock by instruments reflected that N7.5 trillion or 68.41 percent of the debt was in Federal Government Bonds. About N3.3 trillion or 29.64 percent are in treasury bills, while N215.99 million or 1.95 percent are in treasury bonds.

Lagos State has the highest foreign debt profile among the 36 states and the FCT, accounting for 37 percent; Kaduna, 6 percent; Edo, 5 percent; Cross River, 4 percent; and Ogun, 3 percent, followed closely.

Lagos State had the highest domestic debt profile among the thirty-six states and the FCT, accounting for 10.39 percent; Delta, 8.04 percent; Akwa Ibom, 5.18 percent; FCT, 5.09 percent; and Osun, 4.90 percent, followed in that order.