Business
FG Revitalises Infrastructural Decay
The Federal Government has said that it would deepen on the capacity and integrity of the Nigerian engineering professionals to revitalise infrastructural decay in the country.
President Umaru Musa Yar’Adua stated this at the opening of this year’s 18th engineering assembly of the Council of the Regulation of Engineering in Nigeria (COREN) at the International Conference Centre, Abuja.
Yar’Adua who was represented at the event by Mr. Hassan Muhammed lawal, Minister of Works, Housing and Urban Development, said there was no doubt that one of the surest way to achieve a balanced economic development for Nigeria is the provision of basic infrastructure, such as roads, housing, water, electricity among others.
“In all these endeavours, the Nigerian engineer has a central role to play”, he said.
As a result, government has recently committed huge resources in the road sector by awarding contracts for the construction and rehabilitation of many roads traversing all the six geopolitical zone of this country”.
In a similar vein, he said government has provided funds for the improvement of the power sector, as it is obvious that the achievements of the goals and objectives of government is to make the dividends of democracy get to every Nigerian.
In another development, the Abuja Environmental Protection Board (AEPB) last week cleared hoodlums were said to pose danger to guest patronising the hotel.
Reporting the boards activity, Mr. Titus Ndawa Deputy Superintendent of Police, said the large expanse of land was occupied by hoodlums engaged in activities considered illegal by the law.
“People occupied the place and engaged themselves in repairing refrigerators, electrical works, selling of locally constructed deep freezers, selling food in haphazardly erected structures that made the vicinity of the hotel to look indecent and insecure”.
A letter of complaint dated July 16 reaching the board from Bunmi Bikinni, Operational Manager of Agura Hotel, disclosed that the land was allocated to the hotel by park and recreation department of Federal Capital Development Authority (FCDA) and was designed for a park, but hoodlums were using the land without any permission from the hotel.
“They are presently causing the hotel a lot of embarrassment and pose state of insecurity to our guests. They have equally taken a step further by constructing a refuse dump which is not disposed and can cause outbreak of epidemic if not checked,” the letter stated. “The land has been cleared awaiting the rightful owner’s occupancy”, said AEPB.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.