Business
Cotecna donates N6.5m Library Materials
A Destination Inspection (DI) Company; Cotecna destination inspection Limited, as part of its corporate social responsibility has donated library materials worth over N6.5 million to the Kings College Library in Lagos.
The multi-million naira gesture for the library includes air conditioners, burglary proof for windows, six split units compressors, desktop computers, laser jet printer, ceramic floor tiles, repainting of the library block, 400 volumes of books covering various subjects and general furniture.
Managing Director of Cotecna, Mr Yahya Adetayo Rabiu while commissioning the facilities said the initiative to upgrade the library was to further demonstrate the company’s commitment to education and to provide the students with a condusive atmosphere for learning, using state-of-the-art facilities.
According to him, Cotecna recognises the importance of investing meaningfully in its operating environment, as it continues to pursue its business obligations, as well as operational goals.
He also explained that their corporate support programmes are made in the area of key humanitarian needs such as education, water and health. These, according to him are core areas his company concentrate resources to specifically impact positively on young people, on whom the nation depends for growth.
The Cotecna boss further stated “today, the whole world is taking a paradigm shift and moving swiftly towards knowledge economy because the future to a large extent lies greatly with how much a nation equips its future champions. The company is highly inspired by the acceptance and the impact it would have on the student, as well as the process of learning and also very proud to be involved in the project”.
Rabiu restated the company’s commitment to provide innovative solutions to improve and secure the trading environment, while delivering value smooth and safe trade flow.
On his part while speaking on the gesture, Cotecna’s International Vice President, Corporate Communication, Mrs Alison Bourgeois harped on the imperative of education for accelerated growth in developing countries particularly.
She posited that Nigeria is a resourceful country with immense potential human resources, stressing that education holds the key to unlock these vast benefits and that the company would continue to support education and maintain it as a central part of its corporate social responsibility scheme.
Cotecna Destination Inspection Limited has a seven year build, operate, own and transfer (BOOT) destination inspection contract with the Federal Government, and is in-charge of Apapa and Tin Can Ports as well as Abuja and Kano airports.
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.