Business
PHCBS Decries Incessant Harassment By Security Agents
The Port Harcourt City Bus Services (PHCBS) popularly called Skye Bank Buses in Port Harcourt City has planned an innovation to help ease transportation difficulties facing Rivers people and the commuters.
In a press briefing, Mr Olubakinde Foluso, the Operation Manager of PHCBS told journalists that the challenges facing the Port Harcourt City Buses Transport Company while trying to transform the transport system and to deliver a quality service to Rivers people and the Port Harcourt residents is the harassment by security agents, local government operatives and the illegal commercial bus drivers on Aba Road, Trans Amadi, and Ikwerre Road corridors.
Port Harcourt City Bus Services (PHCBS), a special purpose vehicle (SPV) has been set up to transform the transport operations in Port Harcourt City.
Mr Foluso expressed dissatisfaction over the lack of enforcement, direction, implementation and control of the mini buses and taxes obstructing the high operation vehicles (HOV) at the bus shelters in the city.
The scheme was designed by professionals to run under the public-private partnership (PPP) model that allow for participation of both the private sector as franchise or investors as PHCBS operator.
The main purpose of the PHCBS is to ensure rapidity of public transport as travel time would reduce, allow capacity optimization of the carriage way and increasing productivity as to reduce man hour spent in traffic. This is an initiative by Rivers State Government and Skye Bank financier of the PHCBS as a Bus Transit Scheme in the Port Harcourt Metropolis. This concept of SPV is basically a segregation of the carriageway that would give priority to the high capacity which would pave way to rapid conveyance of passengers especially at the peak periods along the dedicated routes.
The Port Harcourt City Bus delivers high quality, efficient and affordable transport services. He stated that the scheme was launched on Aba Road with the provisions of bus services, management, procurement and maintenance and has since been extended to Ikwerre Road and Trans Amadi Bus corridors.
The scheme has attracted three operators. Mr Andrew Amadasun, the business development manager, Skye Bank called on interested members of the public in the road transport business.
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.
