Business
NDDC Threatens To Revoke Road Contract
The Managing Director of the Niger Delta Development Commission, Mr. Chibuzor Ugwuoha, has threatened to revoke the contract for Izombe/Obokofia Road construction.
Ugwuoha issued the threat when he led the NDDC management team on an inspection tour of projects in Imo State on Tuesday.
The NDDC boss complained that what he saw on ground did not suggest that the firm handling the project was capable of meeting the standard set by the commission.
”In NDDC, we want to do road projects that will last up to 15 years or at least five years before the project starts having any problem.
”What I am seeing here does not show that the contractor is capable of meeting NDDC standard of my desire, nor can the road be compared with the Izombe/Oguta road constructed in the late 1970s,” he said.
Ugwuoha, who expressed disappointment at the level of work on some of the projects inspected, insisted that henceforth, all road projects awarded by the commission must be stone-based.He said that in line with its repositioning posture, NDDC had set a standard which must not be compromised and warned that any attempt to do otherwise would be punished.
”Besides our consultants, we must also be on site continuously to ensure that the contractors are doing the right thing,” Ugwuoha said.
Speaking on the Izombe project, Ugwuoha directed that the contractor should be monitored more closely and warned that “if he doesn’t change, we will be left with no option than to sanction him.
”The NDDC boss urged host communities to cooperate with contracting firms in their efforts to deliver on projects.”While we commend the peaceful disposition of host communities, we shall not hesitate to relocate projects if benefitting communities frustrate the efforts of contractors,” he said.
The Managing Director of the firm handling the road project, Mr. Jasper Jumbo, had promised that the company would do standard job.
Ugwuoha also inspected the 10km Obinze-Umuokanne-Umuapu road project, construction of Ukwugba junction Egbema-Etekwuru-Umuapu road, and the Nworie River dredging by the Imo Government.
The Izombe/Obokofia road project, according to findings, was first awarded by NDDC in 2001 and re-awarded in 2004 with huge sums paid to the firms but little has been achieved.
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.