Business
BPP Saves N68bn Through Diligence -DG
Bureau for Public Pro
curement (BPP) said on Saturday in Lagos that it saved about N68 billion through the review of the procurement process in 2010.
The Director-General of BPP, Mr Emeka Ezeh said the bureau also recorded 60 per cent to 70 per cent success in the implementation of procurement reforms in the country.
Ezeh told newsmen at the annual retreat for Permanent Secretaries of Ministries, Departments and Agencies (MDAs) in Lagos that BPP had set up the legal, political and institutional framework needed to accomplish its mission.
“We are at the level of fine-tuning the implementation and educating actors and those involved in implementing the procurement process.
“We need to educate them more and more with the new change of guards after President Obasanjo’s administration,” he said.
Ezeh said the greatest challenge to procurement reforms in the country was resistance by the elites.
“The elites are many, including religious elites, political elites, contractor elites and others.
“These elites can be further referred to as those who have been benefiting from the old order. They are the greatest challenge to reforms,” Ezeh said.
He stated that the BPP had also developed in-house software that would be a tool in documenting and fast-tracking procurement process.
According to him, ministries, departments and agencies can get their development plan documented within two hours, using the software, instead of the 24 hours to 48 hours it would require manually.
He, however, said that the development would require all those in charge of the procurement processes to have good knowledge of computers.
Ezeh said the budget office was also addressing the servicing of local debts.
“There is provision for servicing of debts owed to local contractors, but most Nigerians are not honest, when you pay them, they go and generate more fake documents in order to get more money.
“The problem in the banking sector has revealed that fraud is not a public sector problem or private sector problem, but a Nigerian problem which should be addressed,” he said.
In his address, the Head of Civil Service of the Federation (HOCSF), Prof. Dapo Afolabi instructed all the permanent secretaries to pay attention to the procurement processes taking place in their organisations, as well as the personnel handling procurement matters.
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.