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As Nigerian workers want the payment of the new minimum wage which bill was passed recently by the senate, Senator Wilson Ake has appealed to traders and service providers not to increase prices in order not to make things difficult for workers and frustrate government’s intention.
Senator Ake who made the appeal in an interview with The Tide at the Port Harcourt International Airport, Omagwa said although Nigeria is operating a free economy, people should show understanding and not to hike the prices of goods and services because workers’ salaries are increased.
He said: “This is a free economy, what we have to do is to plead with the people themselves to understand that they cannot continually increase prices of commodities and services just because salaries are increased for workers.”
The lawmaker who represents Rivers West Senatorial District in the National Assembly advised the Nigeria Labour Congress (NLC) to discuss with the various transport and trader unions on how to ensure that prices of goods and services are not hiked, pointing out that the benefits of the new minimum wage will be enjoyed by all Nigerians.
According to him, the bill may be signed into law by the middle of March after the senate and House of Representatives versions are harmonised and presented to the president adding that the payment of the new wage will take effect from the day it will be signed into law.
“The minimum wage bill is passing through a process. The House of Representatives has to pass its versions and after that, there will be harmonisation with that of the senate and reconciled before sending it to Mr President. It has to pass all the processes to become a real law because if you skip any of the steps then it will not be a law, so it requires some patience for the proper thing to be done and for it to be a law that will be respected,” he stressed.
Senator Ake enjoyed workers to be patient and believe that government has good intentions for them, saying that the work Employee Compensation law recently passed is an additional effort of government at ensuring that workers are protected and given all the respect, responsibilities and benefits they deserve.
He then urged workers to support the President Jonathan-led administration which, according to him, “has shown so much concern for workers.”
Shedie Okpara
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.