Business
Standard &Poor Rates Rivers Economy High
An international economy rating body, Standard and Poor’s has rated the economy of Rivers State high and far above average.
The body also endorsed the borrowing capability of the state considering what it described as the transparent management of its resources and finances.
International Sovereign and Public Finance Director of the group, Lorenzo Pareja told Government House reporters shortly after a meeting with Governor Chibuike Amaechi on Monday that the state has carried out several laudable reforms in its financial sector and that the economy of the state is growing at an unprecedented pace
In the words of Pareja, “the state has improved its financial management and the economy is in the right trend and we have decided to change our outlook to stable, which indicates that the rating might be upgraded.”
He recalled that the body had two years ago carried out an economic assessment of the state during which it rated it at a B level which shows strength even though its vulnerable to shocks.
Among areas which the S&P Director listed as virile include the state internal revenue surge, performance of key sectors in infrastructure, including public administration, adding that the administration could build on these to drive the economy through an effective financial planning.
Pareja argued that contrary to views that the recent loan acquisition would bring financial burden on the state, the current economic indices shows its ability to meet its financial obligations without much stress on its expenditure.
He however counselled on the need for better corporate governance, improved skills of civil service, and the IT capabilities of the work force which according to him are crucial in driving reforms deeper all over the world.
Similarly, the Manufacturers Association of Nigeria (MAN), Rivers State Chapter has scored the state government 70 percent in its economic policies.
Chairperson of Rivers State and Bayelsa branch, Mrs. Ekanma Akpan told newsmen in government house shortly after the stakeholders meeting with Governor Amaechi on Tuesday, that the administration has infused confidence in the various sectors, especially through the long term policies it initiated to attract investors.
“As far as we are concerned these policies are not self centered. The roads, power and infrastructure are long term things and these are the things the next administration must continue.”
Mrs. Akpan called on the state government to establish commercial free zones in all the local government to boost employment generation, while stressing the need for government to check multiple taxation in order not to discourage investors.
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.
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