Business
Oil Find Excites Kwara Gov
The Kwara State Government says it is set to join the list of oil-producing states following the discovery of crude oil in Ara Orin in Irepodun Local Government.
Gov.AbdulFatah Ahmed announced the discovery in Ilorin while receiving the management of National Mirror Newspapers who paid him a courtesy call in Ilorin on Sunday.
He said that the discovery came as the state identified solid minerals development and mining as key sources of internally- generated revenue to fund its development programmes.
The elated governor explained that the discovery was first highlighted by a farmer who discovered crude oil spouting from his farm and seven other adjoining sites and alerted the state government.
Giving further clarification, the governor said geologists from the state Ministry of Industry and Solid Minerals were subsequently directed to confirm whether the substance was indeed crude oil and if so, identify the blend.
According to him, the ministry officials did not only confirmed the substance as crude oil but also identified the blend as Bonny Light, a high-grade of crude oil preferred by European and American refineries due to its unique properties.
A statement by the Senior Special Assistant on Media and Communications to the governor, Dr Muyideen Akorede, disclosed that the find was subsequently verified through independent analysis by a private oil company which also confirmed the government’s findings.
Ahmed said further tests were being carried out to determine if the crude discovered in Ara Orin in Irepodun local government is in commercial quantities.
The governor pointed out that the finding was a welcome boost to the state’s economy and Kwara’s emerging reputation as one of Nigeria’s most conducive investment destinations.
Ahmed identified solid minerals development and mining as one of his administration’s key policy thrust for driving development in the state.
He said the sector would go a long way in boosting Kwara’s internally-generated revenue by attracting foreign and indigenous investors to the state.
The governor said the Ministry of Industry and Solid Minerals had been directed to catalogue all mineral and mining sites in the state with a view to regulating the sector and effectively managing the state’s resources.
The Team Leader of the Mission, Dr. Michael Larinde, decried the lack of genuine and improved seeds in the country.
“The ugly situation must be changed and that is why this pilot scheme is aimed ensuring that farmers produce improved seeds”.
Reports say that the CBARDP is being sponsored by the International Fund for Agricultural Development (IFAD) in the seven northern states of Borno, Jigawa, Katsina, Kebbi, Sokoto, Yobe and Zamfara States.
It is being implemented under a counterpart fund arrangement involving the Federal, states and local governments as well as the benefiting communities.
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.