Business
RSG Harps On Harmonious Relationship Among Companies
The need for harmonious working relationship between Rivers State government, Shell Petroleum Development Company and Central Horizon Gas Company to enhance gas delivery in the State has been emphasised.
Commissioner for Energy and Natural Resources, Hon. Okey C. Amadi made the call in Port Harcourt in a meeting to introduce Central Horizon Gas Company the latest entrant in the gas distribution business in the state to Shell Nigeria.
He stressed the need for regular meetings between the two firms that are involved in the production and distribution of natural gas and advised the firms not to neglect their social responsibilities to their host communities warning that the issue of environmental impact of their operations should not be treated with levity.
The commissioner reiterated the state government’s desire to provide adequate security of lives and property to enhance industrial harmony and economic development of the state.
Responding on behalf of Shell Nig. Ltd, Mr. John Kadiri expressed the interest of his firm to sustain the harmonious relationship with the government of Rivers State and believes more could be achieved.
He stressed the need for Rivers State government to serve Shell Nig. Ltd a copy of the agreement it signed with Oando Plc, the operator of the CHGS franchise in order for them to ascertain the legal implications of the document.
Also speaking, Mr. Victor Dairo of Oando Plc thanked the state government for choosing them as a partner to operate the Central Horison Gas Company franchise in the distribution of natural gas in the state.
He also spoke on the need for regular interface between the operators of the grid in order to fine tune the grey areas of the contract agreement and hoped that the decision of the state government to involve the private sector in gas business would be a step in the right direction.
In his vote of thanks, the Permanent Secretary of the Ministry of Energy and Natural Resources, Dr. George Nwolu thanked the firms for attending the meeting and said the government would fulfill its obligation to ensure the success of the scheme.
It would be recalled that the state government on August 3, 2011 signed an MOU with Oando Plc, the operator of CHGS franchise on the expansion and distribution of compressed natural gas to designated areas within Port Harcourt metropolis and its environs.
Meanwhile, on October 29, 2011, another MOU was signed with Shell Nig. Gas to operate the gird to other designated areas of Port Harcourt metropolis.
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.