Business
UN Tasks Nigeria On War Against Graft
The United Nations Global Compact Office has asked the Federal Government to step up the fight against corruption in Nigeria to enhance development.
Ms. Jobi Makinwa, the UN Head of Anti-Corruption Initiative, made the call at a two-day workshop on Public Private Partnership against Corruption in Abuja, yesterday.
She said there was need to streamline the activities of companies doing business in the country as their attitude to business had promoted corruption in the country.
“The government of Nigeria needs to step up by ensuring that there is incentive for companies to abide by the laws. “One of the incentives is making sure that the laws and policies are put in place, not only that, but that they are fully enforced. “This will act as an incentive; the government itself must create a level playing field for other actors to be able to fight corruption in all its forms, ’’ she said.
Makinwa described corruption as a major challenge to the advancement of sustainable development worldwide.
She noted that for the fight against corruption to be effective, the private and public sectors must collaborate to ensure its elimination.
She said: “The business community at the international level is now required to step up more than ever before, in the elimination of corruption. “
She called for the enforcement of the anti-corruption law to tackle corruption in the country.
Also speaking, Mr Foluso Phillips, the Chairman of the Nigerian Economic Summit Group (NESG), said corruption was the major challenge for the Nigerian economy.
“There is no doubt that corruption has become a major issue in the lives of all of us here in this country; it has affected and it continues to affect so many aspects of our economy.’’
According to him, the level of corruption in the country has made it difficult to attract foreign direct investment flow.
He, therefore, charged the business community to take steps to address the vice as it undermined the interest of all Nigerians.
Phillips said that the magnitude of corruption was mind boggling, and that the culture of impunity was waxing strong.
He affirmed NESG’s belief in the deregulation of the downstream of oil and gas sector, saying the policy would help reduce corruption in the country.
The Chairman of the Economic and Financial Crime Commission (EFCC), Mr Ibrahim Lamorde, said the issue of fighting corruption topped the commission’s priority list.
The EFCC boss, who was represented by the Commandant of EFCC Academy, Mr Ayo Olowoniyi, lauded SIEMENS as one of the organisers of the event.
“In the recent past as you are all aware, the company had gone beyond the strict parameters of international business practice and strayed into the murky territory of unethical business practice and had gotten itself into a huge mess.’’
Lamorde described SIEMENS’ participation as a step in the right direction and commended the business community for recognising the need to partner with government to tackle corruption.
He gave the assurance that the commission would continue to fight corruption until it was wiped out, adding that the commission had begun the screening of its workers to ensure that they lived up to expectations and not to compromise on matters of ethical structure.
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.