Business
Lagos-Abidjan Expressway Project Begins 2014 –Jonathan
President Goodluck Jonathan said last Saturday in Abidjan, Cote d’Ivoire that the construction of Lagos to Abidjan Expressway would commence next year.
The president made the disclosure at the Nigerian-Cote d’Ivoire Investors Forum on the sideline of his state visit to that country.
He said that the construction of the road was imperative to enhance free movement of goods and persons and reduce the encumbrances currently posed by the local customs and police to business men.
He said that the construction of the road was “dear to the heart of the ECOWAS leaders”.
Jonathan was speaking on the sideline of the 42nd ECOWAS Summit in Yammoussoukro, there was a meeting of the leaders of Nigeria, Togo, Benin, Cote d’Ivoire and Ghana on how to actualise the project.
“We have charged the Ivorian Minister of Infrastructure and the Nigerian Minister of Works to work with the ECOWAS Commission that within two weeks they must come up with a blueprint and preliminary information on the project.
“We will discuss the issue in Addis Ababa in May when we go for AU meeting.
“This is because we want a situation where the desk-work will be completed this year and by next year, we want physical construction.
“We believe that when we have this express road the issue of movement, interference by Customs and Police will be minimised because that will be an ECOWAS road.
“The laws regulating the use of the road will not be the laws regulating that of the roads in Nigeria, Cote d’Ivoire or Ghana.
“It will be an international standard and everything will be done in such a way that movement of goods, services and so on will not be interfered with by local restriction.”
Jonathan said that the projects would not be financed with public funds but by development partners and some viable banks which would re-coup their funds through tariffs and toll fees.
“It is a viable project that banks and business men within and outside the region will key into and which will generate enough money in short time.
Jonathan further explained that the project when completed would integrate the entire region.
“Togo has seven million, Benin Republic, eight million, Cote d’Ivoire, 25 million, Ghana 26 million and Nigeria about 167 million.
“When you add all these together, it gives you about 236 million out of the projected 287 million of ECOWAS.
“So, these five countries, by the time you traverse from Nigeria to Cote d’Ivoire, then you will easily integrate the entire sub-region.
“You will so integrate the system in such a way that you can key other countries along, that is why we decided that we must work with our business men and women to develop an express road from Lagos to Abidjan,” he said.
The president noted that there were lots of investment opportunities in the sub-region which were yet to be harnessed for development.
He identified the major challenges to development as lack of technology and exportation of raw materials without adding values.
“When you export crude oil you export job opportunities because those who refine the crude oil and turn our gas to petrochemical create a lot of jobs.
“Like now, we are supposed to be exporting finished products not crude oil and gas but we are still doing that.
“Cote d’Ivoire is just going to the oil industry, they should not make the mistakes Nigeria made from the beginning they must think about exporting finished products not exporting crude oil.
Jonathan noted that economic growth should not be reduced to paper work but realities that would affect the lives of the citizens.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
