Business
Finland, Austria, Norway Partner Rivers On Education, Others
Excited with the huge developmental strides of the Governor Chibuike Amaechi-led administration in three European countries, Finland, Austria and Norway have expressed their desire to partner the state in education , energy and commerce.
Ambassadors of the three European countries to Nigeria made this known when they paid a courtesy visit to Governor Chibuike Amaechi last Tuesday in Government, Port Harcourt.
They expressed their desire to commence cooperation in the three sectors, which they believe, would boost multinational relations between Nigeria and their respective countries.
Finnish Ambassador to Nigeria, Mrs Riita Korpivaara remarked that education held huge potentials through which her country could provide support, “ we plan to visit the University of Port Harcourt to discuss education development in Rivers State and how our countries could partner with the state in the field of education, which is an area that is dear to me and to my country, Finnish”, she said.
On trade and commence, Mrs Korpivaara said more areas had to be exploited considering the fact that some of her country’s companies had established in Rivers State. “We are interested, especially in offshore business, energy and education which I already mentioned and I’am very glad that we have this opportunity now to come and see with our own eyes’, she said.
The Finnish envoy also indicated that the delegation while in the state would meet with Shell and visit the Port Harcourt Chamber of Commerce, non-governmental organisations to discuss environmental protection matters.
On his part, Norwegian Ambassador to Nigeria, Mr Rolf Ree lauded Amaechi’s administration for utilising state resources to develop education, adding that as the centre of oil industry in Nigeria, he was impressed, ‘to see how Port Harcourt is developing and using the resources of the oil industry to expand”.
Besides that, he noted that his country had benefited hugely from oil exploration in the country hence it would like to meet with representatives of environmental rights groups to explore areas of understanding.
In the same vein, Austrian Ambassador, Mr Joachim Oppinger expressed his country’s willingness to commence bilateral relations with Rivers State to develop the education sector.
Said Oppinger, “I see there is great investment in education going on, we just spoke about that in Rivers State and I think at the end of the day even a country which has such potentials in raw material, the real raw material in any country is the brain and I see that there is a stronger investment in the brain here”.
In his response, Governor Amaechi thanked the ambassadors for their visit, and assured that the Rivers State Government would partner with them in the area of education.
The governor observed that security has greatly improved which is responsible for the relocation of many oil companies headquarters back to the state, while blaming insecurity to poverty.
Amaechi said the state government is working hard in creating a social environment that caters for the wellbeing of everybody, and that agriculture provides a ready tool to check the menace of unemployment.
He used the visit to make appeal for more opportunities for Rivers State indigenes sent on scholarship in European countries.
‘I have already briefed you that we send about 300 children every year to United Kingdom and Canada and that we have tried to exploit the free opportunity in Germany, that we were able to send only 15, then we tried to exploit the one in Brazil when the Ambassador spoke to us, out of the 50 chances, they gave us, we were able to send only six.
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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.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
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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