Business
FEC Approves N51.4 bn For Road Projects, Others
The Federal Executive Council (FEC) last Wednesday approved the award of N51.4 billion contracts for the construction and rehabilitation of 13 roads across the country.
The Minister of Works, Mike Onolememen, made this known when he briefed State House correspondents on the outcome of the FEC meeting.
He said the contracts also included that of a satellite imagery map of Nigeria.
The Tide source reports that the FEC meeting was presided over by President Goodluck Jonathan at the Presidential Villa.
The minister said that FEC approved 13 contracts valued N47.8 billion for the construction and rehabilitation of 13 roads spread across the six-geopolitical zones.
“The roads for construction and rehabilitation are Vandeikya-Obudu-Obudu Cattle Ranch Road phase one in Benue, Mbaise-Ngwa Road in Imo and Abia and Abriba-Arochukwu-Ohafia Road, also in Abia.
“The Makurdi-Gboko Road phase one in Benue, Ohafia in Abia to Oso in Ebonyi, Sections 1A and 1B of Sokoto-Tambuwal-Jega-Kontagora Roads, respectively in Sokoto State, Kebbi and Niger were also among those awarded,’’ he said.
Onolememen said the contracts awarded also included those for Kunya-Kanya-Babura-Babban Mutum Road in Jigawa, Zing-Yakoko-Monkin Road in Taraba and Alkeleri-Bauchi Road in Bauchi.
“They also include Aguoba-Owa-Mgbagbu Owa-Ebenebe at the Anambra border to the Awaha-Oyofo-Iwollo Road in Enugu State, the Ofa by-pass in Ofa council in Kwara and the Ikot-Ekpene border-Ada Owerri dualisation section phase one in Akwa-Ibom, Abia and Imo,’’ he said.
The minister said work had commenced on the roads since January and had reached various stages of not more than 10 per cent in all the 13 roads contracts.
He said the approval was in line with the determination of the Jonathan administration to address the deteriorating and deplorable conditions of the national road network.
The minister said FEC also ratified the award of contract for the acquisition of multi-users and multi-spectral image map of Nigeria.
He said the contract awarded in favour of Messrs Infotera of the UK in the sum of N3.7 billion had a completion period of 24 months.
The minister added that the satellite imagery map “is a fully digital and multi-spectral map of the whole country with very high resolution’’.
He said the map also had auto rectified images that would show the imagery of all major towns and cities in the country.
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.