Business
FG Rehabilitates Major Roads, Nationwide
The Federal Government
has commenced work on most of the damaged roads in the country. The projects which are being supervised by the Federal Ministry of Works and the Federal Road Maintenance Agency (FERMA) have reached various stages of completion.
A survey carried out by The Tide source in different parts of the country revealed that the roads were under different degrees of rehabilitation.
The report indicated that three roads, the 58-kilometre Papalanto-Ilaro-Obelle road, the 68kilometre Ogunmakin-Sagamu-Ogijo road and the 44kilometre Sagamu Interchange-Papalanto road had been marked for rehabilitation at the cost of N1.6million.
While the rehabilitation of the Papalanto-Ilaro-Obelle Road will cost N300million, the Ogunmakin-Sagamu-Ogijo Road will cost N300million and the Sagamu Interchange-Papalanto road will cost N1billion.
The Head of FERMA, Ogun State, Mr. Alexander Masoya, said the contracts were awarded to Messrs Perfect Ventures Limited and Messrs Kopek Ventures Limited.
Masoya, who said that jobs on most of the roads were nearing completion, adding that the Itokin-Ibebu-Ode and Olorunda-Imeko roads were also being considered for rehabilitation.
Report from Akwa Ibom State indicated that about 75 per cent of the highways in the state need reconstruction. The FERMA Head of Civil Engineering Department, Mr. Shola Onimagu, said in Uyo that 18 federal roads, covering 598kilometre were in bad conditions.
“The roads are in deplorable conditions and required total reconstruction long before the establishment of FERMA,” he said.
Onimagu said out of the 18 federal roads, only nine were maintained in the last three years.
”The government of Akwa Ibom has assisted in repairing the Ikot-Oku-Ikono-Uyo-Itu road, covering 21kilometre,’’ he said.
Onimagu blamed the collapse of Nigerian roads on the lack of railway transportation system, which had led to pressure on the existing roads, and urged the Federal Government to step in.
In Lagos, the Federal Controller of Works, Mr. Oluwatoyin Obikoya, said the Federal Government had placed orders for the supply of parts abroad to fix the Third Mainland Bridge.
Obikoya said the repair of the 11.8km bridge was part of the Federal Government’s effort to fix federal roads in the state.
It was gathered that plans were also being made to fix Federal Government roads in the other states and the Federal Capital Territory.
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.