Business
Belema Oil Wants Community Participation In Oil Exploration
The founder of Belema Oil
Producing Limited, Mr Jachrich Tein has said that the involvement of youth of host communities in the oil exploration in the Niger Delta region was the only solution to increase oil production in the country as it would reduce violence in the area.
Mr Jachrich Tein stated this when he played host to the Senate committee on Down Stream led by Senator Barau Tibirin paid a facility visit to the company at Robert-Kiri, Kula in Akuku-Turu Local Government of the state, recently.
He stated that involvement of the host communities would engender sustainable cohesion, and peace through provision of employment in the areas.
“Involving them would create huge employment opportunity to them . Give them contracts even if they don’t have the capacity you teach them on how to form partnership and they can show case their ability to pursue their goals”
“Involving them is also to increase production, since we took over production we have been from 1400 barrels to 12000 per day this is because of our partnership with the host communities” he stated.
He averred that the company was interested in alleviating the sufferings of their host communities adding that that informed the company to engage many youths from their host communities through direct employment.
According to him, the involvement of the youths from the host communities in the production process was responsible in the daily increase production made by the company.
“The youths are happy of the opportunity given to them to work in the company, we engage more when we commence in the gas production”, he added.
Speaking, the chairman of the delegation, Senator Burau Jibrin, lauded the company for striving higher in the wake of the economic condition of the country by employing hundreds of indigenous youth to work adding that it is worth commending.
The challenges that this company is facing will be cleared so that the company will wax stronger. Because we know that the stronger the company becomes, the stronger the communities, the state and country at large”.
“We are encouraged with what we are seeing today, we have seen picture of these installations but we never think they are as big as we are seeing. They are very impressive we will report back to Senate in order to support the company”, he said.
Also speaking, the state chairman of National Youth Council of Nigeria (NYCN) Mr Sukubo Sara-Igbe, appealed for encouragement of indigenous oil firm participation in oil exploration through allocation of more oil blocks by the Federal Government adding that such would reduce the continuous agitation in the Niger Delta.
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.