Business
Group Wants OBALGA Boss To Decongest Roundabout
A socio-cultural group,
Obio/Akpor Youth Agenda (OYA), has called on the Caretaker Committee Chairman of Obio/Akpor Local Government Area, Collins Onunwor, to decongest the popular Rumuokoro roundabout to allow for free flow of traffic.
President of the group, Buduka Willi Okpa while congratulating Onunwor for his re-appointment as CTC of Obio/Akpor advised him to constitute a taskforce that would regulate the activities of commercial drivers and traders on major junctions within the local government area, especially the Rumuokoro roundabout.
Onunwor stated that activities of traders and commercial drivers are responsible for the increased traffic at major junctions in the area.
“As I congratulate him, I also want to charge him to assist the security agencies to decongest Rumuokoro junctions,” he said.
He added that there was an urgent need to create a terminal specifically for commercial drivers.
“He should as a matter of urgency create a terminal and possibly invite commercial drivers and educate them on the usage of this terminal.
“I think it will go a long way to assist us at Rumuokoro roundabout,” he said.
The Tide further reports that the President of the body also called on the CTC chairman of the area to look into the issue of noise pollution caused by mobile traders.
Let me also appeal to him to invite those advertising their herbal drugs at Rumuokoro junction and call them to order.
“We are talking about noise control, so Rumuokoro area should be starting point for the control of this noise pollution in the area.
“He decried the increased rate of noise generated b y these herbal drug sellers which has become unchecked in recent times and called for a framework to check the ugly development.
You see those advertising their herbal medicine, you see them making a lot of noise, inviting people with the loud speakers, I think it is not ideal, they should be properly advised on how to advertise their drugs,” he said.
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.