Business
RSG Plans Three Industrial Parks …Urges MAN To Manage Morribund State Firms
Rivers State Govern
ment says it plans to establish three industrial parks to boost economic development in the state.
The State Governor, Chief Nyesom Wike, disclosed this at the 32nd Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Rivers and Bayelsa States branch held in Port Harcourt last Thursday.
Wike who was a Special Guest of Honour at the event, said the industrial parks would be sited at Eleme in Eleme Local Government Area, Trans Amadi which is in Port Harcourt, the state capital and Ahoada in Ahoada East Local Government Area of the state.
The Governor who was represented by the state Commissioner for Commerce and Industry, Hon Bright Jacob, stated that arrangement towards building the three industrial parks would commence as soon as possible.
He explained that the parks would be of huge support to private investors which would in turn create employment opportunities for people of the state, especially the youth.
The governor restated the commitment of his administration towards sustaining its private investors – friendly status and said the government was working on a blue print on taxation to address the issue of multiple taxation.
He further noted that the state had invested efforts in providing condusive environment for private investors on provision of massive, road infrastructure, crime fighting, amongst others.
The Governor said more than 15 companies owned by the state are moribund and threw an open invitation to interested members of MAN to come and manage them, stressing that the failed state of the companies was obvious indications that government is not a good manager.
Earlier in his welcome address, the Chairman of MAN, Rivers/Bayelsa branch, Prince Charles Beke, had commended Governor Wike for the bold initiative of his administration in infrastructure upgrade especially road construction, rebuilding of investors’ confidence in the state and move to harmonise taxes across the MDAs.
He noted that the present economic challenges faced by investors is a major setback to MAN stressing that the situation can only be survived by re-aligning business with efficiency, hence the theme of this year’s AGM which is “Re-aligning Business with Efficiency in a Constrained Economy”.
He appealed to both the Rivers and Bayelsa State Governments to disengage agents and consultants from the business of tax administration as it had caused a lot of harm to private operators and resulted in non-remittance of withholding taxes to government coffers.
Chris Oluoh
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.