Business
Lagos Residents Laud Demolition Of Illegal Structures
Some residents of Jakande
Estate Oke-Afa, Isolo, have lauded the Lagos State government for demolishing illegal structures built within the blocks of flats in the estate, while others condemned it.
The Tide soruce reports that the illegal structures, in majority shops, are owned by some residents who had purchased flats within the estates.
It noted that the shops were marked for demolitions on October 28 by officials of the Lagos Building Investment Company LBIC, the official owners of the landed properties within the state’s residential estates.
Some of the residents, who applauded the development that commenced on Wednesday, said the demolition would ensure that sanity returned to the estate as other believed the notice was short.
Mr Olufemi Adebowale, a former banker, said that the constitution guiding the purchase of flats within the estate did not allow individuals to own shops or any other structure within the estate.
“When I purchased my flat about 10 years ago, I read the constitution and there is nothing like owning a shop or any other building apart from the flat you bought.
“Some flats owners have even gone to the extent of building self-contained flats and let them out to other people to make money.
“These acts are mostly perpetrated by people that own the ground flats and we all know that this is not acceptable in a normal estate.
Adebowale, who attributed the development to corruption, said the regulatory body would have demolished immediately the structures were erected.
“Corruption has eaten so deep into our system that even the regulatory body, LBIC, is not competent in executing its mandates.
“According to information, they approved some of these structures without coming out to check what is being built,’’ he said.
Also, Mrs Titi Adefarati, a medical doctor, who applauded the development, said that sanity would return to the estate.
“These shops that are majorly used for beer parlours have attracted a lot of miscreants into the estate.
“They have encouraged criminality of sorts within the estate. Estates are meant to be one of the safest places to live in and raise children.
“We have young boys that smoke all sorts of things and drink anywhere. We can’t even access the field which is meant for everyone to do exercise.
“One cannot walk freely within the estate for the fear of being robbed ones valuables,’’ she said.
Condemning the demolition, Miss Damilola Sofela, an unemployed graduate, said that the rate of unemployment in the country forced people to rent shops and start small scale businesses to feed.
“After graduation, I was unable to get a job, so, I opened this shop to help me to take care of some of my needs.
“The government has not done well at all, this is not the best time for this demolition, there is serious recession in the country and now this demolition, how do we survive?’’ Sofela said.
Mr Adekunle Onaneye, a business man, said that there were other matters that needed urgent attention within the estates and not demolition of illegal structures.
“The estate has not been enjoying light like others. The roads are bad, no water, we virtually have nothing, indeed, no social amenities at all.
“The estate does not even have a police post, not to mention a divisional office for an estate as big as this.
“We are waiting for what the government wants to offer after this demolition,’’ he said.
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Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
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.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
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.
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