Business
COREN Urges Members To Support Anti-Corruption Crusade
The President, Council for the Regulation of Engineering in Nigeria (COREN), Mr Kahim Ali,has urged engineers in the country to support the Federal Government’s anti-corruption crusade.
A statement issued last Thursday in Abuja by Mrs Awaolao Haruna, the spokesperson of COREN, quotes Ali as making the remarks at the inauguration of members of the Engineering Regulation Monitoring (ERM) for Sokoto, Birnin Kebbi and Gusau inspectorates.
He said that 90 per cent of the nation’s appropriation was for engineering projects, “but a greater percentage of the fund had over the years been mismanaged because of corruption.
“Even though acts of corruption in engineering projects are not necessarily perpetrated by engineers, they are usually blamed for the occurrence.
“It can no longer be business-as-usual because any engineering personnel involved in any corrupt practice directly or indirectly will be severely sanctioned.
“You are, therefore, in your own interest, advised to desist from acts of corruption in engineering projects.”
According to him, COREN registered members must be given the opportunity to practice their profession.
He said no country could develop technologically by depending solely on the expertise of other nationals.
“To allow foreign companies dominate in handling all the major engineering jobs in our country is a misnomer, indigenous capacity must be developed if we must move forward.
“While, we advocate for engineering personnel to be allowed active participation in the infrastructural development process, we must always remind ourselves that to whom much is given, so much is expected.
“We must be prepared to stand for value for money in engineering projects to which we are responsible,” Ali was quoted to have said.
He said that ERM was established in 1997 to ensure total compliance to the COREN regulations in the execution of engineering projects.
According to him, the objective of the programme is to ensure that engineering is practiced in Nigeria in accordance with relevant codes of engineering practice.
Ali said that it was also to enforce discipline and strict standards of ethics in engineering practice, and foster speedy acquisition of relevant engineering and technological skills.
Ali said that ERM was aimed at ensuring that engineering was practised in Nigeria in line with global best practices.
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.
