Business
NDDC Disburses N30bn To Contractors
Managing Director of the Niger Delta Development Commission (NDDC), Mr Nsima Ekere, last Tuesday, said the commission had disbursed about N30 billion to its contractors.
Ekere, who disclosed this at a meeting with members of NDDC Contractors’ Association in Port Harcourt, said the payment was made by the new board since it took office in November.
He said the board met over 8,000 projects scattered across the region with many abandoned with liability of about N1.3 trillion.
According to him, the board has also directed that all interim payment certificates bearing below N20 million be processed for immediate payment, “We believe that process of documentation should be done right.
“There was need for the commission to get its full funding as provided in the NDDC Act which would enable it carry out its mandate,” he said.
Ekere said the board had already met with the Senate Committee on the Niger Delta with a view to ascertaining the exact fund owed the commission.
The NDDC boss said that challenges faced by the commission informed why the board used four months to work out its strategic road map for development, anchored on 4-R initiative.
Ekere explained that the 4-R initiative was aimed to restructure NDDC’s balance sheet; reform its governance protocols; restore the commission’s core mandate and reaffirm its commitment to doing what was right and proper.
He further said, “Part of the reforms involves introduction of technology aimed to enhance service delivery system in the commission.
“We are also reforming the governance systems in NDDC with focus to enshrining best international standard that would be difficult to reverse by successive boards after we leave.
“Also, the board approached oil companies to involve them in our budgeting process to enable them make input; since they are working in host communities who have needs,” he said.
Ekere said the commission had also set up a committee tasked with the responsibility to conduct investigative hearing on allegations of corruption on some of its staffers.
He said the hearing which sought to promote transparency and probity in the commission was however delayed following security breaches at the hearing.
The managing director said the committee had received several petitions and memorandums and assured that the committee was currently working tirelessly to resolve the matter.
He noted, “I believe in constructive engagement, and as such, we are engaging with various stakeholders to confront challenges facing the Niger Delta,” he said.
President of NDDC Contractors’ Association, Mr Joe Adia, said the association would continue to work with the board for the release of outstanding funds owed the commission.
He urged the board to recognise the association as partner in progress and pointed out that the commission had a lot to learn if it worked closely with contractors.
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.