Business
‘FG Creates 193,469 Jobs In Works, Housing Ministry’
The Ministry of Power, Works and Housing has created 193, 469 jobs, with 40,429 direct and 153,040 indirect jobs, within the two years of President Muhammadu Buhari’s administration.
The Minister, Mr Babatunde Fashola disclosed this in Abuja at the Town Hall Meeting to celebrate the mid-term of President Buhari’s implementation of the economy recovery and road plan.
According to him, the construction of roads, power project, housing project and macro impact on jobs is gradually increasing the purchasing power and money in the economy.
In his accounts, the Minister of Transportation, Rotimi Amaechi said that the ministry has been able to save N53 billion from the shipbuilding fund and through the rebranding of NIMASA.
“We believed that more fund can be gotten for the government, from the maritime sector and the president has approved a performance audit of the maritime sector.
“Part of the problem of the maritime is the fact that we have had issues with insecurity on our waterways and the president has approved a new security infrastructure that will reduce piracy, robbery in that sector.
“They were so many faculties of the maritime in universities when we came, we went about rebranding it and stop that contract award, that money was gotten from the ship `building fund, that fund are meant for Nigerians who built ship
“Maritime transportation are the one to access the fund to buy more vessels, we kept that money, we are saving it now, the last we had about it, we had saved N53 billion,’’ he said.
According to him, there is the need to save the country from corruption.
Amaechi said that the ministry would introduce the single window which is between Nigerian Customs and Nigeria Ports Authority to move goods within 48 hours.
He said that the ministry has awarded three contracts which are Lagos – Ibadan rail, Kano – Kaduna rail and Port Harcourt – Calabar, which were based on the loan collected from the China EXIM bank.
The minister stated that China EXIM bank has approved $1.2 billion dollars, while the Federal Government has released its own counterpart funding for Lagos – Ibadan rail, which be completed in December 2018.
Amaechi stated that work has started on Itakpe-Warri rail but the N60 billion allocated for the project was removed by the National Assembly, stating that if that was resolved, the work would be completed.
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.