Business
Ayade Promises Tax Relief For Investors
The Cross River State Governor, Prof. Ben Ayade has promised that investors who come and invest in the State’s economy will be guaranteed tax relief. He stated this in Calabar during the opening of a summit on Niger Delta Agricultural and Industrial Development, a presidential initiative to showcase the agricultural and industrial potentials of States in the Niger Delta region.
According to the governor, the major focus of his administration has been on tax relief and he has granted a number of tax reliefs to a considerable number of people in the state particularly low income earners.
“The people who earn less than 80, 000 are granted tax relief because philosophically, an evolving economy that focuses on tax will fail. You can never tax your people to prosperity. Instead of taxing your people, you tax your brain,” he said.
Assuring potential investors of the safety of their investments, Professor Ayade said investors who come to the state should be assured that the state has policies that are hugely beneficial to investors. He advised investors to verify these claim from present investors in the state like Lafarge and GE. Larfarge he said has doubled its capacity from 2.5 million metric tons per annum to 5 million metric tons per annum due to the favorable tax policies of the state government.
According to him, he has invested substantially within and outside the state before he came into politics and so he understands the peculiar needs of investors. These needs, he said, had been addressed in the course of his administration and his efforts had ensured that Cross River State remains statistically the safest state in the country which is a comparative advantage over other states.
He commended the president for his support for his administration particularly the approval for the construction of the deep sea port and the super highway which will serve as an evacuation corridor for and asked investors to the state to take advantage of these projects. He disclosed that work on the Super Highway is ongoing and the construction work on the Bakassi seaport which will be the deepest seaport in Africa will commence in a fortnight.
Also speaking, the Minister of Niger Delta Affairs, Pastor Usani Usani disclosed that the Buhari administration places a premium on infrastructure and is making serious efforts to address infrastructural deficit in the country.
He disclosed that the ministry had set aside three billion naira for mobilizing the contractor that will handle the Akwa Ibom – Cross River Section of the East West Road.
He however explained that the delay in constructing the road was due to a faulty design which the Buhari administration inherited but has redressed it and the contractor will move to site shortly.
Friday Nwagbara, Calabar
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.