Business
Don Tasks FG On Infrastructure Dev
The Federal Government
has been advised to make fundamental change that would facilitate rapid provision of infrastructural development, which has remained a huge challenge to Nigeria’s economic growth.
Speaking with The Tide in Port Harcourt recently a university lecturer in the Department of curriculum studies and Instructional Technology, Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Mr Adolphus Dokubo, stressed that even as the Infrastructure Concession Regulatory Commission (ICRC) was targeting over N3.2 trillion to scale up infrastructure development in the country it launched a Public Private Partnership (PPP) snooping web portal for good governance and accountability.
He is requesting the Federal Government to increase yearly allocations to enable the commission do the best to the Nigerian people.
Dokubo said the present dispensation should specifically explore and implement schemes, especially PPP that will help achieve desired level of infrastructure in Nigeria.
He explained that the disclosure initiative should be designed to enhance transparency and prudent management of resources that come when government is poised to attract private investment and expertise to boost the nation’s infrastructural development.
According to him, this initiative should not only be relevant but timely, stressing that given the huge capital layout required to address the massive infrastructure deficit in Nigeria as private sector is expected to play critical role to providing basic infrastructure in collaboration with good agenda of government under PPP plans.
“I applaud that the challenges are daunting and enormous but we are resolute in our determination to ensure the benefits of PPPs by creating needed enabling environment for the schemes to flourish in Nigeria,” he said.
The academic scholar lamented that several intervention programmes were initiated in the past to bridge the high infrastructure gap in the country without much progress due mainly to corruption, mismanagement and outright divertion of resources meant for the provision of critical infrastructure to Nigerians. He further disclosed that the commission’s target of N3.2 trillion fell shot of the total funds required to build robust infrastructure that would be a pride to the nation.
As he puts it, Nigeria is challenged by massive infrastructure deficit in housing, roads, airports and in other areas and that with the best infrastructure, the nation would be the hub of development in Africa.
He said that the infrastructural needs of Nigeria, far exceeds what the government could handle.
By: Bethel Sam Toby & Peace Kasarachi Ihedoro.
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.