Business
Expert Wants FG To Dev New Towns
The Chairman, Nigerian Institute of Town Planners (NITP), Lagos State Chapter, Mr Salami Adekunle has called for development of strategically located rural towns to reduce rural-urban migration.
Adekunle told newsmen in Lagos, Monday that new towns could play crucial roles in achieving new settlements in a very short time.
According to him, development of rural towns will help to decongest over-populated cities, and thereby improve living standard in the country.
“This will help decongest the already overcrowded urban centres by creating alternative for rural dwellers that only migrate to the cities due to lack of infrastructure in the villages,’’ he said.
The town planner noted that development of local towns remained the way through which overpopulation of major cities could be checked.
Our source reports that new towns are planned urban communities created in rural or undeveloped areas and designed to be self-sufficient with their own facilities for housing, education, commerce and recreation, among others.
Adekunle said that the focus of new towns was to tackle the shortage of affordable housing, address issues of low demand and also to encourage a more sustainable use of land.
“Government should make development of new towns the focus of their transformation agenda because it can provide houses, jobs and facilities to millions of people who choose to make their home there,” he said.
However, he said that sustainability would be a major problem of these new towns because of the lack of maintenance culture in Nigeria.
“I think maintenance is a greater challenge than funding of the new town development because with the proper policies and awareness, funding could come from both home and abroad.
“After construction of the new town, the project should be handed over to competent technocrats for proper maintenance and sustenance,” the NITP chairman said.
He urged the Federal Government to earmark more funds for the development of new towns in rural areas to enhance development of the country.
“New town development will help government provide social amenities and facilities in the rural areas and also provide jobs for the citizens in the rural areas,” he said.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
