Business
Establish Business Liaison Office In Rivers, Belemaoil Urges US
In a bid to strengthen existing relationship and create more value for mutual benefits through collaboration between Nigeria and the United States of America, a leading indigenous oil company in the Niger Delta, Belemaoil Producing Ltd, has appealed to the US Commercial Department to establish a Business Liaison Office in Port Harcourt the Rivers State capital.
Founder/President of Belemaoil Producing Ltd, Mr Jack-Rich Tein Jr., made the appeal when the US Consul-General to Nigeria, Mr. John Bray paid a courtesy visit to the company. Speaking, while making a presentation of Belemaoil’s roadmap and vision during the visit at the company’s headquarters in Port Harcourt the Rivers State capital, yesterday, Mr. Tein Jr, stated that Port Harcourt is West Africa’s economic hub for oil and gas investment which operates over 85% of Nigeria’s economy.
He particularly, pointed out that establishing a business liaison office in Port Harcourt will enhance technical partnerships, procurement of equipment, materials and spare parts, acquisition of state-of-the-art technology, support home economy, and other bilateral relationships with Rivers State and Federal Government of Nigeria.
Mr Tein Jr., described the visit as very important to the company and expressed confidence that the US Consulate will heed to the appeal to establish a Business Liaison Office in Port Harcourt.
“What we have displayed here today is an appeal, for the US Department of Commerce which is headed by the Consul-General to have its Business and Liaison Office in Port Harcourt as a strategic business footprint in the Niger Delta.
“We want the US Department of Commerce to actually have a Business Liaison Office here. Port Harcourt being the economic base of West Africa in Oil and Gas, we believe strongly that we have gone a long way and that is why we are appealing to the Department to establish a Business Liaison Office in Port Harcourt that will foster strategic economic growth. The city is the heart of the Niger Delta and Nigeria’s Treasure Base and therefore such commercial presence will greatly foster economic and diplomatic cohesion,” he said.
Mr Tein Jr. told the visiting Consul-General that Belemaoil’s Model is aimed at making sure that the local communities where the company operates are developed in such manner that they build competencies in terms of technical support and trainings so that they too can achieve their lifetime dreams like Belemaoil.
He stated that Belemaoil Producing Ltd, which is the first indigenous oil company to emanate from an oil producing community in the whole of Africa, aims to create no fewer than 3,000 direct jobs in the near future.
He also stated that the Federal Government of Nigeria has benefitted in terms of peace and order with increased regional youth employment, investment friendly climate for other injectors/investors based on investment friendly environment maintained by Host Communities, increase in crude oil production and revenue through the Belemaoil Model.
Also fielding questions from newsmen shortly after the presentation, Tein Jr, further expressed willingness to help in promoting peace in Rivers State and the Niger Delta in order to create confidence in the US Department of Commerce for the establishment of the Business Liaison Office in Port Harcourt.
Speaking, the US Consul-General in Nigeria, Mr. John Bray, expressed happiness with the steps taken by Belemaoil Producing Ltd to foster peace in Rivers State and the Niger Delta, describing the company as a leading light for other companies.
Mr Bray, however, emphasized on the need for a peaceful election in the state, saying the perception of Rivers State the world over, is that the state has the highest rate of electoral violence.
On her part, an official of the US, Department of Commerce, Jennifer Woods stated that the delegation will look at possible areas where it can partner with Belemaoi and other operators to boost commerce in Rivers State.
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.