Business
Oil, Gas Contractors Confab Holds In PH, June
Plans have been concluded for Port Harcourt, Rivers State to play host to the 2018 Oil and Gas Contractors Conference tagged OGACONN 2018.
The conference which holds from 27th-29th June, 2018 with the theme: “Contractors’ Knowledge, Growth and Impact for Productivity,” is expected to bring together oil and gas companies, contractors in the oil sector and the host communities for an interface that is aimed at crisis management in the Niger Delta.
The conference organised by I Contact Connect Communication Ltd and MBA Forex Ltd in collaboration with the Federal Ministry of Petroleum Resources, Federal Ministry of Niger Delta Affairs and Bank of Industry, according to the release made available to The Tide, “will afford contractors and host communities opportunity to enjoy benefits provided by different Local, National and International Organisations through Intervention Fund.”
The programme Director of the event, Amb Larry-Goodwill Ajiola, who is the Chief Executive Officer (CEO) of I-Conntact-Connect, said the event was designed by the organisers to impart knowledge for competitive advantage for problem solving between the oil producing companies, contractors and communities.
Ajiola said the three-day event would also provide opportunity to be educated on the key issues causing problems between host communities and the companies, adding that the indigenous contractors would be shown how to take advantage of the local content policy in order to grow and boost capacity which in the long run will be beneficial to all parties.
He noted that the programme with a sub-theme: “Cordial Relationship between the host communities and Oil and Gas Producing Companies is the Oil wheel to crises management,” has the objective to strengthen the contractors’ relationship with the companies for investment patronage and services.
“The major benefit of OGACONN is coming from Nigeria Content Intervention (NCI),” he said.
expected to attract investment capital into the sector and boost contribution of the sector to Nigeria’s economic growth.
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.