Business
1,000 Companies Compete For 12 Rail Projects
More than 1,000 contractors are participating in the bids for 12 projects advertised by the Nigerian Railway Corporation (NRC).
The corporation has opened the bids to pre-qualify the contractors for the 2018 projects.
Mr Ben Iloanusi, the NRC Director of Procurement, told newsmen during pre-qualification exercise at the NRC headquarters, Ebute Meta, Lagos, Wednesday.
Iloanusi said about 1,000 submissions were received across the various categories.
“The projects numbering 12 as advertised recently by the corporation in some national dailies attracted over 1,000 companies.
“The projects included emergency repair and maintenance of tracks, bridges and culvert, renovation.
“Also inclusive are upgrade of railway stations nationwide, procurement of locomotives, coaches, wagons, railway inspection vehicles and cranes, rehabilitation of locomotives and coaches.
“Others are procurement, rehabilitation and installation of equipment for mechanical, electrical, security, printing and ICT facilities; procurement of rolling stock consumables and spare parts and provision of insurance services,” he said.
The director further disclosed that the exercise may be concluded by the end of October as the procurement team had been directed to conclude the evaluation process in one month.
Mr Niyi Ali, the Director of Operationa, promised that the process would be transparent, saying the corporation will be fair to all in the pre-qualification and selection stages.
Our source reports that about N12 billion was approved by the Federal Government for the corporation’s projects in the 2018 budget.
Representatives of the various companies were on ground as the team verified the documents submitted by them amid tight security.
International Trade Fair slated for Sept. 26 to Oct. 7.
Mrs Tonia Shoyele, the Director-General, Abuja Chamber of Commerce and Industry (ACCI), made the disclosure at a news conference in Abuja.
The theme of the fair is “Enhancing Small and Medium Enterprises (SMEs) in Agribusiness through Innovative Technology’’.
“There are about 43 countries coming in, 11 embassies will be attending the fair, all the states of the Federal Republic of Nigeria will also be present,’’ Shoyele said.
She said that trade fair would bring together more than one million visitors with about 1,500 exhibitors across all the sectors of the economy.
Shoyele said that exhibitors would have an ample opportunity to showcase and promote their brands to a captive audience of decision makers, which would in turn increase their market share.
According to her, it will be an opportunity for manufactures to interact with product end users, handle customer complaints and reward brand loyalists.
She said that this year’s edition would provide a platform for sharing of trade, investment and market opportunities and information and would help buyers and sellers, investors and countries to foster business relationship.
Shoyele said that the objective of the fairs was to promote all aspects of the economy through national and international cooperation and promote made in Nigeria products.
She said it would create conducive trade atmosphere between Nigeria and other countries for the actualisation of joint venture projects.
“Other objectives are to form partnership with international investors and also create opportunity to acquire latest updates in the global market,’’ Shoyele said.
The News Agency of Nigeria (NAN) reports that in the past, exhibitors complained of middlemen that would buy more than 10 exhibition stands and sell to them at an exorbitant price.
Shoyele said that the issue of middlemen had been addressed saying “we have taken steps to ensure that extortion of exhibitors will not occur in this year’s trade fair.
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.