Business
N-Power First Batch Beneficiaries Continue With Scheme …As FG Offers No Exit Date
The Federal Government says no date has been announced for the exit of the first batch of volunteers enrolled under the N-Power scheme.
Communications Manager, National Social Investment Office (NSIO), Justice Bibiye, in a statement Friday, in Abuja, urged the public to disregard social media reports about current status of the programme.
He said that the Federal Government was liaising with state governments and the private sector to provide permanent engagement for the N-Power beneficiaries.
Introduced in 2016 by President Muhammadu Buhari, the N-power Programme, is a graduate and non-graduate job enhancement scheme.
The objective is to enable them acquire the requisite skills, knowledge and experience for entrepreneurship and self sufficiency at the culmination of their tenure on the programme.
The N-Power beneficiaries are then provided with N30, 000 monthly stipend and devices to aid their learning and skills development.
Bibiye said that progress was already being recorded in the programme as many beneficiaries had already started taking ownership of their lives by setting up small businesses with earnings from the N-power programme.
“Consequently, the Federal Government is already in talks with state governments and the private sector to solicit support for permanent engagement of the N-Power beneficiaries, who by virtue of their exposure to the work environment in the last two years have now garnered the needed experience to effectively operate in the industry,” he said.
The communications manager said that the former Special Adviser to the President on Social Investment, Mrs Maryam Uwais, was in Yenegoa, Bayelsa State, recently to inaugurate the National Home Grown School Feeding Programme.
He said that Uwais also intimated N-power beneficiaries of plans by government to assist them get a sustainable means of income as they prepared to exit the programme.
Bibiye said that Uwais also used the opportunity to encourage state governments to retain volunteers who provided services in schools and other public and private institutions in their states.
“Uwais was joined by Bayelsa government officials to ramp up on some ongoing social intervention programmes, including Marketnoni, Tradermoni.
“She also met with the Conditional Cash Transfer officials and beneficiaries in the state saying that the Federal Government through partnerships with some key private sector players is looking out for employment opportunities in the areas of education, ICT, agriculture, security among others for the graduating N-power volunteers,” Bibiye said.
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.