Business
NEW Rivers: Building The Future Through Quality Education
Improving the quality of education in Rivers State has always been a major focus of Governor Nyesom Wike’s administration. When he took over leadership in 2015, the education sector was in comatose. The immediate past administration had adopted a cosmetic approach that destroyed the foundation of education in the state.
All through his first term, Wike diligently revived the education sector. From the basic, to the senior secondary up to the tertiary education level, he upgraded facilities. The impact has been felt up to the rural communities.
All the 23 Local Government Areas of Rivers State felt the impact of the educational programmes and policies of Governor Wike during his first term. He promised to do more for Rivers people.
His second term has been a continuation of the wonderful revival of the education sector. The basic education sector is witnessing the massive upgrade and reconstruction of schools.
In the last one year, about 100 basic education schools have been upgraded and reconstructed by the Wike administration.
The objective of the administration is to ensure that Rivers children have access to quality learning facilities.
Through the Rivers State Universal Basic Education Board and the Rivers State Ministry of Education, the Wike administration has empowered teachers with modern teaching skills.
The training and retraining of teachers has been upscaled by the administration. Governor Wike believes that when teachers are empowered with higher knowledge and skills, they will deliver more to Rivers children.
Within the first one year of his second term, Governor Wike has reconstructed and equipped three major schools in the state. They are: Government Secondary School, Ubima, (formerly Community Secondary School, Ubima), Seabed Model School , Port Harcourt and Government Craft Development Centre, Port Harcourt.
Major secondary schools spread across the three senatorial districts of the state are witnessing upgrade and general restoration. This is a continuation of the phased reconstruction of iconic schools started by the Wike administration during his first term.
Governor Wike is also embarking on the reconstruction and remodeling of the following secondary schools: Enitonia High School, Port Harcourt in Port Harcourt City Local Government Area; Government Secondary School, Ogu in Ogu/Bolo Local Government Area, Community Secondary School, Rumuolumeni in Obio/Akpor Local Government Area ,Community Secondary School, Rumuepirikom in Obio/Akpor Local Government Area, Bonny National Grammar School, Bonny in Bonny Local Government Area and Government Secondary School, Okarki in Ahoada West Local Government Area.
Others are: Western Ahoada Central High School, Ahoada in Ahoada East Local Government Area, Government Secondary School, Abua in Abua/Odual Local Government Area, Government Secondary School, Okporowo -Ogbakiri, Emohua Local Government Area, Government Secondary School, Obuama in Degema Local Government Area, Community Secondary School, Omuanwa in Ikwerre Local Government Area, Model Secondary School Bakana in Degema Local Government Area and Model Secondary School, Tombia in Degema Local Government Area .
The Rivers State Government under the leadership of Governor Wike, has improved the funding of tertiary institutions in the state, developing the right facilities that have led to the accreditation of courses.
The Rivers State University, the Ignatius Ajuru University of Education, Kenule Beeson Saro-Wiwa Polytechnic, Bori and the Elechi Amadi Polytechnic, Port Harcourt have been well-funded by the administration. They have become national reference points.
To ensure access to education for the less privileged, Governor Wike abolished all forms of fees and levies in public primary, junior and senior secondary schools in Rivers State.
This was a major second-term action. He has since released funds for the running of the schools for the 2019/2020 academic session.
The funds released by the Rivers State Governor would be used by the schools for registers, chalks, dusters, markers, notebooks, pens and other consumables.
Governor Wike approved that the state government will henceforth bankroll the form fees for the Unified Tertiary Matriculation Examination (UTME) of the Joint Admissions and Matriculation Board(JAMB) for all indigenes and non-indigenes in the state.
This approval by Governor Wike has been implemented for the 2020 UTME conducted by JAMB.
All across the state, parents and guardians have continued to sing the praises of Governor Nyesom Ezenwo Wike for supporting education in very practical ways. With the abolition of fees and the payment of UTME fees, the less privileged for the first time are feeling the direct positive impact of government.
Delivering the 2020 budget to the Rivers State House of Assembly, Governor Wike made a solemn commitment to use education as a tool for empowerment and education.
He said: “Building on the progress of the last four and half years, we will continue to ensure adequate funding for education in Rivers State. It is for this reason that we are proposing the sum of N49.471 billion to fund the education sector for 2020. This sum represents 20% of the total budget and is the highest ever budgetary allocation to education, reflecting the level of our commitment to investing in the future of our children.
“ In 2020, we will continue to ensure the systematic rehabilitation, upgrade and transformation of our primary, secondary and tertiary institutions and build new ones where the population demands to deliver a more conducive learning environment across schools in Rivers State.”
Governor Wike has kept this promise. The results are everywhere across the state. The results from WAEC and NECO examinations justify the quality investments in the education sector by Governor Wike.
Nwakaudu is Special Assistant to Rivers State Governor on Electronic Media.
Simeon Nwakaudu
Business
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Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
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.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
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.
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