Business
‘FG Making Steady Progress To Resolve Apapa Traffic Situation’
Report submitted to the Federal Government recently indicates that significant progress is being recorded in the Apapa traffic situation while some challenges are still being sorted out, the Presidency has said in a statement.
The statement, signed by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, was made available to The Tide source on Monday in Abuja.
The report indicated that critical infrastructure including roads around the Apapa corridor were at different levels of completion with some already open for public use.
He said that more update on efforts to fix the Apapa traffic situation was given at a virtual stakeholders’ meeting chaired by Vice President Yemi Osinbajo.
Part of the plan to address the problem in Apapa was the idea of fixing some of the roads around the area.
Akande listed progress recorded in fixing the road infrastructure relative to the Apapa traffic situation as disclosed at the meeting as the Apapa Wharf road – completed since 2018 and already in use.
Others are 1.4 kilometres Liverpool road – almost completed but open for public use, 2.9 kilometres Creek road – almost completed but open for public use, Apapa-Oshodi Expressway from Creek road to Tin Can Port gate 1 – almost completed.
Also listed was the Apapa-Oshodi Expressway from Tin Can Port gate 1 to Mile 2 – at advanced stage of completion and the Tin Can Island Transit Truck Park – completed and now in use.
“Besides the issue of road constructions, other development includes the adoption of a call-up system for trucks at the Lagos Port which is at advanced stage and will soon be deployed,” he said,
Akande said that the vice president spoke after listening to stakeholders at the recent virtual meeting.
He said the vice president directed all agencies working within and around the port to work in collaboration with the Lagos State government to intensify efforts aimed at clearing the traffic problems in the area.
Speaking on the current traffic situation around the area, Lagos State Governor, Babajide Sanwo-Olu, said it had been worsened by the temporary closure of major transit routes like Third Mainland Bridge, Eko Bridge and several other roads.
The Minister of Works and Housing, Babatunde Fashola, Comptroller General of the Nigerian Customs Service, Col. Hameed Ali (retired), Managing Director of the Nigerian Ports Authority, Hajiya Hadiza Usman attended the meeting.
Also in attendance were the Executive Secretary, Nigerian Shippers’ Council, Mr Hassan Bello and the Executive Vice Chairman of the Presidential Task Team, Mr Kayode Opeifa.
The Amalgamation of Container Trucks Owners Association of Nigeria (ACTOAN) and other stakeholders in Apapa had observed that ongoing road construction within Apapa environs was responsible for the recent slow pace of movement into Apapa.
Truck owners, residents and other stakeholders in Apapa also lauded the Osinbajo-led Presidential Task Team on restoration of law and order in the area.
They said the timely intervention by the Osinbajo-led team had restored sanity after two days of gridlock caused by the massive road construction and rehabilitation on major access roads.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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