The Nation Newspaper

Category: Business

  • Three Crowns Milk marks decade of honouring mothers

    Three Crowns Milk marks decade of honouring mothers

    Nigerian milk brand Three Crown Milk, produced by FrieslandCampina WAMCO, has concluded the 10th edition of its flagship mum wellness initiative, Three Crowns Mum of the Year, with a grand finale held last weekend.

    The event, which has become a hallmark of recognition for mothers in Nigeria, was a vibrant celebration of motherhood, featuring engaging activities such as fitness challenges, and special performances.

    Hosted by renowned media personality Bukunmi Adeaga-Ilori (Kiekie), the evening brought together families, stakeholders, and brand enthusiasts in a shared moment of joy and appreciation for the role of mothers in homes.

    The selection process began with a verification process by the Lagos State Lottery Commission, Federal Competition and Consumer Protection Commission (FCCPC) and a live draw where 50 contestants made it to the semifinals before drilling to six contestants who went on to the grand finale.

    ‎The six finalists were evaluated at the grand finale by a distinguished panel comprising Bamike Olawunmi Adenibuyan (Bambam), Jamila Lawal, Ifedayo Durosinmi-Etti, and Fitness Coach, Ben Fit.

    Judging criteria included physical wellness, mental acuity, emotional intelligence, and family engagement, all aligned with Three Crowns Milk’s commitment to promoting healthy mums and happy families.

    Following the rigorous selection process, Ugwu Edith Uzoamaka was announced the 2025 Three Crowns Mum of the Year, alongside May Wala (2nd place) and Nwakire Amarachi Ujunwa (3rd place), all winning an all-expense-paid trip to Zanzibar, Tanzania and a one year supply of Three Crowns Milk.

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    Anozie Joy Uzoma, Adebola Omowumi, and Mrs. Animashaun Anuoluwapo took the 4th, 5th and 6th positions respectively, going home with premium home appliances and supply of Three Crowns Milk.

    ‎Speaking at the event, Marketing Director, FrieslandCampina WAMCO, Maureen Ifada, stated: “This milestone edition reflects our enduring commitment to celebrating Nigerian mothers who embody love, resilience, care, and leadership within their families.

    “We remain dedicated to supporting mothers’ health and wellbeing — a cornerstone of family life and societal growth.”

    ‎Marketing Manager, Three Crowns Milk, Chioma Otisi-Igwe, added: “Three Crowns Mum of the Year is more than a campaign, it is a platform that celebrates the unsung heroines of our homes.

    “Every mother is a treasure, and we believe it is important to reward your treasure with recognition, wellness, and joy. This year’s finalists have truly inspired us all.”

  • NCDMB, others empower 100 graduates

    NCDMB, others empower 100 graduates

    One hundred young Nigerian graduates have commenced a transformative Graduate Internship Programme jointly sponsored by the Nigerian Content Development and Monitoring Board (NCDMB), Renaissance Africa Energy Company (RAEC) Limited, and the Petroleum Technology Association of Nigeria (PETAN).

    The two-year initiative, tagged 2025/2027 NCDMB/PETAN/Renaissance Graduate Internship Programme, is designed to equip participants with industry-relevant skills, hands-on experience, and exposure to the operational realities of the oil and gas sector.

    The interns, drawn from diverse disciplines including engineering, geology, information and communication technology (ICT), and the natural sciences, will be deployed across PETAN member companies for structured and practical training.

    Speaking at the official flag-off ceremony at the Renaissance Residential Area Club Hall in Port Harcourt, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, described the initiative as a strategic investment in human capital development and local content advancement within Nigeria’s energy value chain.

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    Represented by the General Manager, Human Capacity Development (HCD), Esueme Dan Kikile, Engr. Ogbe noted that while infrastructure and asset ownership are vital, “human capacity development stands as the cornerstone of NCDMB’s mandate.” He reaffirmed the Board’s commitment to supporting programmes that promote knowledge transfer, skills enhancement, and capacity retention in the Nigerian energy industry.

    He commended Renaissance Africa Energy—formerly Shell Petroleum Development Company—and PETAN for sustaining and expanding a programme that began under SPDC’s initiative, praising their “alignment with Nigeria’s national content development vision.”

    Addressing the interns, Ogbe charged them to embrace the opportunity with dedication and discipline, describing them as “the next generation of professionals who will sustain Nigeria’s energy future.”

    In a joint presentation, PETAN representatives Okey Ukaegbu and Chinedu Maduaku said the programme’s objectives include enhancing innovation, operational excellence, and indigenous participation in the oil and gas industry.

    The General Manager, Nigerian Content Development, Renaissance Africa Energy, Kene Akubue, in his closing remarks said the partnership reflects the progressive collaboration shaping Nigeria’s energy sector. He reiterated Renaissance’s commitment to deepening human capacity development and promoting local expertise in the country’s oil and gas value chain.

  • RMDB President lauds Oramah’s leadership at Afreximbank

    RMDB President lauds Oramah’s leadership at Afreximbank

    President and Chief Executive Officer, Regional Maritime Development Bank (RMDB), Mr. ‘Niran Aderogba, has commended Professor Benedict Oramah for his exemplary leadership and far-reaching contributions to Africa’s trade and economic development during his tenure as President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) from 2015 to 2025.

    Aderogba gave the commendation recently while speaking with journalists on the sidelines of a send-off dinner held in honour of Oramah in Cairo, Egypt, lauding him as a “visionary builder, bridge-maker, and catalyst for Africa’s economic renaissance.”

    “Professor Oramah’s decade at the helm of Afreximbank has been nothing short of transformative.

    “He has not only strengthened Africa’s trade financing architecture but also inspired a generation of African institutions to think boldly, collaborate deeply, and act strategically for the continent’s prosperity,” Aderogba said.

    Aderogba noted that having worked closely with the bank for almost three decades, “we had jointly engaged in groundbreaking, innovative, and bold financing structures for the economic emancipation of the African continent. A little acorn has grown into an oak tree.” 

    He said Afreximbank, whose first financing deal in Nigeria was valued at  $10 million, now undertakes transactions running into billions of dollars — a remarkable milestone that underscores the bank’s growing impact in advancing economic development across the African continent.

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    He highlighted that key sectors impacted by Afreximbank’s interventions included telecommunications, the financial sector, hospitality, oil and gas, maritime, and transportation, among others.

    The RMDB CEO further emphasised Afreximbank’s pivotal role under Oramah’s leadership in promoting intra-African trade, supporting industrialisation, and advancing strategic continental initiatives such as the African Continental Free Trade Area (AfCFTA).

    Looking ahead, Aderogba said he is eager to continue the collaboration with Professor Oramah’s successor, Dr George Elombi, whom he has known for almost three decades and described as one “who exemplifies the can-do ethos of Afreximbank.”

    The event in Cairo drew dignitaries from across the continent, including representatives of African financial institutions, ministers, and private sector leaders, all of whom paid tribute to Oramah’s enduring impact on Africa’s economic transformation.

  • Experts call for collaboration on cyber security

    Experts call for collaboration on cyber security

    There is need for collective responsibility and proactive engagement in tackling growing cyber threats, experts have said.

    Experts, who spoke at the 2025 Cybersecurity Webinar of the Central Securities Clearing System (CSCS) Plc said cyber security requires actions from all levels of stakeholders in order to attain a certain level of optimization.

    The virtual webinar with the theme: “Securing Our World”, brought together participants from the Office of the National Security Adviser (ONSA), financial institutions, and global cybersecurity experts.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, emphasised that cybersecurity must be viewed as a shared duty across all levels of society.

    He said: “Whatever we do as individuals, teams, or organizations, we must all play a part in keeping our digital world safe. Our world is only as secure as the actions we take every day”.

    Jalo-Waziri explained that CSCS launched the annual cybersecurity seminar years ago to drive security awareness and thought leadership within the capital market, given the organisation’s role as a key market infrastructure.

    According to him, the seminar is a global call to action and a reminder that cybersecurity is a shared responsibility.

     “As leaders, we must demonstrate good security behaviour not only through policies but through our daily actions,” Jalo-Waziri said.

    He reiterated that at CSCS, cybersecurity is not merely a technology concern but a business imperative and shared value, embedded in the company’s decision-making and culture. He assured that CSCS would continue to invest in awareness programmes and empower its people to make secure, confident decisions.

    Delivering a presentation titled “Why the Human Firewall is Important,” Daniel Onyekpeze, Head of Incident Handling (ngCERT) at ONSA, highlighted the human element as a major vulnerability in organizational cybersecurity.

    He noted that most cyber incidents stem from human actions and urged organizations to prioritize continuous staff training to help employees detect and respond appropriately to threats.

    He said: “Humans remain the most targeted and affected in organizations. Regular training and a whole-organization awareness approach are key to building a strong human firewall”.

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    Speaking on “Cybersecurity in a Hyper-Connected World,” Zechariah Akinpelu, Chief Information Security Officer, Unity Bank Plc, observed that with over 30 billion Internet of Things (IoT) devices expected globally by 2030, the world has become more interconnected—and more exposed.

    While IoT technologies bring convenience, he warned, they also create new security risks that hackers actively exploit. Akinpelu advised individuals to adopt strong passwords, update devices regularly, and carefully manage app permissions, while urging organizations to implement Zero-Trust architectures, AI-based defense systems, and vendor risk management frameworks.

    Also speaking, Jon Hamlet of CyberSoc Africa, in his presentation titled “Global Threats, Local Impact – Enterprise Strategies for a Connected World,” stressed that Nigerian organizations must strengthen enterprise resilience by embedding cybersecurity into their corporate culture.

    He advised institutions to proactively manage risks across their supply chains, comply with regulations, and address global cyber threats with comprehensive risk management strategies.

    In his closing remarks, Adeyinka Shonekan, Executive Director, CSCS, reiterated the organization’s commitment to cybersecurity leadership.

    “In an increasingly digital and interconnected world, the responsibility to protect our systems, data, and people rests on all of us—individually, organisationally, and nationally,” he said. “At CSCS, we remain steadfast in advancing cybersecurity excellence within the capital market and the wider financial ecosystem. Collaboration, awareness, and innovation are the cornerstones of our resilience.”

  • Chams HoldCo records N13.6b turnover in nine months

    Chams HoldCo records N13.6b turnover in nine months

    Chams Holding Company (Chams HoldCo) Plc recorded modest growth in sales in the first nine months as group turnover rose by four per cent to N13.60 billion.

    Interim report and accounts of Chams HoldCo for the third quarter ended September 30, 2025 showed that total revenue inched up from N13.14 billion in third quarter 2024 to N13.60 billion in third quarter 2025. However, the group’s bottomline was impacted by high finance and operating costs, with net profit after tax closing third quarter 2025 at N500.7 million. Total assets and shareholders’ funds stood at N20.60 billion N10.56 billion respectively.

    The company stated that while finance costs rose to N626 million, it has started implementing strategies to reduce borrowing expenses and strengthen financial position.

    Chams HoldCo achieved a 100 per cent subscription to its recently concluded N3.6 billion private placement, reflecting investor confidence in its vision and long-term strategy.

    Group Managing Director, Chams Holding Company (Chams HoldCo) Plc, Mrs Mayowa Olaniyan, said the outlook for the group remains promising.

    She said: “We are optimistic about sustaining our growth momentum by expanding our fintech ecosystem through strategic partnerships and new products, driving digital transformation, and strengthening governance and sustainability practices”.

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    She outlined that the company’s subsidiaries have recorded strategic milestones in recent period.

    She said ChamsAccess Limited achieved a major milestone with its PenCentral platform, processing over N150 billion in pension remittances for more than 1,500 corporate entities while the launch of the National Pension Automation Project in Sierra Leone further demonstrated ChamsAccess’s leadership in digital identity and financial inclusion across West Africa.

    She added that CardCentre deepened its partnership with MTN Nigeria to produce biodegradable SIM cards—a first-of-its-kind sustainability initiative in Nigeria.

    According to her, the project reinforces Chams HoldCo’s dedication to environmental, social, and governance (ESG) principles and sustainable innovation.

    She pointed out that ChamsSwitch Limited, under the new leadership of Mr. Mudiaga Umukoro is undergoing a strategic transformation focused on payment interoperability, merchant solutions, and digital banking infrastructure, all that position the subsidiary for accelerated growth within Nigeria’s dynamic fintech landscape.

    “These achievements highlight Chams HoldCo’s resilience, innovation culture, and commitment. The group continues to set new benchmarks in operational excellence and sustainable business performance,” Olaniyan said.

  • InfraCredit, MOBILIST deepen infrastructure capital markets with shares sales to PFAs

    InfraCredit, MOBILIST deepen infrastructure capital markets with shares sales to PFAs

    Nigerian Pension Fund Administrators (PFAs) have acquired significant stakes in InfraCredit. The shares were purchased from MOBILIST, United Kingdom Government’s flagship public markets programme, through secondary market transaction on the NASD.

    MOBILIST’s investment in April 2025 supported InfraCredit’s N27 billion or $17.7 million equity raise and listing by introduction on the NASD OTC Securities Exchange, marking its transition to a public limited company and expanding its domestic institutional investor base.

    The secondary share sale extended that developmental impact by introducing five domestic institutional investors, four of whom did not participate in the initial listing.

    Following regulatory approvals, Nigerian domestic institutional investors will collectively own up to 27 per cent of InfraCredit’s ordinary equity, reinforcing domestic institutional ownership of a strategically important financial institution and broadening its long-term capital base.

    InfraCredit’s ownership framework was designed to evolve toward greater domestic institutional participation, a goal recognised by rating agencies including Agusto & Co., GCR Ratings, and Fitch Ratings in their 2025 assessments. Each reaffirmed InfraCredit’s ‘AAA’ national rating while noting that up to 40 to 50 per cent of its equity is expected to be held by Nigerian pension funds, insurers, and other long-term institutional investors over time.

    British Deputy High Commissioner, Lagos, Mr Jonny Baxter, said United Kingdom consistently prioritises transformational investments that unlock commercial markets, citing InfraCredit as one such example, an indigenous guarantee platform which is now attracting Nigerian institutional investors.

    He said: “To date, InfraCredit has facilitated over N300 billion in financing, valued at more than $500 million equivalent indexed  at issuance, in support of infrastructure development across Nigeria. We’re excited to see this momentum continue to grow, driven increasingly by domestic capital and delivering strong returns to Nigerian investors.

     A win-win where more infrastructure is built to support Nigerian businesses, and more value returned to Nigerian stakeholders”.

    Chief Executive Officer, InfraCredit, Mr Chinua Azubike said the secondary transaction was a proud milestone for InfraCredit and for Nigeria’s financial markets.

    He said: “It reinforces our long-term ownership vision that catalytic foreign investment can pave the way for sustained domestic institutional participation at scale. We are delighted to welcome four new Nigerian pension funds to our ownership base, a reflection of deepened market confidence and the growing role of local investors in financing Nigeria’s sustainable future”.

    MOBILIST Programme Lead within FCDO, Mr Ross Ferguson said MOBILIST’s investment in InfraCredit proved the potential of using public markets to mobilise private – and importantly – local investment in sectors driving sustainable development and growth.

    He said: “The programme’s exit only reinforces this potential and highlights how innovative development finance can generate impact beyond an initial investment by contributing to the creation of deeper, more liquid capital markets while recycling capital for future investments”.

    Analysts said the transaction demonstrateed the catalytic role of capital from development finance actors in supporting the evolution of a sustainable domestic investment ecosystem.

    With MOBILIST’s support, InfraCredit’s listing proved that infrastructure finance companies can attract institutional equity and achieve liquidity in public markets. The successful exit reflected the model championed by MOBILIST, where these actors invest early, de-risk the market, build investor confidence, and responsibly recycle capital once local investors crowd in.

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    It also set an important precedent about the way development finance institutions (DFIs) can approach investment in emerging markets, demonstrating that responsible, well-sequenced exits can strengthen local financial markets by transferring ownership to domestic institutional investors.

    Analysts noted that capital recycling through exits ensures that catalytic public funds continue to unlock new private investments. Through its listing, InfraCredit’s strong governance standards, and transparency framework, provides a credible platform for such transitions, reinforcing confidence in the depth and resilience of emerging market capital structures.

    Analysts pointed out that the transaction further highlighted the growing capacity of Nigeria’s pension and insurance sectors to take a leadership role in financing sustainable infrastructure.

    By creating liquidity for InfraCredit’s shares and attracting new domestic institutional investors, it broadens market participation and institutional ownership, enhancing price discovery and trading depth on the NASD platform, whilst strengthening confidence in infrastructure as a viable and investable asset class within Nigeria’s capital markets.

  • Vitafoam in strong rebound with 1,407% net profit growth

    Vitafoam in strong rebound with 1,407% net profit growth

    Nigeria’s leading foam manufacturing group, Vitafoam Nigeria Plc, finally shrugged off the leftovers of the foreign exchange (forex) headwinds with a 1,407 per cent growth in net profit in the immediate past year.

    Key extracts of the audited report and accounts of Vitafoam Nigeria for the year ended September 30, 2025 showed that profit before tax rose sharply by 1,751 per cent to N21.2 billion in 2025 as against N1.1 billion in comparable period of 2024. Profit after tax grew by 1,407 per cent from N952 million to N14.3 billion. With this, earnings per share leapt from 29 kobo to N10.67 .

    Group Managing Director, Vitafoam Nigeria Plc, said the remarkable performance demonstrated the group’s unwavering commitment to operational excellence, cost efficiency, and sustainable value creation for shareholders.

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    He said: “We are delighted with our strong performance this year, particularly the significant growth in operating profit and the marked improvement in cost efficiency. These results reaffirm the success of our strategic initiatives centered on financial discipline, brand strength, and long-term value creation.

    “Our continued investments in operational efficiency, product innovation, and sustainable energy solutions position Vitafoam for sustained growth in the coming year”.

    Vitafoam had paid N1.31 billion as cash dividends for the 2024 business, representing a dividend per share of N1.05.

    Key extracts of the audited report and accounts for the year ended September 30, 2024 had shown that Vitafoam Nigeria’s turnover rose by 56 per cent from N52.9 billion in 2023 to N82.6 billion in 2024. But the impact of the top-line growth was moderated by foreign exchange loss.

  • First HoldCo posts N2.6tr gross earnings in nine months

    First HoldCo posts N2.6tr gross earnings in nine months

     First HoldCo Plc has recorded N2.6 trillion gross earnings in its unaudited results for the nine months ended September 30, 2025.

    The group’s financial performance report released at the weekend, showed that gross earnings rose by 17.1 per cent, higher than N2.25 trillion it achieved in same period of last year.

    Also, operating expense rose 39.3 per cent year-on-year (y-o-y) to N942.7 billion while profit before tax dropped 7.3 per cent y-o-y to N566.5 billion.

    The group’s total assets down 0.5 per cent year-to-date to N26.4 trillion, Customer deposits rose 4.2 per cent year-to-date to N17.9 trillion while customer loans and advances (Net) rose by nine per cent year-to-date to N9.6 trillion.

    Key performance ratios showed that post-tax return on average equity for September 2025 stood at 19.9 per cent; earnings yield September 2025 were at 17.3 per cent while net interest margin as at September 2025 was at 11.3 per cent.

    Other indicators showed that cost of funds as at September 2025 was 4.9 per cent;  cost to income, 52.4 per cent;  cost of risk, 3.7 per cent;  book value per share, N77.8 and gross loans to deposits, 56.1 per cent.

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    The Group Managing Director, Adebowale (Wale) Oyedeji, commented: “FirstHoldCo has once again showed solid earnings capabilities. The Group posted a strong financial performance over the period, with interest income and operating income growing by 40.4 per cent and 23.2 per cent year-on-year, respectively. The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income. Consequently, gross earnings reached N2.6 trillion, marking a 17.1 per cent year-on-year increase”.

    He said the decline in profit before tax is directly attributable to the normalisation of fair value gains and measures implemented to strengthen the balance sheet for the long term.

    “Our strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent, and we are on track to exit the forbearance regime by year-end”.

    “Regarding the recapitalisation of FirstBank, the first phase of our private placement capital raise has been successfully executed. Pending final regulatory approvals, we anticipate this phase will conclude in November 2025, ensuring FirstBank’s full compliance with the minimum capital requirements before year-end 2025. The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden our innovative financial solutions and explore value accretive solutions,” it said.

    “Overall, FirstHoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The Group is well-positioned to not only achieve its 2029 financial targets but to significantly enhance shareholder returns.”

  • NAHCO strengthens earnings outlook with N18b Q3 profit

    NAHCO strengthens earnings outlook with N18b Q3 profit

    Share prices at the Nigerian Exchange trends upward as corporate earnings trickle in

    Shareholders of Nigerian Aviation Handling Company (NAHCO) Plc may be in for wider dining tables as the aviation handling and logistics group leapfrogged distributable earnings by 47 per cent in the third quarter.

    Key extracts of the interim report and accounts of NAHCO for the nine-month period ended September 30, 2025 released at the Nigerian Exchange (NGX) at the weekend showed double-digit growths across key performance indicators, strengthening the earnings outlook as the group enters traditionally more months of the year.

    The report showed that NAHCO, which had increased dividend payout by 134 per cent for the 2024 business year, closed third quarter 2025 with earnings per share of N6.91, 46.7 per cent increase on N4.71 recorded in the comparable period of 2024. This underlines significant headroom for the group to sustain higher dividend payouts.

    NAHCO had distributed N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 business year.

    The report showed that total revenue rose by 40.7 per cent from N33.95 billion in third quarter 2024 to N47.76 billion in third quarter 2025, driven by renewed and new business contracts and expanding business activities across the subsidiaries.

    Gross profit grew by 37.1 per cent to N28.43 billion in third quarter 2025 as against N20.74 billion in third quarter 2024, showing top-line cost efficiency despite domestic and global inflationary pressures.

    Operating profit increased by 40.8 per cent from N12.88 billion to N18.14 billion, underlining the fact that the performance of the company was driven by business operations rather than financial or structural management.

    Profit before tax improved by 46 per cent to N17.94 billion in third quarter 2025 compared with N12.29 billion in third quarter 2024. After taxes, net profit stood at N13.46 billion, representing an increase of 46.6 per cent on N9.18 billion recorded in comparable period of 2024.

    The balance sheet of the group also remained strong with total assets rising from N46.95 billion in December 2024 to N48.64 billion by September 2025. Shareholders’ funds also increased from N20.04 billion in December 2024 to N21.92 billion in September 2025.

    Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni, said the third quarter 2025 performance reflected continuing industry leadership as the most preferred aviation logistics group and the ongoing diversification of the group.

    He said the board and management remain committed to a sustainable business model that widens activities and deepens profitability, placing the group in position for better returns to all stakeholders.

    According to him, the group is completely focused on implementing its five-year strategic blueprint, which would drive the next phase of phenomenal growth.

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    He assured all stakeholders that NAHCO would continue to prioritise investments in equipment, technologies and know-how to retain its leadership position not only in Nigeria but in the entire West African region.

    Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun, said NAHCO has positioned itself at the growth end of the Nigeria’s economy with its expansive investments in export processing and warehouses across the country.

    He noted that the massive NAHCO Export Packaging and Processing Centre in Lagos was a first of its kind in Nigeria and a deliberate strategy for sustainable benefits to all stakeholders.

    According to him, across its operations, NAHCO is adding values to the Nigerian economy and all stakeholders, while ensuring competitive returns to shareholders.

    He said the group remains focused on four areas of sustained growth, equipment re-fleeting, digitization and environmental social governance (ESG) to ensure better performance in the period ahead.

    He explained that the diversified nature of the group and the onboarding of new business ventures would ensure that the group sustain its growth trajectory.

    “Since transiting from being the foremost ground handling service provider in the entire sub-region to being a diversified, total logistics group, we have been driven by the earnest desire to provide unmatched level of excellent service delivery to our clients. This commitment has become more urgent as we seek to satisfy new demands for excellence and to improve shareholder value,” Olumekun said.

    He commended shareholders, customers and staff of the company for their supports and commitments, which have continued to enable the group perform better every year.

    “We will continue to work together to ensure even better performance for the company,” Olumekun said.       

  • Nigeria, World Bank open talks on $1b facility

    Nigeria, World Bank open talks on $1b facility

    Nigeria has opened discussions with the World Bank for a new $1 billion facility aimed at driving private investment, job creation, and economic diversification.

    The programme, titled Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) initiative expected to go before the World Bank Board on December 16, 2025.

    According to preliminary documents, the loan will be split evenly between a $500 million International Development Association (IDA) credit and a $500 million International Bank for Reconstruction and Development (IBRD) loan.

    If approved, it will mark the second-largest World Bank loan obtained under President Bola Tinubu’s administration, following the $1.5 billion RESET programme approved in June 2024.

    The World Bank said the financing aims to help Nigeria transition from short-term macroeconomic stabilisation to sustainable, private-sector-led growth. The plan includes reforms to expand access to credit, enhance digital finance, ease inflationary pressure, and strengthen key agricultural value chains.

    “The DPF supports Nigeria’s shift from stabilisation to inclusive growth and job creation. It aims to catalyse private investment, deepen capital markets and digital services, and promote export diversification,” the bank stated.

    With private-sector credit at 21.3 per cent of GDP in 2024, far below emerging-market averages, the initiative will support the implementation of the Investment and Securities Act 2025, improve credit-enhancement facilities, and introduce stronger consumer-protection frameworks under a new CBN rulebook.

    The plan also includes the National Digital Economy and E-Governance Bill 2025, designed to establish a legal foundation for electronic transactions and digital authentication.

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    Additionally, the World Bank is urging Nigeria to liberalise its trade regime, adopt AfCFTA tariff concessions, and simplify agricultural seed certification to boost food supply, cut inflation, and encourage export growth.

    The loan aligned with three other World Bank-supported programmes — FINCLUDE, BRIDGE, and AGROW — all focused on expanding access to finance, improving digital infrastructure, and strengthening agriculture.

    The World Bank projected that these reforms could significantly lower living costs and boost job creation, particularly for small businesses.

    As of June 2025, Nigeria’s total external debt stood at $46.98 billion, with the World Bank Group accounting for over 41 per cent of that amount — approximately $19.39 billion in total exposure.

    While the bank praised Nigeria’s ongoing reforms — including fuel subsidy removal and FX unification — it noted that growth remains modest and poverty levels high. The new facility, it said, was designed to close that gap and accelerate inclusive, private-sector-driven recovery.