The Nation Newspaper

Category: Business

Fed Govt targets seven-day cargo clearance by 2026

The Federal Government has intensified its drive to implement a National Single Window system at Nigeria’s ports by 2026, in a move expected to drastically cut cargo clearance time and enhance transparency in maritime trade processes.

Vice President Kashim Shettima, speaking yesterday at the second meeting of the Ports and Customs Efficiency Committee at the State House, Abuja, said the digital platform—set for rollout in the first quarter of 2026—will harmonise documentation, reduce human contact, and improve efficiency across the ports ecosystem.

“Our goal is to reduce the average cargo clearance time in Nigeria to under seven days by the end of 2026 and to position our ports among the top three most efficient trade gateways on the continent. The National Single Window will be a game changer”, Shettima said.

He expressed concern over the current clearance delays, noting that cargo dwell time in Nigeria averages 18 to 21 days, compared to five to seven days in Ghana and as little as four days in Cotonou, Benin Republic. According to a statement issued by Senior Special Assistant to the President on Media and Communications Office of the Vice President Stanley Nkwocha, Shettima added that clearance costs in Nigeria are estimated to be 30 per cent higher than in peer economies.

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“These inefficiencies are not just statistics; they are symptoms of an economic ailment that costs us investments, drives up consumer prices, and weakens our export competitiveness.

We simply cannot afford to continue down this path”, he said.

    The Vice President also announced that a draft Executive Order mandating joint physical inspections of cargoes—aimed at eliminating multiple examinations and bureaucratic overlap—is with President Bola Ahmed Tinubu and will soon be approved.

    Shettima directed the Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS), Standards Organisation of Nigeria (SON), Immigration Service, NAFDAC and other key agencies to produce a roadmap for strengthening the national weights and measures system to ensure consumer protection and fair trade practices.

    “The era of siloed operations must end. Inter-agency rivalry must give way to inter-agency synergy. We are only as efficient as our collaboration allows”, he warned.

    Senior officials at the meeting underscored the urgency of reforms. Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Audu, lamented the cost of delays to the economy and stressed the need for unified action to improve the business climate.

    NPA Managing Director, Dr. Abubakar Dantsoho, highlighted ongoing efforts including joint inspections and infrastructure upgrades, but said deeper collaboration, technology adoption, equipment improvement, and capacity building remain critical.

    “Until there is partnership, you cannot achieve efficiency at the ports,” he said.

October 31, 2025
FCMB to deploy fresh capital for cost efficiency

FCMB Group Plc will use the net proceeds from its ongoing offer to enhance its profitability and ensure greater returns to shareholders.

As part of initiatives to adapt to the challenging interest rate environment, the bank plans to invest in advanced technology aimed at automating operations and improving productivity.

After successfully raising N144.60 billion, FCMB has embarked on a new public share sale aiming to generate an additional N160 billion.

This move is intended to fortify its banking subsidiary, First City Monument Bank, and comply with the Central Bank of Nigeria’s new N500 billion minimum capital requirement for international banks.

Group Chief Executive, FCMB Group, Ladi Balogun, said the bank’s approach includes aggressive cost-cutting measures and a transformative strategy designed to yield sustainable returns beyond 2026.

He said the bank aims to navigate its cost-to-income ratio down to 50 per cent in the upcoming year and further reduce it to 47 per cent by 2027.

He said: “The more we use technology, the more productive we are. Technology will make us more efficient. The more efficient we are, the more our customers are satisfied”.

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Overall, the Bank’s cost to income ratio (CIR) improved to 57 per cent in the first six months of June 2025, from 59.90 per cent as at December 2024.

The cost income ratio (or efficiency ratio) measures operating costs as a percentage of operating income. Staying mindful of operational efficiency, the goal is to keep the ratio as low as possible without compromising service quality. A notable aspect of FCMB’s strategy is the successful deployment of the newly raised capital, leading to two consecutive quarters of declining cost of funds. As of the second quarter of 2025, the cost of funds decreased to 8.20 percent from 8.60 percent in the previous quarter.

Moreover, the bank’s low-cost deposit mix improved significantly, rising to 69.30 percent by mid-2025, compared to 58.20 percent a year earlier. The bank has also faced challenges with rising operational costs, which climbed 46.81 percent to N153.20 billion in June 2025, affected by increased personnel and regulatory costs.

Due to inflationary pressures as well as cost of living crisis, Nigerian banks have increase workers’ salaries. Despite a slight decline in inflation, with the rate dropping to 20.12 percent in August from 21.88 percent in July, many Nigerians continue to grapple with poverty, according to a recent World Bank report.

In response to a more accommodative monetary policy by the Central Bank of Nigeria, which reduced the benchmark rate by 50 basis points to 27 percent in September, Nigeria banks are exploring innovative ways to boost profitability and deliver returns to their shareholders.

To deliver easier, faster and more convenient solutions to streamline and make financial transactions very exciting, FCMB has enhanced its new mobile banking app, which is rated as one of the most secure and user-friendly platforms for transactions, by upgraded it with additional cutting-edge capabilities to enhance customer experience. The bank also plans to invest in generative AI to further streamline operations and improve customer satisfaction in an evolving landscape.

October 31, 2025
Nigerians lose N300.2b to fraudulent schemes, says SEC

Securities and Exchange Commission (SEC) has said that Nigerians have lost an estimated N300.2 billion to fraudulent investment schemes in recent years, prompting the Commission to intensify its enforcement and investor protection measures across the financial sector.

This disclosure was made yesterday by AbdulRasheed Dan-Abu, Head of Fintech and Innovation Department at the SEC, during the 2025 Journalists Academy organised by the Commission in Abuja.

Dan-Abu said the figure was compiled from investigations into some of Nigeria’s most notorious Ponzi and illegal investment schemes, which have devastated households and small investors across the country.

According to him, “The losses, drawn from investigations into some of the country’s most notorious Ponzi and illegal investment schemes, reveal the devastating financial and social impact of these operations on households and small investors. The SEC’s estimates cover several collapsed schemes that had promised investors extraordinarily high and unsustainable returns.”

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A breakdown of the figures showed that MMM Nigeria accounted for about N18 billion, while Nospecto Oil and Gas defrauded investors of roughly N45 billion. The MBA Forex and Capital Investment Ltd scheme wiped out N213 billion in investor funds before its collapse, while Chinmark Group, Ovaioza Farm Produce Storage Business, and Famzhi Interbiz Ltd collectively cost Nigerians over N24 billion.

    The SEC noted that these figures do not capture all fraudulent entities, as other unregistered schemes have caused additional losses running into tens of billions of naira.

    Financial analysts believe the real losses could be significantly higher, given that many victims — particularly those in rural communities — fail to report their experiences to regulators or law enforcement agencies.

    “These figures represent only a portion of the total losses suffered by the investing public,” a source at the Commission disclosed. “The actual losses could be far more significant given the number of unreported cases and the proliferation of online schemes that evade regulatory scrutiny.”

    Disturbed by the persistence of these fraudulent operations, the SEC said it has intensified its regulatory crackdown to protect investors and preserve the integrity of Nigeria’s financial system.

    According to the Commission, its new strategy combines investor education, strict enforcement, and inter-agency collaboration. It includes partnerships with the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to identify and freeze accounts linked to illegal investment operators.

    Under this renewed enforcement drive, the SEC has secured court orders to shut down unregistered entities, initiated prosecution of their operators, and issued investor alerts naming firms engaged in unlawful solicitation. The Commission has also strengthened its technology-driven surveillance systems to track suspicious online investment advertisements, particularly across social media platforms.

    “The Commission remains committed to protecting investors through proactive regulation and strict enforcement actions against those who exploit public trust for illicit gain,” SEC officials stated.

    The Commission is also expanding its public awareness campaigns to educate Nigerians about the dangers of unregistered investment schemes and the importance of verifying the registration status of any investment operator.

    “The public is strongly advised to always confirm the registration status of any investment firm before engaging in financial transactions,” the SEC urged. “Investor education remains one of the most effective deterrents to financial fraud.”

    Dan-Abu expressed optimism that the SEC’s tougher stance, coupled with its collaboration with security agencies, would significantly reduce the spread of Ponzi operations that have long preyed on unsuspecting citizens.

    Dr. Emomotimi Agama, Director-General of the SEC, represented by Mrs. Efe Ebelo, Head of External Relations, noted that over 80 million Nigerians are involved in crypto-related activities — a figure that reflects both the opportunities and the risks in the rapidly expanding digital asset market.

    “We are among the world’s top adopters of digital assets, with more than one-third of our population participating in crypto-related activity,” Agama said. “This reflects the creativity of our young people, our deep mobile connectivity, and the hunger for inclusion.”

    However, he warned that the same growth has also “created a fertile ground for exploitation,” pointing to the rise in scams, phishing attacks, fake wallet applications, and ransomware schemes targeting unsuspecting users.

    “These threats show an urgent truth: without robust regulation, innovation can quickly become vulnerability. Regulation is not about restriction; it is about building trust and ensuring that innovation serves progress, not predation,” Agama stated.

    He explained that regulators worldwide face similar challenges in balancing innovation and investor protection. “Clamp down too hard, and innovation migrates offshore; regulate too softly, and systemic risks multiply,” he said.

    Agama cited global regulatory frameworks such as the Financial Action Task Force (FATF) Recommendation 15, the European Union’s 5th Anti-Money Laundering Directive (5AMLD) and MiCA framework, and ongoing enforcement actions in the United States as examples of how digital finance is being brought under stricter oversight globally.

    He said Nigeria is not lagging behind, as the SEC in 2022 issued Rules on the Issuance, Offering, and Custody of Digital Assets, which define virtual assets as securities and establish a licensing framework for Virtual Asset Service Providers (VASPs).

    These rules, he explained, rest on three key principles. First, all VASPs operating in Nigeria must register and obtain SEC approval. Second, they are required to comply with Anti-Money Laundering and Counter-Terrorism Financing obligations and cooperate with the NFIU in line with FATF standards. Third, VASPs must maintain real-time transaction monitoring systems to detect suspicious or high-value activities.

    Agama added that to strengthen enforcement, the SEC collaborates closely with the CBN and EFCC to freeze illicit digital wallets and recover criminal proceeds. Through partnerships with blockchain analytics firms, the Commission now deploys advanced monitoring tools to trace transactions, detect fraud, and enhance cybersecurity oversight.

    He concluded that virtual assets hold vast potential to promote inclusion and attract investment, but innovation must always be guided by integrity.

    “Virtual assets hold immense potential to expand inclusion, mobilize investment, and position Nigeria as a continental leader in digital finance,” Agama said. “But innovation must never outpace integrity.”

    As the SEC sustains its enforcement drive, stakeholders are optimistic that the Commission’s balanced approach — combining investor education, regulatory vigilance, and technological supervision — will help restore public confidence and reduce the recurring cycle of investor exploitation in Nigeria’s capital market.

October 31, 2025
World Bank, BOI mull new development finance framework

The World Bank in partnership with the Bank of Industry, BOI has created a framework for development finance with an aim to accelerate job creation, unlock private capital, and deepen financial inclusion across the country.

The World Bank Country Director for Nigeria, Dr. Matthew Verghis has emphasized the urgency of rethinking Nigeria’s development financial architecture to reflect changing global realities and domestic needs, stating that the partnership is to also chart a new development finance model to boast Nigeria’s economy.

    Verghis disclosed at the second edition of the Bank of Industry Development Lecture Series in Abuja, with the theme, “Development Finance Imperatives: Rethinking Nigeria’s Path Forward,” as he explains that Nigeria is at a turning point with clear signs of macroeconomic stability emerging from the government’s ongoing reform efforts.

    He spoke on easing inflation, rising reserves, and growing industrial confidence as evidence that policy consistency and fiscal discipline were beginning to yield tangible results, he describes the removal of Nigeria from the Financial Action Task Force (FATF) grey list as a landmark achievement, signalling that the country’s financial system now meets international anti-money laundering standards.

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    According to him, “It is a signal that Nigeria’s anti-money laundering structures now meet international benchmarks, as a single step that enhances investor trust and strengthens the foundation for sustainable economic growth. Poverty and unemployment remain persistent challenges, noting that millions of Nigerians are yet to feel the benefits of macroeconomic reforms.

    “We are seeing progress in stabilization, but the purchasing power of citizens remains weak because inflation is still high, to sustain these reforms, we must focus on policies that drive job creation and increase access to finance. It is important for Nigeria to adopt a new model of development finance that mobilizes private capital and leverages digital innovation, the need to fill existing gaps in infrastructure and enterprise funding”.

    He argued that traditional models in which governments and donors directly fund infrastructure are no longer sufficient to meet Nigeria’s enormous needs, estimated at hundreds of billions of dollars annually, stating that if the country follows conventional financing approaches it will not take them close to the infrastructure or enterprise goals, he explained that the country needs a shift, one that treats development finance not as an end in itself, but as a tool for structural transformation.

  Speaking, BOI Chairman, Dr. Mansur Muhtar called for deeper collaboration among public institutions, private investors, and development partners to create an environment conducive to inclusive and sustainable growth, assuring that BOI remains committed to its mandate of driving industrialization and supporting businesses through innovative and responsible lending.

October 31, 2025
NECA reaffirms commitment to migration reforms

Director General, Nigeria Employers Consultative Association (NECA), Adewale-Smatt Oyerinde, has reaffirmed the association’s commitment to partnering with the federal government and stakeholders in implementing migration reforms that will engender dignity and economic growth.

Oyerinde stated this during the Stakeholders’ Sensitization Workshop on Expatriate Quota Reform, New Visa Regime and Post-Amnesty Programme in Kano.

According to him, the association remains committed to fostering an economy where law, enterprise, and opportunity coexist.

He noted that the association is open to collaborating with stakeholders to transform the post-amnesty process into a model of structured inclusion, turning compliance into confidence and sustainable development for Nigeria and the wider African continent.

He disclosed further that the post-amnesty programme intersects meaningfully with the objectives of the African Continental Free Trade Area (AfCFTA) by allowing for more unrestricted movement of goods, services, and persons across Africa.

He said: “Nigeria, the continent’s largest economy, must lead by example, demonstrating that lawful mobility and economic opportunity can coexist within a secure and predictable policy environment.

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For the private sector, the post-amnesty programme is both timely and necessary. It ensures employers operate within clear legal parameters, protects enterprises from liability, and enhances workforce integrity. It also contributes to enterprise sustainability by aligning workforce planning with national immigration frameworks. NECA stands ready to collaborate with the Nigeria Immigration Service (NIS) in providing continuous engagement, capacity-building, and advocacy to ensure that this policy achieves its intended goals”.

Applauding the foresight of the Honourable Minister of Interior and the diligence of the NIS Comptroller-General in driving the reform agenda with balance and purpose, he stated that the post-amnesty programme convened by the Ministry demonstrates that migration can be managed in a way that protects national interest, promotes human dignity, and strengthens economic growth.

He said: “I must commend the Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, whose visionary leadership continues to redefine the administration of internal security and migration in Nigeria. His results-driven approach has positioned the ministry as a model of reform and accountability. I also want to acknowledge the steady and pragmatic leadership of the Comptroller-General of Immigration, Kemi Nanna Nandap, mmis, fsm, whose commitment to operational excellence and humane enforcement is giving new credibility to the Nigeria Immigration Service,” he said.

He described the ministry’s ambitious reforms, including the post-amnesty enforcement sensitisation, as a reflection of the federal government’s determination to move towards global realities and practices with fairness, clarity, and firmness.

“We align with the ministry’s and NIS’s various initiatives because we are convinced that they are not punitive but restorative. It offers foreign nationals who may have fallen out of compliance with immigration regulations a lawful path to regularisation, reinforcing Nigeria’s sovereignty and adherence to the rule of law. This is what effective migration governance looks like, firm on standards yet humane in execution,” he said.

He stressed that when governed by clear rules and strong institutions, migration remains a source of national strength. He also emphasised the need for regularisation of the process to help create visibility within the system, enabling the government to plan better, employers to comply confidently, and migrants to contribute productively.

Advancing the economic benefits of migration, he noted that properly documented people are more likely to work lawfully, pay taxes, and participate in the formal economy, thus enhancing social cohesion and reducing vulnerabilities linked to irregular status.

He explained that some of the bold steps taken by the Ministry on migration align totally with international labour and migration standards and conventions of. By anchoring the sensitisation process on such principles, the NIS is positioning Nigeria as a regional example of humane and structured migration management.

“Globally, countries that have implemented similar regularisation exercises, such as Spain, Portugal, and Argentina, have recorded tangible socio-economic benefits, from improved labour compliance to expanded tax bases and better national security outcomes. Nigeria’s post-amnesty programme has that same potential. He said that effective implementation can strengthen border management, support legitimate business operations, and enhance the country’s reputation as a rule-governed destination for investment and skilled migration,” he said.

October 31, 2025
We won’t succumb to blackmail, says CAC

Registrar General, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has called on individuals blackmailing and threatening him to stop the distraction, stating that he will not succumb to any form of intimidation or blackmail of corruption from anyone, advising those sending threats to forward their complaints to appropriate quarters.

In a statement signed by the Corporate Affairs Commission Management, it stated that, “the attention of the Corporate Affairs Commission has been drawn to recent acts of intimidation and baseless allegations targeted at the Registrar-General.

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The management noted that the threat are baseless, and if the individuals are not satisfied with services provided by the commission they have a right to report to appropriate government agencies.

“Let it be clearly stated that the RG will not succumb to any form of blackmail, distraction, or pressure in the discharge of his lawful responsibilities. If anyone has credible evidence of corruption or wrongdoing against him, they are advised to forward such petitions to the relevant anti-corruption agencies for proper investigation and prosecution, rather than resorting to falsehood and smear campaigns”.

The Commission remains focused on transparency, reform, and service to Nigerians under the Renewed Hope Agenda.

October 31, 2025
Customs, NAPTIP strengthen collaboration

Comptroller-General, Nigeria Customs Service (NCS), Adewale Adeniyi, has reaffirmed the Service’s readiness to strengthen its collaboration with the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) in combating human trafficking and illegal trade in endangered species.

Adeniyi made this commitment when a delegation from NAPTIP paid him a courtesy visit at the Customs House in Maitama, Abuja.

Adeniyi, who appreciated the visit, commended the delegation for their continued service to the country and assured them of Customs’ unwavering support.

He noted that Nigeria’s security challenges require joint action, stressing that the Service does not view crimes solely through the lens of smuggling but through broader national security implications.

“We believe in the power of collaboration. We can achieve more with less when we work together,” he said.

He revealed that the Service has intensified its work on environmental sustainability and the enforcement of international conventions regarding flora and fauna, assuring the delegation that Customs will fully collaborate on the upcoming national dialogue on human trafficking and stowaway incidents, scheduled for February 2026.

He pledged to provide technical expertise, intelligence sharing, and access to the Service’s training curriculum to strengthen inter-agency understanding of trafficking dynamics.

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“We will accept your request for partnership unconditionally. We will work with your designated officials on the February summit and explore wider interventions that reinforce national security,” he said.

On her part, the Director-General of NAPTIP, Binta Adamu, expressed delight at securing formal engagement with the Customs Service.

She stated that NAPTIP was eager to strengthen operational partnerships, particularly in areas such as intelligence exchange, policy development, and cross-border enforcement.

“I am happy today that I finally made it here and held this discussion with the Comptroller-General. We are a law enforcement agency with mandates to prevent, prosecute and protect. Partnership with Customs is essential for our work,” she said.

She noted that human trafficking continues to evolve, requiring close coordination among agencies operating at Nigeria’s multiple entry and exit points.

Speaking earlier, a former NIMASA Director of Public Relations, Lami Tumaka, said the visit was to seek Customs’ partnership for a one-day national policy dialogue on human trafficking by sea and stowaway incidents.

Tumaka described Customs as a “strategic player in border management and maritime enforcement,” adding that its involvement is critical to the success of the dialogue.

“Your officers are often the first line of defence against illicit movement of goods and persons. Your expertise and nationwide presence are indispensable,” she said.

October 31, 2025
‘NIPOST paystack portal to eliminate postal inefficiencies’

The Federal Government has launched the Nigeria Postal Service, NIPOST, paystack customs duty payment portal for parcels coming into the country from across the world.

The Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani launched the portal in his office in Abuja yesterday. He was represented by the Permanent Secretary of the Ministry, Dr Rafiu Adeladan.

The Minister said the digitalised payment portal would reduce human-to-human contacts, eliminate delays, and inefficiencies within the period of transactions based on global standards and best practices.

He said the launch represented a solution that is at the heart of Mr. President’s priorities for Nigeria’s digital economy, and Digital Public Infrastructure (DPI).

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He said: “For years, too many Nigerians importing small parcels or business goods have faced the same frustrations — hidden customs charges revealed only at pickup, long queues at post offices, and endless social-media complaints about inefficiency.

    “These are not just customer-service problems, they are barriers to trade, to e-commerce, and to the daily hustle of small businesses trying to compete in a global economy. When citizens lose time and money navigating inefficient systems, we all lose value as a nation.”

    He however expressed optimism that with the launch by NIPOST, the narratives would changed, as citizens would get value from NIPOST services, while the government would raise its revenue profile from the solutions.

    The Minister who praised NIPOST for the digital solution said NIPOST together with the private sector have “built an ecosystem that reduces friction, restores trust, and turns government into a platform for innovation. This is indeed a milestone to a digitally-enabled Nigeria.”

    The Postmaster General of the Federation, Engr Tola Odeyemi in her remarks said the solution would enable government track revenues coming from the sector in a transparent manner, stressing that NIPOST launched the product to eliminate perceived inefficiencies, delays and other bureaucratic bottlenecks within the ecosystem.

    Engr Odeyemi said:” Today, we are witnessing a new chapter in NIPOST’s transformation story; one that blends our legacy of public service with the power of technology, fintech, and innovation.

    “For decades, NIPOST has connected Nigerians through letters, parcels, and logistics. But in this new era of digital trade and e-commerce, connection means more than delivery, it means convenience, transparency, and trust. And that is exactly what this new collaboration represents.”

    She said with the new technology and partnership with Paystack, Messenger, and Sendbox, NIPOST was stepping boldly into a new era of public service excellence, fintech integration, and trade facilitation.

    “Together, we are creating a seamless system for international inbound items, one that simplifies customs payments, enables online transactions, and delivers parcels directly to your doorsteps. We are solving a long-standing customer pain point: one that has been voiced repeatedly: on social media, in post offices and through customer feedback”, Engr Odeyemi said.

October 31, 2025
Fed Govt seeks collective efforts on fish production roadmap

Ministry of Marine and Blue Economy is partnering with the National Institute for Policy and Strategic Studies (NIPSS) to accelerate national fish production and close Nigeria’s estimated 2.2 million metric ton supply gap through a coordinated policy that will produce a National Fish Production Acceleration Roadmap (NFPAR).

Speaking at the opening of a two-day Round Table Discussion on Accelerating National Fish Production in Lagos, Minister of Marine and Blue Economy, Adegboyega Oyetola, said the collaboration with NIPSS marked a critical step in implementing President Bola Tinubu’s Renewed Hope Agenda, which prioritises food security, job creation, and economic diversification.

“Current output meets only about 38.9 per cent of the 3.6 million metric tons of fish required annually; this leaves a deficit of over 2.2 million metric tons, forcing Nigeria to rely heavily on imports. This trend is unsustainable — economically, nutritionally, and environmentally,” Oyetola said.

He said the round table aims to produce a National Fish Production Acceleration Roadmap that will guide strategic investments and reforms in the fisheries and aquaculture subsector.

He noted that new policies and legal frameworks, including the Fisheries Bill and the National Fisheries and Aquaculture Policy, are being developed to strengthen sustainability and governance.

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He also highlighted digital reforms within the Ministry, including the automation of fisheries operations and the establishment of a Blue Data Bank in partnership with the World Bank’s PROBLUE Programme. He said initiatives such as the Green Money Project are already empowering youth and women to engage in aquaculture through input support and training.

In his address, Director-General of NIPSS, Prof Ayo Omotayo, reaffirmed the Institute’s commitment to supporting evidence-based policymaking that can help Nigeria achieve fish self-sufficiency. He said NIPSS would continue to work with the ministry to translate the outcomes of the round table into actionable strategies.

The two-day forum, which has experts, operators and other stakeholders in attendance, is expected to generate recommendations that will inform national policy and investment decisions aimed at boosting fish production, reducing imports, and promoting sustainable growth within Nigeria’s Blue Economy.

October 31, 2025
FHA, firm target 10,000 housing units by 2027

Federal Housing Authority (FHA) in partnership with BAM Projects and Properties Limited, yesterday pledged to deliver 10,000 housing units nationwide by 2027 in line with President Bola Tinubu’s affordable housing policy.

Managing Director, Federal Housing Authority Mortgage Bank, Dr. Hayatudeen Atiku Anwwal disclosed this when he inaugurated a new eco-friendly residential estate in Abuja.

He reiterated FHA’s commitment to bridging Nigeria’s housing deficit through sustainable and affordable home development.

Speaking at the commissioning ceremony, Managing Director, BAM Projects and Properties, Mansur Mohammed, described the estate as “a testament to trust, collaboration and vision,” stressing that the project demonstrated BAM’s capability to deliver quality housing within agreed timelines.

According to him the estate, developed in partnership with the FHA and FHA Mortgage Bank, showcases the private sector’s capacity to complement government efforts in providing affordable housing to Nigerians.

“This estate is not just about buildings; it’s about community, sustainability, and long-term impact,” he said.

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He explained that beyond the housing units, BAM also built a police station and provided sanitary facilities as part of its corporate social responsibility to ensure security and hygiene within the Lugbe district where the estate is located.

“We don’t just build properties, we build communities,” Mohammed added.

He further noted that BAM’s environmental consciousness was reflected in the estate’s greenery and eco-friendly design, adding that the firm is working on a 45-hectare mass housing project in Karasana and other upcoming commercial and recreational developments.

Reaffirming FHA’s commitment to deeper collaboration with private developers, Anwal set an ambitious target of 10,000 new housing units before 2027 nationwide, noting that the goal aligns with President Bola Tinubu’s drive for a $1 trillion economy.

“Nigeria has an estimated housing deficit of 18 million units, meaning the demand is there. With the right partnerships and funding, we can achieve this target,” he stated.

He highlighted new government-backed financing opportunities through the Ministry of Finance Incorporated (MOFI) and the National Housing Fund (NHF), allowing citizens to access housing loans of up to ₦100 million at single-digit interest rates for tenors of up to 20 years.

He commended BAM for delivering a high-quality project despite challenges during execution.

He recalled that the partnership between FHA and BAM began about seven years ago and had already yielded results, including over 200 completed homes in the Karasana Estate.

“The entire land here is three hectares. One and a half hectares were allocated to BAM for Phase 1, and another 1.5 hectares will form Phase 2. We are proud of what BAM has achieved,” he said.

Anwal explained that the estate’s design, consisting of spacious three-bedroom terrace duplexes, meets the highest engineering and environmental standards, with conduit stormwater drainage, electricity and water systems.

He lauded BAM’s handling of market relocation and land encumbrance issues without conflict, describing the firm as a “dependable partner” committed to community-friendly development.

October 31, 2025