This financing will cover Phase 1, Section 1 of the highway — a 47km stretch from Victoria Island to Eleko Village in Lagos — and marks Nigeria’s largest-ever syndicated loan for a road project, according to the Ministry of Finance.

The deal, coordinated by Deutsche Bank (serving as Global Coordinator, Lead Arranger, and Bookrunner), signals renewed investor confidence in Nigeria’s economy, following recent reforms aimed at creating a more transparent, bankable investment environment.

Speaking on the development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated:

“This transaction is a symbol of what’s possible when transparency, sustainability, and innovation come together. It shows that our reforms are working  and that global capital is responding.

A powerhouse of global lenders backed the deal, including:

• First Abu Dhabi Bank (Agent and Inter Creditor Agent)

• African Export-Import Bank (Afrexim)

• Abu Dhabi Exports Office (ADEX)

• ECOWAS Bank for Investment and Development (EBID)

• Nexent Bank N.V.

• Zenith Bank (operating through Nigeria, UK, and Paris branches)

To cushion risk, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk cover, ensuring stability for all parties involved.

“With sovereign risk insurance, we’re unlocking infrastructure that empowers economies and people,” said ICIEC CEO Dr. Khalid Khalafalla.

Construction of the highway is being handled by Hitech Construction Company Limited, under an EPC+F contract — meaning the firm not only builds but also secures part of the financing.
According to Hitech MD, Dany Abboud, over 70% of the first section is already completed, utilizing Continuously Reinforced Concrete Pavement (CRCP)  a durable material expected to last over 50 years.

The road, designed to global standards, underwent stringent environmental, legal, and technical assessments.

Minister of Works, David Umahi, described the project as more than a road — calling it “a game-changer for trade, logistics, and economic growth,” adding:

“This deal reflects confidence in our reform journey and opens doors for more strategic partnerships.”

Upon completion, the Lagos-Calabar Coastal Highway will unlock access to ports, reduce logistics costs, promote tourism, and catalyze regional trade. A modern tolling system is also in development to keep the project sustainable and attractive to future investors.

The Ministry concluded,

“This historic transaction proves that with the right reforms, Nigeria can deliver globally attractive, investment-ready projects — faster, and more efficiently.”

The post Global Confidence Returns: Deutsche Bank Leads $747M Boost for Lagos-Calabar Coastal Highway appeared first on Housing TV Africa.

The loan came from the International Development Association, a branch of the World Bank that gives credit to developing countries.

The Federal Ministry of Finance confirmed that it asked the World Bank to cancel $9.5 million tied to unmet goals and another $0.9 million left unused. Nigeria was expected to complete several tasks, but it fell short on many

One key failure was a $4 million audit of two major agencies   the Federal Inland Revenue Service and Nigeria Customs Service. The audit was poorly done and didn’t meet global standards. The country also failed to launch a National Budget Portal, which had a $1 million budget. No proof of progress was submitted.

Another project that failed was the Revenue Assurance and Billing System. This system was meant to track foreign income from government agencies and send the money directly to the national treasury. Only 27 out of 55 agencies set up the needed accounts. The process to move the funds automatically was not in place. Contract issues and delays from the Central Bank also slowed progress.

Because of these setbacks, the system won’t be ready until August 2025. But the loan program ends in June. So the country can’t use the money even if the project is finished later.

Despite the problems, the World Bank said Nigeria made some progress. The country improved its non-oil income, reaching 153% of its 2024 target. This growth came from exchange rate changes and better digital tax systems like TaxProMax. Nigeria also published more public finance data than expected.

But capital projects were slow. The government only used 50% of the funds for construction and infrastructure, far below the 65% goal. The World Bank rated the monitoring of the project as “moderately unsatisfactory.

So far, Nigeria has used $96.04 million of the $103 million loan. The remaining $10 million is lost. At today’s exchange rate, that’s about ₦15.77 billion. That money could have funded 40 primary health care centres, 300 boreholes, or 500 electricity transformers for underserved communities. A single health centre costs ₦120 million. A borehole is about ₦20 million, and a transformer is around ₦10 million.

While losing this money, Nigeria is also working on a new project. The government has pledged $50 million to the Nigeria Wholesale Impact Investment Fund. It aims to grow the fund to $100 million and support businesses in farming, technology, and public works.

At a recent meeting in Abuja, Finance Minister Wale Edun said the goal is to create jobs and grow the economy. The fund will also work with the African Development Bank to help young business owners. Edun promised that the money would be used with full transparency and clear results.

Still, many experts worry. Economist Joseph Momoh said the problem is that Nigeria reacts too late. He believes the country fails to meet simple requirements that would unlock more funds. “We knew what was expected,” he said. “If we had met the deadlines, this money could have changed lives.”

The lost $10 million shows how poor planning and late action can cost the country badly. If Nigeria wants progress, it must act sooner and follow through.

The post Nigeria Misses Out on $10 Million World Bank Loan Over Delays and Failed Reforms appeared first on Housing TV Africa.

Speaking during the formal inauguration of AMCON’s new board in Abuja on Wednesday, Edun highlighted the importance of aligning the corporation’s activities with Nigeria’s broader economic reform agenda. He emphasized that although AMCON was initially designed as a temporary financial stabilisation mechanism, its closure must be carefully planned to avoid systemic disruption.

Dr. Bala Mohammed Bello was appointed as Chairman of the new board, with other members including Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.

“This is more than a formal event—it marks a renewed commitment to enhancing financial sector stability, restoring investor confidence, and ensuring Nigeria’s economic resilience,” Edun stated.

He added that the corporation must go beyond recovering troubled assets, urging it to act as a model for transparency and effective resolution of non-performing loans—many of which continue to strain the banking sector and public accounts.

While praising AMCON’s role so far, the minister acknowledged that evolving economic conditions call for adaptive strategies. He outlined key priorities for the new leadership, including a strengthened asset recovery framework, intensified legal enforcement, restructuring of troubled obligations, and the strategic sale of distressed assets.

He also underscored the need for effective collaboration with institutions such as the Central Bank of Nigeria (CBN), the Judiciary, and the National Assembly, to ensure AMCON’s mandate is fully supported and executed.

In response, AMCON’s Managing Director/CEO, Mr. Gbenga Alade, expressed appreciation to the minister and pledged the board’s commitment to revamping recovery efforts. He assured that the renewed leadership would focus on delivering measurable progress in line with national objectives.

The post Edun Urges Strategic Exit Plan as New AMCON Board Takes Charge appeared first on Housing TV Africa.

This is now a long-term national policy, not a temporary fix. The goal is to support the country’s economic growth and reduce dependence on the dollar.

The announcement was posted on Wednesday morning by the Ministry of Finance via its official X (formerly Twitter) page. It responded to rising questions from the public about the future of the initiative. The Ministry stressed that the policy is a strategic move backed by the Federal Executive Council.

This policy is designed to build Nigeria’s economic strength. By using the Naira for petroleum transactions, it will lower demand for foreign currency, help local refineries grow, and boost the economy. The government also hopes it will bring more stability to fuel prices in the country.

To track progress and fix any issues, the Technical Sub-Committee met earlier this week. The meeting brought together top players from both the public and private sectors. Attendees included Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, and key figures from NNPC Limited, Dangote Refinery, the Central Bank, and several regulatory agencies.

The Ministry noted that while challenges are expected, all problems are being handled quickly through teamwork. The aim is to keep refining on track, protect Nigeria’s economy, and ensure local businesses benefit from the change.

The policy fits into a wider reform plan by the government. It encourages local production, protects foreign reserves, and creates a more reliable pricing system for fuel.

This strong backing from both government and private stakeholders shows confidence in the new system. It also highlights Nigeria’s shift towards economic strategies that focus on self-reliance and currency strength.

The post FG Locks In Naira-for-Oil Policy as Permanent Shift appeared first on Housing TV Africa.

Finance Minister Wale Edun made this clear at a recent forum in Abuja. According to him, the aim is to assess all possible outcomes and guide the country through any challenges that may arise.

Despite the tension, Nigeria might not feel the full weight of the tariff. The new U.S. policy excludes oil and mineral-related exports, which make up the bulk of Nigeria’s trade with America. Edun explained that Nigeria has long maintained a 27 percent tariff on U.S. imports. Over the last three years, trade has consistently favored Nigeria. In 2024 alone, exports hit N5.5 trillion, with oil and minerals making up 92 percent of that figure.

This detail changes the outlook. Unless there is a major drop in global oil prices, the new tariff may not significantly harm the economy. Still, the Finance Minister stressed the need to stay alert. A drop in oil prices could reduce national income. To stay ahead, the government is working to boost oil production and explore new revenue sources.

Agencies like the FIRS and Customs are being pushed to increase non-oil revenue. At the same time, the administration is looking into fresh ways to fund key projects without piling on more debt.

The forum also raised deep concerns about Nigeria’s State-Owned Enterprises. These organizations play major roles in energy, telecom, and infrastructure. Yet, many are underperforming. Edun said inefficiency, waste, and poor oversight have drained value from these vital assets. The issue, he said, is not whether SOEs should exist, but how they can be restructured to succeed.

Corporate governance, he emphasized, is the key. A lack of it has led to lost funds, weak performance, and fading public trust. The government, through the Ministry of Finance Incorporated (MOFI), is taking steps to fix that. MOFI, originally founded in 1959 and recently restructured, now acts as an asset manager for government investments.

One of its new tools is the Corporate Governance Scorecard. This initiative will track and improve the performance of public enterprises. Global partners like the World Bank are also supporting these efforts to bring transparency and accountability to the system.

Power Minister Adebayo Adelabu added more insight. He revealed that government-owned power plants, despite a total capacity of 4,000 megawatts, often generate only 500 to 800 megawatts. Compared to private-sector plants like Azura and Transcorp, the gap in performance is alarming. Adelabu insisted that poor management and weak governance are the main reasons for this failure.

Meanwhile, MOFI’s CEO, Dr. Amstrong Ume Takang, announced a major audit of national assets. The review will determine the current state of each holding. Based on this, the government will decide what to keep, reform, or sell. This move is meant to align public assets with the country’s development goals.

As global policies shift and new economic challenges emerge, Nigeria is working to stay ahead. The mix of trade pressure, oil dependency, and structural inefficiencies makes this a critical time. Policymakers are not waiting for a crisis. They’re choosing foresight, reform, and strategy.

The message from Abuja is clear: Nigeria is ready to adapt.

The post Trump’s Tariff Twist Puts Nigeria’s Economic Planners on High Alert appeared first on Housing TV Africa.

He noted that stronger governance frameworks would unlock the hidden potential in public assets, especially land, buildings, and housing infrastructure.

This was disclosed during the inaugural Corporate Governance Forum, organized by the Ministry of Finance Incorporated (MOFI), commenced on April 7, 2025, at the Transcorp Hilton in Abuja.

The two-day event, themed “Ensuring Value Creation in State-Owned Enterprises (SOEs) through Better Corporate Governance,” marked a bold step toward improving Nigeria’s public sector efficiency and advancing the nation’s $1 trillion economy target.

In his opening address, Dr. Shamsuddeen Usman, Chairman of MOFI’s Board of Directors, emphasized that effective corporate governance is a key catalyst for economic transformation. He stressed the need for transparency and accountability in managing public enterprises, many of which hold significant real estate and infrastructure portfolios that are currently underutilized.

Delivering a goodwill message, Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance, reiterated that improved governance structures are central to ensuring that SOEs, including those in the housing and real estate sectors, deliver tangible value to citizens.

Dr. Ndiame Diop, the World Bank Country Director for Nigeria, stressed that good governance is indispensable for sustainable development. He called for a renewed focus on performance metrics, particularly in sectors like housing and construction, which are vital for inclusive economic growth.

In his keynote address, titled “Making SOEs Engines of Development Through Better Corporate Governance: An International Perspective,” Dr. Ishmael Yamson, Chairperson of Ishmael Yamson & Associates, explored global best practices and highlighted how better governance can transform real estate-heavy SOEs into profitable and impactful contributors to national development.

The event also spotlighted MOFI’s strategic shift from a passive custodian of government assets to an active asset manager. This transition is expected to stimulate the housing and real estate market by revitalizing underperforming assets and encouraging private-sector collaboration for infrastructure development.

With many SOEs sitting on valuable land and property across the country, the forum underscored the importance of proper asset management in driving both economic growth and real estate development.

As MOFI charts this new course, stakeholders across finance, governance, and real estate are hopeful that this initiative will unlock long-dormant value and spur nationwide investment.

Ubong Usoro

The post MOFI Pushes Governance Reforms to Unlock Real Estate and Infrastructure Value appeared first on Housing TV Africa.

The two-day event, held at the prestigious Transcorp Hilton in Abuja, carries the theme Ensuring Value Creation in State-Owned Enterprises (SOEs) through Better Corporate Governance. It represents a significant step toward improving Nigeria’s public sector performance. Moreover, it supports the country’s ambitious goal of achieving a $1 trillion economy.

In his opening address, Dr. Shamsuddeen Usman, Chairman of the Board of Directors of MOFI, emphasized the importance of effective corporate governance. According to him, it is a key driver of economic growth. He also highlighted that good governance ensures accountability and transparency.

Additionally, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the government’s commitment. He stated that President Tinubu’s administration is focused on addressing inefficiencies in the public sector. These inefficiencies, he noted, continue to challenge economic advancement.

Dr. Doris Uzoka-Anite, the Honourable Minister of State for Finance, conveyed a goodwill message. She reaffirmed the government’s commitment to strengthening corporate governance frameworks within SOEs. This, she noted, is essential for achieving optimal performance.

Dr. Ndiame Diop, the World Bank’s Country Director for Nigeria, also addressed participants. He stressed that improved governance is a critical element of sustainable development.

In his keynote address titled “Making SOEs Engines of Development Through Better Corporate Governance: An International Perspective,” Dr. Ishmael Yamson, Chairperson of the Board at Ishmael Yamson & Associates, explored global trends. He discussed how improved governance leads to enhanced performance in state-owned enterprises.

Indeed, Nigeria’s journey towards a $1 trillion economy is filled with challenges. However, initiatives like the MOFI Corporate Governance Forum show a strong commitment to reform. The event offered a platform for stakeholders to share strategies for better governance, improved performance, and the transformation of SOEs into engines of economic development.

As MOFI transitions from a passive asset custodian to an active asset manager, its new role is clear. The Ministry is positioning itself as a strategic enabler of economic growth. Ultimately, it aims to make Nigeria’s public enterprises key players in building a prosperous future.

Ubong Usoro

The post From Inefficiency to Impact: MOFI Charts a New Course for State-owned Enterprises appeared first on Housing TV Africa.

This marks another milestone in the country’s ongoing efforts to bridge the housing deficit and make homeownership accessible to more Nigerians.

The journey to this funding boost began in December 2024, when MOFI announced that the N150 billion MREIF Series 1 bond was fully subscribed. Building on that success, a second offering in February 2025, targeting private investors, has also been fully subscribed. This brings the total funds raised under MREIF to an impressive N250 billion. The strong investor participation reflects a growing commitment from the private sector to support real estate development.

MOFI, in a statement, emphasized the high level of private sector participation in the N100 billion issuance. It noted that the fund attracted a diverse group of institutional investors. The overwhelming demand for the Series 2 offering signals strong investor confidence in the fund’s structure and long-term potential. Unlike previous housing initiatives, MREIF is structured to deliver competitive returns while ensuring affordable homeownership through long-term, low-cost mortgage financing.

Government Endorsement and Future Impact

Minister of Finance, Wale Edun, hailed the success of the Series 2 tranche, calling it the beginning of a long-overdue transformation in the housing sector. He stated that the full subscription of the Series 2 offering demonstrates the private sector’s trust in MREIF as a viable and sustainable investment vehicle. He further emphasized that the initiative is addressing one of the biggest challenges in the country—access to affordable housing finance.

Managing Director of MOFI, Armstrong Takang, reinforced the fund’s significance. He explained that MREIF is uniquely structured to tackle both supply and demand issues in the housing market. The financing structure provides affordable mortgage options with up to 20-year repayment tenors at interest rates as low as 12 percent. This is far below typical commercial rates, making homeownership more accessible for Nigerians.

Takang also noted that the MREIF’s N1 trillion multi-tranche programme is just getting started. Future rounds will focus on expanding investor participation and accelerating housing development. The initiative will also integrate seamlessly with commercial banks, mortgage providers, developers, and financial institutions.

A New Era for Nigeria’s Housing Sector

With the success of this latest offering, MREIF is laying the foundation for a new era in Nigeria’s real estate sector. If these investments continue to gain traction, the dream of widespread affordable homeownership in Nigeria may soon become a reality. The strong investor confidence and the government’s commitment to long-term housing solutions signal a brighter future for millions of Nigerians seeking secure and affordable housing.

The post Breaking Barriers: Nigeria Secures N100bn to Transform Housing Sector appeared first on Housing TV Africa.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stated that the country’s economy is on the rise with great investment opportunities.

He stated this Thursday in Abuja when he received a high-level delegation from First Abu Dhabi Bank, led by the Group Head of Investment Banking, Martin Tricaud, to discuss investment opportunities and strategic partnerships.

Edun highlighted Nigeria’s economic transformation over the past 18 months, citing key reforms such as market-driven pricing for foreign exchange and petroleum, increased trade through the African Continental Free Trade Agreement (AfCFTA), and stronger revenue from both oil and non-oil sectors.

These measures, he noted, had stabilised the economy, improved gross domestic product (GDP) growth and strengthened the trade balance.

“The progress we have made in stabilising the economy and driving growth is a testament to our administration’s commitment to economic reform.

“We are eager to showcase these opportunities to investors and partners, like First Abu Dhabi Bank,” he said, while explaining efforts to boost food production, affordability and censuring long-term economic resilience.

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