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Nigeria to Benefit from US$500 million Development Plan
Nigeria to Benefit from US$500 million Development Plan
By: Michael Mike
Nigeria is one of the country to benefit from a Memorandum of Understanding (MoU) signed for the co-financing of up to US$500 million of debt transactions to facilitate long-term sustainable development across developing economies and low-income countries in Africa, Asia, and the Caribbean.
The MoU was signed between British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor with Amsterdam-based ILX Management (ILX), an SDG and Climate-Focused Emerging Market Private Debt Fund.
According to a statement jointly signed by Clare Murray of British International Investment and Simone Boes of ILX Management, BII and ILX will invest across a broad range of sectors including renewable energy, infrastructure, financial services, manufacturing and agribusiness to increase the flow of capital into impactful businesses and projects.
The statement added that this new partnership will enable both parties to leverage each other’s expertise and provide additional financial firepower across Africa, Asia and the Caribbean. ILX and BII will share information on prospective projects, emerging technologies, and financial innovation. They will also establish a roadmap to mobilise private sector capital, specifically focusing on providing institutional investors with greater access to high-impact private debt investment opportunities in scalable businesses driving productive, sustainable and inclusive growth.
CEO, BII, Nick O’Donohoe said: “This partnership has been driven by our shared view of the need to invest to meet the SDGs. It furthers our ambition to create new job opportunities in developing economies and will provide private credit to help bridge the finance gap faced by many businesses. This asset class remains nascent, comprising of just 3 per cent of private credit globally, and is the natural next step for allocators of global private credit.”
CEO, ILX Management B.V., Manfred Schepers, said “ILX has already received over US$1 billion in commitments from leading Dutch pension funds and is currently raising a successor fund for a targeted US$ 2 billion commitments from European pension funds. Working with BII, together we will increase financial capacity for project finance, financial services debt and private sector debt across Africa, Asia and the Caribbean. We have a strong track record of investing alongside the leading Multilateral Development Banks and other Development Finance Institutions in climate, and SDG-targeted projects across emerging economies globally and look forward to the opportunities this partnership will bring.”
UK Minister for Development and Africa, Andrew Mitchell, on his part said “This MoU with ILX is an example of British International Investment’s pioneering approach to mobilising the private finance needed to deliver the UN Sustainable Development Goals. I am proud that FCDO provided early-stage funding to ILX, which went on to secure over US$1 billion in commitments to its first investment fund.
This new partnership will mobilise up to US$500m of additional finance for low-income countries across Africa, Asia, and the Caribbean, improving access to renewable energy and quality infrastructure and helping businesses to thrive.”
Nigeria to Benefit from US$500 million Development Plan
News
NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development
NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development
By: Michael Mike
The Nigerian Institute of Social and Economic Research (NISER), in partnership with the Nigerians in Diaspora Commission (NiDCOM), has called for a more robust and coordinated diaspora policy framework to enhance Nigeria’s development prospects.
This call was made on Tuesday during a high-level validation workshop convened to review findings from a comprehensive diaspora study spanning six continents. The initiative aims to strengthen engagement with Nigerians abroad and maximize their contributions to the country’s economic and social growth.
In her opening remarks, NISER Director-General, Antonia Taiye Simbine, described the Nigerian diaspora as a critical national asset, noting that annual remittances exceed $20 billion—one of the highest in Africa.
She emphasized that beyond financial contributions, diaspora Nigerians bring valuable expertise, innovation, and international networks that can significantly enhance national competitiveness.
Despite these advantages, Simbine pointed to persistent challenges hindering effective engagement, including inconsistent policies, weak institutional coordination, regulatory constraints, and trust gaps between stakeholders.
She stressed that the validation workshop provides an opportunity to refine the study’s recommendations, ensuring they are practical, inclusive, and capable of driving meaningful impact.
Also speaking, NiDCOM Chairman/CEO, Abike Dabiri-Erewa, urged a strategic shift in how diaspora remittances are utilized. According to her, Nigeria must transition “from remittances for consumption to remittances for investment.”
Dabiri-Erewa highlighted the global competitiveness of Nigerians abroad, noting their contributions across key sectors such as healthcare, technology, and governance. She explained that the study’s findings would help shape a structured roadmap for diaspora engagement, anchored on improved policy coordination, investment-friendly systems, and technology transfer.
She further underscored the need for data-driven policymaking, adding that Nigeria must intentionally transform the challenge of “brain drain” into opportunities for “brain gain” and “brain circulation.”
Contributing to the discussion, representatives of the Nigerian Medical Association (NMA) emphasized the growing role of diaspora professionals in strengthening Nigeria’s healthcare system. Speaking on behalf of the association’s president, Dr. Bala Muhammad Audu, Dr. Idris Liman noted that innovations such as locally available in vitro fertilisation (IVF) services—once largely accessed abroad—demonstrate the impact of knowledge transfer from Nigerian experts overseas.
He reaffirmed the association’s commitment to fostering collaboration with diaspora medical professionals to improve healthcare delivery and reduce the need for medical tourism.
Participants at the workshop collectively stressed that sustained and well-coordinated diaspora engagement could be transformative for Nigeria’s development. The validation process is expected to yield refined, evidence-based policy recommendations to guide government efforts in integrating diaspora contributions into national planning.
NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development
News
UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries
UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries
By: Michael Mike
The UK-Nigeria Tech Hub has unveiled a new Creative Fund aimed at boosting local production capacity across Nigeria’s film, fashion, and music industries.
The initiative, backed by the UK Government, is designed to address critical gaps in technical skills, infrastructure, and access to modern production tools within Nigeria’s creative sector.
The fund aligns with the goals of the UK-Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group, launched in 2025, and follows commitments made during Bola Ahmed Tinubu’s state visit to the United Kingdom in March 2026.
Speaking on the launch, Director of the Tech Hub, Oyinkansola Akintola-Bello, said the initiative represents a shift from policy discussions to practical action.
She noted that while Nigeria’s creative industry already contributes significantly to the economy, more support is needed to enable creatives to produce high-quality work locally rather than outsourcing key technical processes abroad.
Funded under the UK’s Digital Access Programme and implemented by Tech4Dev, the Creative Fund draws on findings from a 2024 study of Nigeria’s creative ecosystem. The research revealed that the sector employs about 4.2 million people and contributes roughly $3 billion annually to the country’s GDP, despite facing structural challenges.
These challenges include limited access to formal financing, heavy reliance on self-taught skills, and the outsourcing of high-value technical work outside Nigeria.
The fund will support projects across film, fashion, and music, particularly those with strong potential for scalability, job creation, and local impact. It will also help cover technical gaps by funding access to specialists such as visual effects artists, sound engineers, and post-production experts, as well as digital tools like content delivery systems and AI-powered production technologies.
Country Manager for Nigeria and Sub-Saharan Africa at Tech4Dev, Abraham Akpan,, emphasized that the initiative prioritizes inclusion by supporting women-led and youth-driven ventures, as well as underrepresented groups in the creative economy.
He added that the fund is intended to ensure Nigeria’s creative growth is backed by sustainable local talent and infrastructure.
Applications for the Creative Fund are currently open and will be reviewed on a rolling basis. Eligible applicants include creative companies, studios, production houses, fashion enterprises, and music labels with clearly defined technical needs and a commitment to co-investment.
The initiative is expected to strengthen Nigeria’s creative value chain and position the country as a hub for high-quality, locally produced creative content.
UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries
News
NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations
NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations
By: Michael Mike
The National Environmental Standards and Regulations Enforcement Agency (NESREA), alongside members of the press, carried out an enforcement exercise in Abuja, sealing 30 facilities over non-compliance with Environmental Impact Assessment (EIA) requirements in the construction sector.
In a speech delivered at the briefing, the Director of Environmental Quality Control, Elijah Udofia, said the affected facilities were found to have violated environmental regulations guiding construction activities, prompting decisive action by the agency.
“These violations were identified through NESREA’s routine inspections and compliance monitoring activities. In addition, these facilities also demonstrated unwillingness to fully comply with regulatory requirements relating to environmental documentation and responsiveness to compliance engagements. Where regulatory communication is clear, time-bound, and evidence-based, failure to respond constitutes a serious breach of compliance obligations and poses risks to both the environment and public health,” he said.
Udofia explained that the construction sector, while vital to national development, poses serious environmental risks when safeguards are ignored, including improper waste management, building on floodplains, uncontrolled emissions, and unsafe handling of materials.
He stressed that NESREA’s actions were in line with its mandate to enforce environmental laws and ensure public safety.
“Environmental compliance is not a choice. The regulations are designed to prevent harm before it occurs and to ensure that construction activities are managed responsibly from the start,” he stated.
He added that the agency moved from engagement to enforcement after the facilities failed to meet compliance requirements or respond adequately to regulatory concerns.
The director outlined the measures taken by NESREA, noting that the enforcement actions were aimed at stopping or curtailing environmentally harmful activities, compelling compliance through regulatory interventions, and ensuring that corrective measures are implemented within stipulated timelines.
“These enforcement steps are consistent with the agency’s powers under the NESREA Act and the National Environmental (Construction Sector) Regulations 2011,” he added.
Sending a strong warning to developers and contractors, Udofia emphasized that environmental documentation is mandatory and must be submitted as required by law. He also urged operators to respond promptly to compliance notices and implement proper environmental safeguards on-site.
“Dust control, waste management, erosion prevention, and safe site practices must be integrated into project execution—not added after problems arise. Compliance is part of project success,” he said.
NESREA also reassured the public that its enforcement actions are based on evidence and due process, not sentiment.
“We will continue to enforce the law fairly and consistently across the country,” Udofia noted.
He further called for cooperation from stakeholders to improve environmental performance across the construction sector.
“While we enforce compliance, we also call on stakeholders to cooperate with NESREA. Communities deserve clean and safe environments, and developers deserve predictable regulatory processes,” he said.
The agency concluded that the enforcement action should serve as a clear warning, reaffirming its commitment to strict enforcement of environmental regulations, especially where violations pose risks to public health and the environment.
NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations
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