General
World Bank Disburses N35.3bn to 36 States for NG-CARES
By Adedapo Adesanya
The World Bank said it has disbursed the sum of N35.3 billion to all the 36 states of the federation and the FCT as an advance payment for the implementation of the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES).
This disclosure was made by the Lead Specialist, World Bank Country Office, Abuja, Mr Foluso Okunmadewa at the 1st Implementation Support Mission for NG-CARES on Tuesday in Ikeja, Lagos.
He said that the programme was organised for the World Bank, the federal government and state delegates who would be participating in the implementation of the programme with Lagos as the host state.
Mr Okunmadewa, also the Task Team Leader, NG-CARES, World Bank, Abuja, said that all the 36 states were running the programme and had become effective in every state.
He added that the World Bank’s teams were in Lagos, Enugu, Yola, Birnin-Kebbi, adding that all the 36 states are participating in the implementation mission this week.
He added that the team had started going round all the 36 states for this particular mission to help them as they start the implementation process.
NG-CARES is a $750 million intervention programme that started running in 2021 and would end in 2023.
It is a collaboration between the World Bank, the Federal Government and the 36 state governments.
According to him, the total allocation to each state of the federation is the equivalent of $20 million but it is result-based financing, so the money is not given to the state upfront.
“But because most states do not have enough resources to start the intervention, advance money was given to the states.
“Advance were given to the states at a different amount ranging from $500 million to $1.3 billion in some cases.
“A total of N35.3 billion has been disbursed as of yesterday (Monday) to all the 36 states of the federation and the FCT as advance.
“It is hoped that by the next six months when the World Bank must have verified the results from the states, the second disbursement will take place and the advance will be recovered.
“Lagos state is among the best, It got N900 million,” he said.
Mr Okunmadewa said that NG-CARES was set up to alleviate the impacts of COVID-19 on livelihood, welfare, food supply system, the informal sector and the local economy.
He noted that due to the pandemic, many people became poor while others became poorer.
“It’s true that when COVID-19 pandemic was rampant, people recognised its immediate impact on their lives and also recognised that it was affecting livelihood.
“Even now that the effects on lives, sickness and all other things may have subsided, the impacts it had to have on livelihood, on the level of welfare of people, on food and supply system, impact on the informal sector, local economy, are still there.
“Those impacts need to be alleviated in a way.
“People who were poor before COVID-19 became poorer, people who were not poor before the pandemic became poor. Now there is no doubt that they needed to be supported,” he noted.
The team leader said that the World Bank had adopted a performance-based-financing approach that would ensure that the support gets to the average Nigerians who are really in need of the intervention.
He noted that unless and until the government itself works with the people that really need this assistance and provides them with the assistance upfront; the outcome and the output are verified, the refinancing from the World Bank would not come.
“The finances follow the results, it does not follow the activities, it does not follow training and capacity building.
“It actually follows the number of farmers that have been assisted, the number of poor households that have been given social transfers, the number of local enterprises, micro and small scales that have been facilitated and recovered.
“Based on that, the government is now giving the resources, it is result-based financing and on that bases, the monitoring is implicit and I must say that all the 36 state governments of Nigeria, including the FCT, have bought into this approach.
He said that it was left for the states to actually decide the beneficiaries of the intervention, adding that it is not decided by the World Bank or any federal institutions.
“Each state looks at the poor amongst their people, the people who actually need the assistance and they are the ones they give it to.
“There is no way to circumvent it more so that independent verification agents are then going to go out, third party monitoring is going to talk to the beneficiaries who received it.
“The state government knows that if they give it out to those that do not need it, and verification and monitoring agents say so, the state will not receive the resources for it,” he said.
On the part of the host state, the Lagos State Commissioner for Budget and Physical Planning, Mr Sam Egube, said that the state was participating in all interventions that suit it and that would alleviate the impact of the COVID-19 pandemic on its citizenry.
He noted that the total budget is about 20 million dollars per state and the FCT and a total of 750 million dollars nationwide.
He said the introduction of the NG-CARES by the Federal Government and an initiative that had been supported by the World Bank to mitigate the effect of the COVID-19 pandemic was a welcome development.
He added that the state government had put in place the necessary machinery that would ensure smooth implementation of the intervention in accordance with the dictate of the operational manual.
“As a demonstration of our commitment, Mr Governor has approved the deployment of existing platforms and MDAs with good track records to deliver on the programmes’ result areas and the disbursement link indicators.
“They are: the Ministry of Women Affairs and Poverty Alleviation, the Ministry of Wealth Creation, Office of the Sustainable Development Goals and they are to handle cash transfer, basic services and livelihood supports.
“FADAMA project in the Ministry of Agriculture will work on food security and safe functioning of food supply chain while the Lagos State Employment Trust Fund will be facilitating, recovering and enhancing the capabilities of MSMEs.
Mr Egube said that the Lagos State Government had received N900 million as an advance payment for the implementation of NG-CARES as of March 7.
“Lagos will be intervening in the agricultural programme, training people in farming skills and in the management of farm business, cash transfers that will be happening and several interventions that are humanitarian in nature that will be happening.”
Also, the State Commissioner for Finance, Mr Rabiu Olowo, said that Lagos was ready for the implementation of the NG-CARES.
Mr Olowo noted that the implementation of the project was solely the responsibility of the Ministry of Budget and Economic Planning.
He added that the Ministry of Finance would facilitate the disbursements of funds for the smooth implementation of the project.
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has announced that the United States Coast Guard (USCG) has lifted the Condition of Entry (CoE) imposed on vessels arriving in the US from Nigeria.
The development brings to an end a 12-year regime of enhanced security requirements on vessels calling at Nigerian ports before entering the United States and marks a significant milestone in the federal government’s efforts to strengthen maritime security, improve port competitiveness and enhance Nigeria’s standing in the global maritime industry.
The Condition of Entry, which took effect on June 25, 2014, required vessels destined for the US that had called at designated Nigerian ports within their previous five port calls to undergo additional security measures and enhanced scrutiny before gaining access to US waters.
Announcing the development, Mr Oyetola said the lifting of the restriction was a strong affirmation of the progress made by Nigeria in strengthening its maritime security architecture and implementing the International Ship and Port Facility Security (ISPS) Code across the country’s ports and maritime facilities.
He attributed the achievement to sustained efforts by the Federal Ministry of Marine and Blue Economy, through the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with relevant government agencies, port operators, terminal and facility operators, shipping companies and other stakeholders.
According to the Minister, the coordinated efforts were aimed at strengthening Nigeria’s maritime security framework, addressing identified gaps and demonstrating sustained compliance with internationally accepted maritime security standards.
Over the past two years, the United States Coast Guard conducted four comprehensive assessments of Nigeria’s national maritime security framework and port facilities. The assessments were carried out from March 11–13, 2024; April 15–19, 2024; March 15–21, 2025; and April 13–17, 2026. The results of the assessments demonstrated significant progress in Nigeria’s maritime security performance and implementation of the ISPS Code, ultimately leading to the lifting of the Condition of Entry.
Mr Oyetola described the development as a significant achievement for Nigeria’s maritime sector, noting that it reflects the impact of sustained regulatory oversight, institutional collaboration and NIMASA’s commitment to strengthening maritime security.
“The lifting of the Conditions of Entry is a major milestone for Nigeria’s maritime sector. It is a strong affirmation of the progress we have made in strengthening maritime security and implementing the ISPS Code across our ports and facilities,” the Minister said.
“We are committed to sustaining this momentum and ensuring that Nigeria remains a safe, secure and competitive destination for international shipping,” he added.
The Minister also commended the Director-General of NIMASA, Mr Dayo Mobereola, and his team for their contribution to the achievement, describing the lifting of the restriction as evidence of the positive impact of effective regulation, stakeholder collaboration and sustained investment in maritime security.
Mr Oyetola noted that the significance of the development extends beyond maritime security, with the potential to improve the competitiveness and efficiency of Nigerian ports and strengthen Nigeria’s position within the global maritime economy.
The lifting of the CoE is expected to facilitate faster vessel turnaround and improve schedule reliability, while reducing costs associated with additional documentation, inspections, security measures and entry-related delays.
It is also expected to make Nigerian ports more attractive to international shipping lines, encourage increased shipping activity and contribute to greater trade, investment, employment opportunities and port revenues.
A mobile app can look simple from the outside. Behind the screen sit payments, data, customer acquisition and costly infrastructure. Investors increasingly care about what happens after someone downloads an app. The stronger question is whether users return, transact and generate predictable revenue.
Real-time platforms make that question especially interesting. Payments, trading, entertainment and badminton live betting online all depend on fresh information. Users expect updates without noticeable delays. For investors, the visible product is only the front door.
Transaction Volume Says More Than Download Numbers
Downloads make an easy headline. They reveal much less about the economics behind a digital business.
An app can collect millions of installs and still struggle to turn attention into revenue. Active users and transaction frequency provide a clearer picture. Payment activity tells investors even more because it records an action, rather than a simple app visit.
The scale involved is already huge. NIBSS reported in July 2026 that electronic payments reached N1.07 quadrillion over the preceding year. The figure shows just how much commercial activity now depends on digital payment infrastructure.
Instant payments have expanded sharply too. NIP transaction volumes rose from five billion in 2022 to 11 billion in 2024. That represents 120 percent growth in two years.
There is a business behind every successful transaction. Banks earn fees, processors move funds and technology companies provide software. Data centres, cybersecurity services and networks support the same chain.
Digital payments therefore reach far beyond fintech. They form infrastructure for a much larger mobile economy.
Investors Are Looking Beneath the Interface
Fast user growth can attract attention. Yet downloads alone say little about whether a platform has a durable business model.
Three measurements reveal far more:
- Active users show whether an audience keeps returning after acquisition.
- Transaction frequency shows how deeply a product fits into everyday behaviour.
- Revenue per user separates popular platforms from commercially productive ones.
None tells the whole story alone. High transaction frequency becomes less attractive when customer acquisition costs swallow the resulting revenue.
Retention can expose the same weakness. A company may spend heavily on promotions and quickly attract a large audience. Those users can disappear just as quickly when incentives stop.
Strong mobile models give people a reason to return naturally. Banking apps have balances and transfers. Trading platforms have changing prices. Entertainment services have new content and events.
Live information creates another reason to open an app repeatedly. Each return gives the business another opportunity to process transactions or sell additional services.
Infrastructure then starts affecting valuation. Fast response times and stable service may sound like technical details. For customers, they determine whether an app works when it matters.
Mobile Money Creates New Value Inside Established Businesses
Telecommunications offers a clear example. Mobile money operations can become valuable business units rather than simple additions to network services.
In April 2026, MTN Nigeria announced a restructuring involving MoMo Payment Service Bank and Y’ello Digital Financial Services. Its parent group would acquire 60 percent interests in the businesses. The transaction valued the fintech companies at N95.5 billion.
MoMo PSB provides deposits, transfers, payments and digital wallets through mobile channels. Y’ello Digital provides agency banking services through the wider ecosystem.
A customer can therefore become more than a phone subscriber. The commercial relationship can extend into payments and other financial activity.
That logic appears across digital businesses. Companies want customers to complete more useful actions without leaving their ecosystem.
The attraction is straightforward. An existing customer can cost less to serve with another product than a completely new customer costs to acquire.
Bigger ecosystems still bring bigger technical demands. More transactions require stronger processing, fraud controls and customer support.
Real-Time Platforms Put Infrastructure Under Pressure
Some mobile businesses face an extra challenge. Their products change by the second.
Sports platforms are a good example. Fixtures, scores and live events can create sudden traffic spikes instead of smooth daily demand.
A betting app combines mobile access with live sports information and event markets. Major fixtures can bring large numbers of users into the platform within minutes.
That makes capacity important. A platform must handle demand at its busiest moment, not just during an average hour.
Payments add another layer. Users expect deposits and account actions to work without a long chain of separate steps.
The same problem appears outside sports. Trading apps face traffic spikes around market events. Payment services see peaks around shopping periods and salary dates.
For investors, monthly user totals tell only part of the story. Reliability during peak demand can protect revenue that might otherwise disappear within minutes.
Backend infrastructure deserves attention alongside consumer growth.
Payment Infrastructure Has Become Part of the Investment Story
The network underneath mobile payments is changing as well.
NIBSS introduced its National Payment Stack in 2025. The infrastructure supports instant transactions, real-time settlement information and cross-border compatibility. It also includes open-banking integration and risk-scoring functions.
The system builds on NIBSS Instant Payments, launched in 2011. NIP now handles billions of transactions each year.
Speed matters because mobile businesses increasingly depend on immediate actions. A delayed payment can interrupt a purchase or account transaction at the exact moment a customer wants it completed.
Infrastructure investment therefore sits underneath consumer-facing digital growth. More mobile activity needs processing capacity, connectivity, identity systems and security.
Business Post has documented how companies are connecting these layers. In May 2026, Redtech partnered with MoMo PSB and UBA on a cardless payment integration. Customers can use MoMo wallets at participating merchant locations through RedPay infrastructure. Business Post’s report on the payment partnership
Such integrations reduce barriers between banks, telecom operators and fintech businesses. They can also make each participating network more useful.
For investors, interoperability can matter almost as much as scale. A closed platform must build more functions itself. Connected businesses can reach customers and services through partners.
Capital Is Following Digital Businesses
Funding activity offers another clue about how investors value digital companies.
The Investment in Digital and Creative Enterprises programme launched with $617.7 million in funding. Its Startup Bridge added two funding paths in March 2026.
Idea-stage founders can receive grants of up to N10 million. Qualifying startups with launched minimum viable products can receive $100,000 in equity investment.
The amounts are small beside large corporate transactions. The structure is more interesting than the headline numbers.
Capital can reach businesses before they become established companies. Early funding supports product development. Later investment can finance infrastructure, customer acquisition and expansion.
The difficult part starts after the money arrives.
Digital businesses still need to prove that growth produces durable economics. High user totals mean little when retention collapses. Heavy transaction activity also loses appeal when processing and promotional costs consume revenue.
Investors therefore have good reason to look beyond the app itself.
The Numbers Behind the Screen Matter Most
Mobile-first businesses may be easier to launch than traditional companies, but scale remains expensive. Every additional user creates demands somewhere in the system.
Payments need processing. Accounts need security. Real-time products need reliable data. Large audiences need infrastructure capable of surviving their busiest moments.
The investment case rests on more than popularity. Repeat usage, transaction activity, infrastructure quality and revenue efficiency reveal much more about a platform.
Electronic payment volumes already show the size of the opportunity. The harder question is which companies can build profitable services on top of that infrastructure.
Some platforms will collect millions of downloads and little staying power. Others will quietly turn repeated mobile activity into dependable revenue.
For investors, that difference is where the real story begins.
By Adedapo Adesanya
Terra Industries, a Nigerian defence technology startup, has raised an additional $18 million, extending its seed round for the second time this year and bringing the total funding it has raised to $51.75 million.
The latest extension follows two funding announcements earlier in 2026. In January, Terra Industries announced an $11.75 million round before raising a further $22 million in February.
Existing investors 8VC and Nova Global participated in both rounds, signalling continued confidence in the company’s strategy and growth prospects.
The latest $18 million extension includes participation from existing investors 8VC, Nova Global, Silent Ventures, Belief Capital, and SV Angel. It also brings two new investors into the company: Norleo Space Investments and angel investor, Mr Grant Gordon.
The company is expected to use all the new funding to scale its manufacturing capacity in Africa and build out its presence abroad.
Part of the expansion plans is to open its first European office in London, the United Kingdom.
In April, Terra also announced its first manufacturing facility outside of Nigeria, a 34,000-square-foot factory in Ghana called Pax-2, which will be Africa’s largest drone factory and where the startup expects to produce 50,000 autonomous systems annually once it’s fully operational in 2028.
Since it was founded in 2024 by Mr Nathan Nwachuku and Mr Maxwell Maduka, who were just 21 and 23, respectively, at the time, Terra has moved fast to roll out a wide range of autonomous systems on their way to building stronger Africa defense systems. So far, some of these techs include Archer: a VTOL drone with a 1,000km range, 13 hours of endurance, a 9-pound payload capacity, and a 26-foot wingspan, as well as Kallon, a solar-powered sentry tower with AI-enabled edge processing and a whole bunch of sensors to detect and track threats several kilometres away.
Others include Iroko, a small quadcopter drone for ISR or one-way attacks; and Kama, a new interceptor drone with a top speed of 300km/h among others.
Valued at over $100 million, Terra also aims to strengthen local sourcing of raw materials, reduce dependence on imports, and enhance domestic industrial capacity and strategic autonomy for Africa.
