Economy
FG Reveals 10-Point Roadmap To Save Economy
**To Return Toll Gates
By Modupe Gbadeyanka
Federal Government has revealed steps it hopes to take to salvage the country’s economy, which has been battling with recession for months.
Minister of Finance, Mrs Kemi Adeosun, who spoke at an event in Lagos, disclosed that the FG would focus on 10 points to help Nigeria out of the economic downturn.
Mrs Adeosun, who represented the Vice President, Mr Yemi Osinbajo, at the annual dinner of the Lagos Business School, noted that the 10-point roadmap would address the major problems dragging the economy backward.
According to her, the Federal Government’s Fiscal Roadmap will tackle obstructions to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.
She said further that much attention would be focused on infrastructure deficit to unlock productivity, improve business competitiveness and create employment.
“Government would actively partner with the private sector to achieve this by use of a number of new funding platforms. These include the Road Trust Fund, which will develop potentially ‘tollable’ roads, and the Family Homes Fund which is an ongoing PPP initiative for funding of affordable housing,” she said at the event.
She added that the tax system would be reviewed to ensure companies get tax relief for investment in roads on a collective basis, subject to approval by FIRS and the Ministry of Works.
According to the Minister, only two firms, Dangote and Lafarge have only been able to get such.
Mrs Adeosun listed the government’s 10-point roadmap as follows:
The fiscal roadmap is detailed in the attached 10-point plan:
Fiscal Roadmap 2017
Fiscal Policy Initiative
Expected Impact
- Recognise inherited debt profile after a robust audit process:
- Introduce promissory note programme to finance verified liabilities
- Issue debt certificates to contractors, Ministries, Departments & Agencies (MDAs), and State Governments
- Improve cash flow of businesses
- Improve Banks’ Non-Performing Loans (NPLs)
- Free up Banks’ balance sheet for lending to private sector
- Improve government’s business interaction with the private sector
- Mobilise private capital to complement Government spending on infrastructure:
- Roads Trust Fund
- Family Homes Fund
- Extend infrastructure tax relief to a collective model to attract clusters of corporate entities
- Expand the provision of infrastructure
- Drive growth of non-oil sector.
- Drive economic growth
- Strengthen fiscal/monetary handshake:
- Replace administrative measures on list of 41-items with fiscal measures to reduce demand pressure in parallel market
- Encourage domestic food production through specific incentives e.g. accelerated depreciation on food manufacturing equipment and Zero (0%) duty on green houses
- Planned revitalisation of refineries
- Increase Diaspora remittances via participation in the buyer support scheme for the Family Homes Fund
- Reduce demand for US Dollars
- Increase supply of US Dollars
- Incentivise exports:
- Restructure the Export Expansion Grant (EEG) to a tax credit system
- Rationalise tariffs and waivers in key export sectors
- Encourage/incentivise non-oil exports
- Drive import substitution
- Encourage investment in specific sectors through fiscal incentives:
- Accelerated depreciation on equipment in strategic sectors e.g. food processing, mining and power
- Rationalise tariffs and waivers in priority sectors
- Drive investment in strategic sectors
- Continue expansion of fiscal space through revenue enhancement and cost consolidation:
- Customs Single Window (being implemented through a Private Public Partnership (PPP) scheme)
- Template for non-allowable expenses for government agencies.
- Overhead cost control by the Efficiency Unit
- Continuous risk based audit by the Presidential Initiative on Continuous Audit
- Revenue enhancement
- Cost containment
- Improve fiscal discipline at Sub-National level:
- Extension of efficiency unit at Sub-National level
- Fast track municipal bond issues to deepen the bond market
- Conversion to International Public Sector Accounting Standards by all State Governments.
- Improved fiscal position at Sub-National level
- Enable and accelerate Recoveries process:
- Whistle-blower scheme
- Centralised database on recovered assets
- Asset tracing
- Professional management of recovered assets
- Increased efficiency of Recoveries process
- Increased budgetary funding availability from Recoveries
- Rebalance debt portfolio to extend maturity and optimise debt service cost:
- Rebalance public debt portfolio with increased external borrowing (60:40 target)
- Extend maturity profile of public debt portfolio
- Deploy long-term debt instruments including Infrastructure and Retail Bonds
- Maximise use of concessionary loans
- Rebalanced debt profile withimproved debt service to revenue ratio
- Catalyse Micro, Small and Medium Enterprise (MSME) growth through specific measures to improve capacity and access to finance:
- Development Bank of Nigeria (US$1.3bn)
- Increase share of business awarded to MSMEs from Government contracts
- Tax harmonisation and tax incentives
- Accelerated depreciation
By Adedapo Adesanya
Dangote Refinery is targeting a $50 billion valuation ahead of the planned Initial Public Offering (IPO) in Nigeria later this year.
A report by Bloomberg, quoting sources, noted that the company wants to sell up to a 10 per cent stake, potentially raising around $5 billion in one of Nigeria’s biggest capital market deals.
The 650,000-barrels-per-day refinery has transformed Nigeria’s fuel supply chain by reducing dependence on imported petroleum products.
A senior executive at the Dangote Group confirmed to Bloomberg that the projected valuation reflects the company’s internal expectations but declined to comment further on the timing or structure of the transaction.
The planned listing comes as rising global crude oil prices and stronger domestic fuel consumption improve the refinery’s commercial outlook.
The Dangote Group has also appointed a consortium of three financial advisers to manage the offering. Stanbic IBTC Capital, operating under the Standard Bank umbrella, will handle the international book-building process and lead engagement with foreign portfolio investors.
Vetiva Capital Management, which has advised on previous Dangote listings, will manage retail investor distribution within Nigeria, while FirstCap will focus on placements with Nigerian institutional investors, particularly pension funds, according to the report
Located in the Lekki Free Zone in Lagos, the facility has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
Since beginning large-scale production of petrol, diesel, and aviation fuel, the refinery has reshaped Nigeria’s fuel supply chain, reducing reliance on imported petroleum products and increasing local refining capacity in Africa’s biggest oil producer.
Last year, Mr Aliko Dangote, the majority stakeholder at the refinery, indicated that Nigerian investors would soon have an opportunity to buy shares directly in the refinery business, signalling a broader push to attract domestic participation in the energy sector.
The IPO is anchored by an unprecedented dividend structure that allows investors to purchase shares in Nigerian naira but receive returns in US Dollars, backed by an estimated $6.4 billion in annual petrochemical export revenues.
The prospectus has already been submitted for regulatory review, and a subscription window is expected to open by August 2026.
It will also be the first time that the Refinery will become available for public ownership. The refinery, located in the Lekki Free Trade Zone near Lagos, was commissioned in May 2023 after nearly a decade of construction and an investment of approximately $20 billion.
By February 2026, the facility had reached its full processing capacity of 650,000 barrels of crude oil per day, making it the world’s largest single-train refinery and Africa’s biggest refining complex.
By Adedapo Adesanya
Nigeria is currently in talks with the World Bank for a fresh $1.25 billion loan in June 2026.
According to a document titled Nigeria Actions for Investment and Jobs Acceleration, the proposed loan will finance ongoing economic reforms, job creation, and competitiveness.
Already, talks are at the critical stage for the loan facility expected to be presented for approval on June 26, 2026. The loan has progressed beyond the initial concept and appraisal phases.
If approved, it will come off as the second-largest loan facility after the approval of the ‘$1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing’ approved by the Bank in June 2024.
The borrower is listed as the Federal Republic of Nigeria, while the Federal Ministry of Finance will serve as the implementing agency.
This comes as the country’s debt profile remains high. As of December 31, 2025, external debt stood at $51.86 billion, while Nigeria’s total public debt in dollars is currently at $110.97 billion
The loan is now at the decision-meeting stage of the World Bank’s project cycle, a point at which the lender’s management reviews the final appraisal package and determines whether the project should proceed to the Board of Executive Directors for approval.
This stage comes after appraisal and negotiations have been concluded, with key policy actions, financing terms, and reform commitments already agreed in principle between the borrower and the World Bank team.
In the World Bank process, the decision meeting represents a near-final internal clearance, after which the project is prepared for formal Board consideration, where final approval is granted.
The World Bank document stated, “The review did authorise the team to appraise and negotiate,” meaning the project has successfully passed earlier internal checks and is advancing toward final approval.
According to the global lender, the loan is designed “to support the government’s efforts to expand access to finance, digital, and electricity services, and strengthen competitiveness through tax, trade, and agriculture reforms.”
Under President Bola Tinubu, the World Bank has approved about $9.35 billion in loans and credits for Nigeria between June 2023 and May 2026.
These approvals span multiple sectors, including power, education, healthcare, agriculture, social protection, renewable energy, MSME financing, and economic reform support.
Key packages include the $2.25 billion RESET and ARMOR reform financing in June 2024, $1.57 billion for HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience programmes in March 2025.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and the Central Securities Clearing System (CSCS) Plc boosted the NASD Over-the-Counter (OTC) Securities Exchange by 1.05 per cent on Monday, May 11.
FrieslandCampina Wamco added N13.07 to sell N146.00 per share versus the previous price of N132.98 per share, and CSCS Plc rose by 10 Kobo to close at N76.00 per unit compared with last Friday’s N75.90 per unit.
As a result, the market capitalisation increased by N26.20 billion to N2.514 trillion from N2.488 trillion, and the NASD Unlisted Security Index (NSI) went up by 48.80 points to 4,202.57 points from 4,158.77 points.
The volume of securities bought and sold by market participants decreased by 55.2 per cent yesterday to 236,921 units from 528,891 units, the value of securities slid by 51.5 per cent to N16.5 million from N34.0 million, and the number of deals contracted by 20 per cent to 20 deals from 25 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by CSCS Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units transacted for N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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