business

FG Approves Policy Allowing Ministries to Approve PPP Projects Under ₦20 Billion

Published

2 months ago

July 1, 2025

Tinubu Approves New PPP Policy Empowering Ministries to Independently Approve Projects Below ₦20 Billion

President Bola Ahmed Tinubu has approved a sweeping policy reform that allows the Infrastructure Concession Regulatory Commission (ICRC) to independently approve Public-Private Partnership (PPP) projects valued below ₦20 billion, removing the need for Federal Executive Council (FEC) clearance for such projects.

Under the new framework:

Ministries can approve PPP projects below ₦20 billion
Agencies and parastatals can greenlight projects under ₦10 billion

The move is aimed at eliminating bureaucratic delays, accelerating project delivery, and making the PPP environment more attractive to private investors.

Faster, Decentralized Project Approval

Announcing the policy, ICRC Director-General, Dr. Jobson Ewalefoh, in a statement issued by acting media head Ifeanyi Nwoko, said the policy is a game-changer that streamlines project delivery and encourages increased private sector participation in national infrastructure development.

A key feature of the policy is the creation of Project Approval Boards (PABs) within ministries and agencies. These boards will evaluate and approve PPP proposals that fall within their financial thresholds. However, any project:

Exceeding the thresholds, or
Involving multiple ministries,
will still require FEC approval.

Strict Conditions and Oversight

To ensure fiscal responsibility:

All projects under this policy must be fully privately funded
There will be no financial commitment or guarantee from the federal government
Every project, regardless of value, must be vetted and certified by the ICRC before approval

Dr. Ewalefoh emphasized that this policy represents a major shift for critical sectors like health, education, agriculture, and housing, where low to mid-value projects—such as student hostels, rural clinics, classroom blocks, and housing estates—often face delays due to cumbersome approval processes.

“This new policy will fast-track infrastructure delivery, stimulate private investment, and create jobs while improving service delivery across the country,” he said.

Alignment with the Renewed Hope Agenda

The policy aligns with President Tinubu’s Renewed Hope Agenda, which prioritizes:

Public procurement reform
Improved governance efficiency
Enhanced transparency in infrastructure finance

The ICRC will collaborate with key institutions, including the Bureau of Public Procurement (BPP), Ministry of Finance Incorporated (MOFI), and the Bureau of Public Enterprises (BPE) to ensure accountability and coordination across all PPP activities.

Dr. Ewalefoh encouraged Ministries, Departments, and Agencies (MDAs) to maximize the opportunity provided by the revised approval limits and to integrate PPPs more actively into their infrastructure planning.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
Drive website traffic using content, trends, reels, and referral links
Respond to DMs/comments and convert viewers into website visitors
Provide weekly reports on reach, impressions, and traffic performance

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A strong presence on social media (min. 2,500 followers on at least one platform)
Great communication skills and social media creativity
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Passion for helping people grow their careers or income

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Monthly stipend + performance-based bonus
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Free digital training + content materials
Certificate of Digital Advocacy (upon successful campaign)

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Send us a message with:

Your full name
Link to your active social media profiles
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Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.