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The Federal Government is seeking a fresh $500m loan from the World Bank to establish an infrastructure financing platform, with the proposed approval scheduled for May 25, 2027, four days before the inauguration of Nigeria’s next president.

The proposed borrowing comes as political activities intensify ahead of the 2027 general elections, raising questions about the timing of fresh financial commitments and their implications for the incoming administration.

According to the World Bank’s Initial Project Information Document, obtained by The PUNCH on Sunday, the facility forms part of a broader $3.85bn infrastructure financing initiative designed to attract private investment into critical sectors of the Nigerian economy.

The document, prepared and updated on November 4, 2026, identifies the initiative as the Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs, otherwise known as INFRAGROW. The Federal Ministry of Finance is listed as the borrower, while the Nigeria Sovereign Investment Authority will serve as the implementing agency.

The bank has scheduled the project’s technical design review for January 21, 2027, while its estimated approval date is May 25, 2027. Nigeria’s presidential inauguration is constitutionally scheduled for May 29, 2027, following the expiration of the current four-year presidential term.

The timing means the proposed facility could receive World Bank approval in the final days of President Bola Tinubu’s current term, although approval would not necessarily mean immediate disbursement or implementation. The proposed financing has not yet been approved, and the World Bank’s published timetable remains subject to change.

The document puts the country’s annual infrastructure financing shortfall at approximately $100bn, identifying inadequate investment and weak project preparation as major obstacles to economic growth.

It stated, ‘Nigeria’s infrastructure financing gap, estimated at approx. $100bn annually, remains a binding constraint on growth, fiscal sustainability, competitiveness, and job creation.’

The bank explained that the challenge extended beyond insufficient funding to the difficulty of converting available capital into commercially viable infrastructure investments. It added, ‘Closing the financing gap therefore requires an integrated approach that combines rigorous project preparation, appropriately calibrated de-risking instruments tailored to each project’s residual risk profile, and targeted sectoral reforms to strengthen the operating environment.’

The proposed $500m World Bank financing comprises $400m from the International Bank for Reconstruction and Development and $100m from the International Development Association. The wider $3.85bn financing structure also includes contributions from government, private investors, commercial lenders, and guarantees intended to encourage additional investment.

Under the arrangement, the Nigeria Sovereign Investment Authority is expected to contribute $200m in equity as a founding shareholder, while private sector investors would provide another $200m. Commercial debt financing is projected at $600m, alongside other financing and guarantee arrangements.

The World Bank document also identifies $100m in International Development Association payment guarantees and $2.25bn in guarantees from other international financial institutions, bringing the guarantee-related financing arrangements to $2.35bn.

The financing arrangement is expected to operate through four independently governed subsidiaries, each designed to address a particular obstacle to infrastructure investment:

The Project Preparation Facility will finance feasibility studies, transaction structuring, risk assessments, and procurement support to help transform infrastructure proposals into projects capable of attracting investment.

The Viability Gap Fund will provide financial support for economically important projects that cannot generate sufficient commercial returns while maintaining affordable tariffs or sustainable government payments.

The Risk Capital Facility will provide equity and other forms of patient capital to infrastructure projects that are commercially viable but struggle to attract investors willing to bear higher risks.

The Credit Guarantee Vehicle will provide guarantees against specified credit defaults, public-sector payment failures, and political risks affecting eligible foreign investments.

According to the bank, these interventions are intended to encourage participation by commercial banks, pension funds, insurance companies, and other institutional investors.

The project will also support reforms to strengthen public institutions responsible for identifying, preparing, procuring, and supervising public-private partnership projects. Its implementation will be divided into four components covering institutional development, project preparation, financing mobilisation, and improvements to the regulatory environment.

The first component will finance staffing, professional advisory services, statutory fees, and operational infrastructure, with disbursements linked to measurable institutional milestones. The second will support project preparation and financial viability, while the third will activate the risk capital and credit guarantee facilities. The fourth will strengthen government capacity to manage infrastructure partnerships and their associated fiscal risks.

The World Bank said, ‘The proposed Nigeria INFRAGROW project is an institution-building and private capital mobilisation operation intended to expand sustainable infrastructure in Nigeria.’

The project will also involve the International Finance Corporation as a prospective co-investor, alongside the Multilateral Investment Guarantee Agency, which is expected to provide political risk insurance.

The bank has classified the proposed project’s environmental and social risks as high, particularly because the financing platform could support major infrastructure developments in energy, transport, and water. It warned that such investments could involve land acquisition, displacement of communities, environmental damage, occupational hazards, and other social consequences.

Zichis Agro-Allied Industries Plc has disclosed a major change in its shareholding structure following a strategic transaction finalised on November 3, 2026.

According to an official notification sent to the Nigerian Exchange Limited (NGX) and the investing public, Futureview Asset Management Limited acquired 126,967,213 ordinary shares from Chilla Entertainment Limited.

Following this deal, Futureview Asset Management Limited now holds 10.45 percent of the total issued share capital of Zichis Agro-Allied Industries Plc.

With this acquisition, Futureview Asset Management Limited officially crosses the threshold to become a substantial shareholder in Zichis Agro-Allied Industries Plc.

The company clarified that the transaction involved the transfer of existing shares and did not result in the issuance of new shares. Zichis Agro-Allied Industries reaffirmed its ongoing commitment to market transparency, timely regulatory disclosures, and strict compliance with the rules of the NGX and the Companies and Allied Matters Act (CAMA) 2020.

Zichis debuted on the NGX Growth Board on January 20, 2026, at an initial listing price of N1.81 per share. Year-to-Date (YtD) the equity has experienced aggressive market interest, including a notable post-listing surge earlier in the year.

The stock traded at N17 per share Friday November 6, securing an extraordinary multi-hundred percent capital appreciation year-to-date and positioning it as one of the standout performers on the exchange. The stock had reached a record high of N42.5 per share on May 12, 2026.

Year-to-Date (YtD) capital appreciation translates to a massive surge of over 800 percent (with historical peaks touching even higher points during the year), making it one of the standout performing equities on the exchange. The company’s current market capitalisation expanded from its initial N1.42 billion valuation to roughly N20.4 billion.

Alongside the structural shareholding change involving Futureview Asset Management Limited, Zichis Agro-Allied Industries Plc has put forward a stellar operational and financial performance since its initial listing on the Nigerian Exchange (NGX) Growth Board on January 20, 2026.

According to the company’s unaudited interim financial statements filed with the NGX, Zichis recorded massive triple-digit growth across its core revenue and profitability metrics. Revenue surged by 162.63 percent to N1.22 billion (up from N464.20 million in 9M 2025) – already outperforming the total revenue posted for the entire previous financial year.

Pre-tax profit (PBT) increased by 179.21 percent to N561.32 million (compared to N201.04 million in 9M 2025). Profit After Tax (PAT) grew by 221.98 percent to N536.22 million (from N166.54 million), aided by a lower tax expense. Gross profit rose by 210.7 percent to N781.07 million, with gross margins improving to 64.07 percent (up from 54.16 percent).

Earnings Per Share (EPS) advanced to 47kobo from 28kobo. The company’s growth was heavily supported by strong demand across all product categories -led by egg sales (N394.72 million), feed mill products (N293.93 million), palm oil (N235.53 million), chicken sales (N211.34 million), and fish production (N83.60 million).

Total assets skyrocketed by 719.36 percent year-on-year (YoY) to N8.71 billion, heavily driven by substantial property, plant, and equipment additions (including major land acquisitions), alongside inventory scaling to N988.42 million.

The Independent National Electoral Commission (INEC) has removed 1,608,660 invalid entries from the preliminary register of voters following a nationwide review of registrations recorded during the 2025/2026 Continuous Voter Registration exercise.

The commission also identified 54 registration officials across 10 states for possible disciplinary action, including prosecution, over alleged irregularities uncovered during the exercise.

Prof. Joash Amupitan, INEC Chairman, disclosed this on Monday while briefing journalists on the outcome of the review, following complaints and objections raised by Nigerians after the preliminary register was displayed nationwide between October 9 and 15.

Amupitan said the commission received 11,088,238 registration records from the three phases of the CVR exercise, with its Automated Biometric Identification System initially flagging 1,545,052 entries for further examination.

He, however, clarified that being flagged by the automated system did not automatically render a registration invalid, explaining that each case was subjected to further scrutiny and authorised adjudication before a decision was taken.

The commission also removed 1,749 records belonging to deceased persons. Amupitan said 876 such records had been verified, while 873 additional cases were identified and removed during the review.

The clean-up followed widespread concerns over the integrity of the preliminary register, with Nigerians and civil society organisations drawing attention to suspected artificial intelligence-generated photographs, multiple registrations, unusual names and entries belonging to deceased persons.

Some of the questionable photographs circulated on social media, triggering questions about the effectiveness of INEC’s biometric verification and registration procedures ahead of the 2027 general elections.

The commission subsequently undertook a review of the disputed entries to establish their authenticity and remove registrations found to be invalid.

Amupitan said the 54 officials identified across 10 states would face possible disciplinary measures, including prosecution, where investigations establish their culpability.

The commission said it would publish the cleaned-up register of voters on December 16, 2026, in accordance with the Electoral Act, ahead of the January 16 and February 6, 2027 elections.

The Chartered Insurance Institute of Nigeria (CIIN) has challenged insurance operators to move beyond meeting regulatory requirements under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and use the reforms to drive innovation, deepen market penetration and build competitive businesses.

Akinjide Orimolade, president/ chairman of the Council of the CIIN, said the success of the new regulatory framework would depend not merely on insurers’ ability to comply with its provisions but on how effectively they translate the reforms into stronger institutions, improved service delivery and greater value for policyholders.

Speaking at the institute’s 2026 Education Conference in Akure, Ondo State, Orimolade said NIIRA 2025 provided an opportunity to reposition the industry for sustainable growth, stronger market confidence and improved competitiveness.

He noted that regulatory compliance alone would not deliver the transformation expected from the new law, arguing that insurers must use the reform process as a catalyst for innovation, operational efficiency and better customer experience.

‘The real measure of the success of NIIRA 2025 will be how effectively the industry converts regulatory expectations into opportunities for growth and competitive advantage,’ he said.

The challenge comes as Nigeria’s insurance industry seeks to translate the capital and regulatory reforms introduced by NIIRA into stronger underwriting capacity, increased insurance adoption and greater contribution to the economy.

Orimolade said the industry must also respond to changes in technology, consumer behaviour and emerging risks by investing in the skills and competencies required to compete in an increasingly digital financial services market.

According to him, artificial intelligence, digital technology, data and changing customer expectations are reshaping how insurance products are developed, distributed and consumed, making continuous professional development critical to the industry’s future.

He said insurance professionals must move beyond traditional knowledge of insurance principles to acquire competencies in data analytics, digital platforms, emerging technologies and innovative risk management.

‘The future insurance professional must be comfortable with data, digital platforms, emerging technologies and innovative approaches to risk management and customer engagement,’ he said.

The CIIN president also identified low insurance penetration and weak public confidence as major constraints to market expansion, stressing that the industry must do more to make insurance accessible, relevant and attractive to individuals and businesses.

He said insurers would need to develop products and distribution channels that address the needs of underserved segments of the population, while improving transparency, accessibility and customer experience.

For Orimolade, rebuilding public trust is central to unlocking the industry’s growth potential, as Nigerians must increasingly see insurance as a dependable mechanism for managing uncertainty and protecting livelihoods and investments.

He said achieving this would require more than regulatory changes, calling for innovation and a stronger commitment to delivering products that respond to the actual needs of consumers.

The conference, themed ‘Beyond Compliance: Harnessing NIIRA 2025 for Innovation, Growth and Competitive Advantage, examined the implications of the new insurance law for professional development and market expansion.

Its sub-themes focused on preparing insurance education for a digital future and expanding the Nigerian insurance market through trust, inclusion and increased penetration.

Orimolade said the CIIN, as the professional body for insurance practitioners, would continue to strengthen the industry’s human capital through education and professional development programmes that anticipate changing market requirements.

He urged participants to focus on practical ways of deploying the opportunities created by NIIRA rather than limiting discussions to the obligations imposed by the law.

He said the combination of leadership, investment in human capital, technology adoption and professionalism could make NIIRA 2025 a catalyst for wider industry transformation rather than simply another regulatory milestone.

Google is accelerating its challenge to Nvidia’s dominance of the artificial intelligence chip market, introducing specialised processors for secure computing and complex AI workloads as the world’s leading chipmaker faces scrutiny over its chief executive’s alleged links to a suspected Chinese intelligence operation.

The timing could strengthen Alphabet-owned Google’s competitive ambitions in an industry estimated to be worth hundreds of billions of dollars, where demand for advanced processors continues to outstrip supply and customers are increasingly seeking alternatives to Nvidia’s graphics processing units (GPUs).

On Monday, Google unveiled two new configurations of its eighth-generation tensor processing units (TPUs), the TPU 8tx and TPU 8i Max, bringing the number of TPU systems introduced this year to four. The latest products target confidential computing and applications requiring significantly larger memory capacity, particularly as businesses move towards autonomous AI agents capable of executing complex, multi-step tasks. The announcement comes a day after Nvidia’s board initiated an independent investigation into whether chief executive Jensen Huang was targeted by a foreign intelligence operation involving Alice Huang, a Chinese businesswoman and former executive at Singapore-based Megaspeed.

Reports have alleged that Alice Huang, who is not related to the Nvidia chief, had connections to Chinese intelligence and may have facilitated the diversion of restricted Nvidia AI chips to China. Huang has admitted to being unfaithful to his wife following reports of his relationship with the businesswoman.

Nvidia’s board said it had no reason to believe national security or company secrets had been compromised but would examine available information through independent directors and external legal advisers. Huang has pledged to cooperate and remains chief executive.

Although the investigation has not established wrongdoing by Huang or a compromise of Nvidia technology, the controversy introduces an additional reputational and governance consideration for a company whose dominance increasingly depends on customer confidence, regulatory compliance and access to sensitive markets.

For Google, the opportunity extends beyond the controversy surrounding its rival. Its accelerated chip development reflects a deliberate strategy to reduce dependence on Nvidia’s technology while building a commercially viable alternative for enterprises and AI developers.

‘This really follows the thesis that we have here at Google, which is that the future is going to be about specialization, and the upsides for specialization continue to be significant,’ Amin Vahdat, Google’s chief technologist for AI and infrastructure, said.

The TPU 8tx is designed for confidential computing, allowing sensitive information and AI model weights to remain encrypted and isolated even while being processed. This could appeal to government agencies, financial institutions and businesses handling sensitive information, where data security is a major obstacle to adopting external AI infrastructure.

The TPU 8i Max, meanwhile, combines two TPU 8i chips to double computing capacity, on-chip memory and high-bandwidth memory within the same rack footprint. The architecture is intended to support applications involving extensive software codebases, video analysis, drug discovery and other tasks requiring AI systems to process large volumes of information simultaneously.

Google’s commercial progress is also becoming more significant. After developing TPUs primarily for internal applications such as speech recognition and translation, the company now uses them to power Gemini and Google Cloud services.

It has expanded external sales to nearly 100 customers, including AI laboratories, financial trading firms, retailers and universities. Making the processors available through Oracle Cloud and supporting developers through open-source tools such as TorchTPU could further reduce the barriers to adoption.

The commercial challenge, however, remains substantial. Nvidia benefits from an established developer ecosystem, widespread adoption of its CUDA software platform and a deep network of customers that have built their AI infrastructure around its processors.

Google’s strategy is therefore not simply to produce faster chips but to offer a more specialised computing ecosystem combining processors, networking, memory, software and cloud infrastructure.

Its ability to modify existing silicon through advanced packaging and networking also allows it to introduce new configurations faster than waiting for entirely new processor designs.

If Google converts its growing customer base into sustained commercial demand, Nvidia could face increasing pressure on pricing and market share, particularly in inference, where AI models generate responses and execute tasks.

The emerging contest will ultimately be determined not by Nvidia’s leadership controversy alone, but by whether Google can deliver competitive performance, reliable supply, lower operating costs and the security assurances enterprises increasingly demand.

Continental Reinsurance Holdings Limited has announced a strengthened investment proposition ahead of its planned listing on the Botswana Stock Exchange (BSE), following the approval of its Supplementary Prospectus by the BSE.

The Supplementary Prospectus confirms that the promoter-controlled existing shareholder vehicle, ACA Cornerstone Limited, will retain its entire 14.8 percent shareholding rather than exit the business as originally contemplated.

It also incorporates audit reviewed interim financial results for the six months ended 30 June 2026, reflecting improved profitability and strong underwriting performance.

Under the revised offer structure, ACA Cornerstone will retain all 253,951,336 of its existing shares. This represents approximately 11.9 percent of Continental Reinsurance Holdings’ enlarged issued share capital following completion of the Offer, assuming all contemplated new shares are issued. ACA Cornerstone has also provided a formal undertaking, subject to specified conditions, to retain these shares for a minimum of five years following listing.

Mutsunge Lawrence Nazare, group managing director of Continental Reinsurance Holdings, said: ‘We have engaged closely with investors and taken on board their feedback. The revised offer reflects that engagement and reinforces our long-term investment proposition. ACA Cornerstone’s decision to remain invested, together with its five-year share retention undertaking, demonstrates continued commitment to the business and its future. We believe this strengthens alignment between existing and incoming shareholders as we prepare for our listing on the Botswana Stock Exchange.’

The Supplementary Prospectus also incorporates the Group’s audit reviewed financial results for the six months ended 30 June 2026. Profit before tax increased by approximately 352 percent to P79.2 million, compared with P17.5 million in the corresponding period of 2025.

Profit after tax rose by approximately 902 percent to P64.4 million from P6.4 million, while insurance revenue grew by 2.4 percent to P1.213 billion.

Underwriting performance also improved, with the Group’s underwriting margin improving from 4.2 percent in the prior-year period to 6.8 poercent in the current period. As at 30 June 2026, the Group reported total assets of P3.27 billion and total equity of P1.43 billion.

The Public Offer will remain open until Friday, 20th November 2026, with the Group’s listing on the BSE Main Board scheduled for 10th December 2026, subject to the applicable listing requirements.

The offer price remains unchanged at P1.00 per share, with the Group continuing to target USD30 million in new growth capital through the offer for subscription.

Seyi Makinde, Allied Peoples Movement presidential candidate, declared at the weekend that he had no political godfather other than God, expressing confidence that divine backing and the support of Nigerians would propel him to victory in the 2027 general election.

Makinde, who spoke at a church service organised by the Church of Christ in Nations in Jos, Plateau State, yesterday, said Nigeria urgently needed a governance reset to address years of poor leadership, economic hardship and social challenges, particularly over the past three and a half years.

He said the need to change the country’s direction informed his ‘Reset Nigeria’ manifesto, which he presented to the church leadership, describing it as a blueprint for making life easier for citizens.

Makinde recalled how he defied the absence of political godfathers to become governor of Oyo State in 2019, expressing confidence that his presidential ambition would also be sustained by faith and popular support.

‘When I said in Oyo State in 2018 that I would like to be governor, somebody asked me, ‘Governor of which Rotary District?’ I said governor of Oyo State, and they asked, ‘with no godfather; nobody in politics who can stand in for you?’ I responded by saying, well, I have God the Father. And I became the governor of Oyo State.

‘This time around, we also have God the Father and that God will be merciful unto Nigeria and He will show us mercy in this country,’ he said.

The APM candidate said his administration in Oyo State was guided by planning, transparency and accountability, noting that he developed successive development roadmaps covering his first and second terms, from 2019 to 2027.

He said the documents provided clear direction for his administration and helped ensure that promises made to the people were translated into concrete actions. Makinde said he had adopted a similar approach in preparing for the presidency, with the ‘Reset Nigeria’ agenda built around four pillars: security, the economy, education and the socio-political space.

Presenting the manifesto, he challenged Nigerians to hold him accountable for the commitments contained in the document.

‘I want Nigerians to be able to hold me accountable, not just through promises but through documented commitments. Everything is written down in black and white, and I am prepared to be held accountable for everything contained in this document,’ he said.

He also urged Nigerians, particularly Christians, to participate actively in politics and prepare to exercise their democratic rights in the 2027 general election.

‘Please, get ready and participate. History is about to happen again,’ he urged.

Responding, Church of Christ in Nations President Amos Musa Mohzo drew Makinde’s attention to the country’s worsening insecurity and economic hardship, highlighting the challenges confronting Nigerians.

While praying for the APM candidate, Mohzo encouraged him to continue his political journey, expressing confidence that God’s will would prevail in his destiny.

Makinde is in Jos ahead of the APM presidential campaign rally scheduled for Monday at Rayfield Park.

The federal government plans to begin replacing ageing electricity infrastructure across the power sector within the next two to three months to address transmission bottlenecks and improve electricity supply.

Speaking on TVC’s Breakfast Show on Monday, Joseph Tegbe, Minister of Power, said the transmission network remains the sector’s biggest challenge, with some power lines and facilities as old as 20 years.

He said the planned replacement would cover facilities across the sector, while efforts are also underway to expand transmission capacity in parts of the country. The minister disclosed that human factors are a significant constraint to resolving the sector’s challenges, contributing about ’80 percent’ of the problems facing the power value chain, while ‘infrastructure accounts for the remaining 20 percent.’

He also acknowledged persistent difficulties in the distribution segment, noting that the government’s focus would be on ensuring Nigerians have access to electricity, despite operational challenges confronting some distribution companies (DisCos).

Speaking on the ongoing power crisis, he said: ‘We had power outages a few days ago. It wasn’t as a result of grid collapse. What we had was reduced supply on the grid.’

According to him, the lack of electricity supply was as a result of planned maintenance at Benin Egbin Power, a major high-voltage power corridor.

He noted that it was supposed to go smoothly; however, vandalism on one of the lines that ‘brings power into Lagos complex’ stalled activities, which disrupted the line capable of ‘bringing 300 megawatts to 400 megawatts into Lagos.’

Tegbe explained that after these incidents, Lagos lost about 800 megawatts of electricity, ultimately plunging the state into darkness.

‘Because of that, we resorted to rationing power through load shedding across Lagos, Ogun, Oyo, and some parts of Kwara States,’ he said However, Tegbe revealed that plans are in the works to increase Nigeria’s electricity generation capacity.

According to him, Aliko Dangote has indicated willingness to support efforts to increase electricity generation capacity by 20,000 megawatts.

The minister further identified liquidity constraints as a major obstacle to gas supply for power generation, despite the availability of the commodity.

‘It’s true gas is available, but liquidity to buy it is sometimes the problem,’ he said.

His remarks come against the backdrop of recent gas supply shortages as the reason for the present power failure challenges occurring across multiple states in gas-rich Nigeria. e Nigerian Independent System Operator (NISO) disclosed recently that the current power outages facing Nigerians is as a result of ‘tight gas supply to thermal power plants and weaker output from hydroelectric stations.’

However, the Nigerian National Petroleum Company (NNPC) has come out to say that the company, through Nigerian Gas Infrastructure Company Limited, is ‘available to support gas deliveries to power generation stations in Nigeria,’ raising questions around communication between the operators.

The power sector continues to contend with challenges across generation, transmission and distribution, with inadequate infrastructure, liquidity constraints and operational inefficiencies limiting the amount of electricity delivered to consumers.

He empathised with Nigerians on the power supply crisis, noting that: ‘I feel your pain and I’m totally committed to fixing electricity access, working with Mr President to ensure results.’

‘Infrastructure replacement will begin in the next two to three months across all facilities,’ Tegbe said.

Nyesom Wike, Minister of the Federal Capital Territory (FCT) has criticised the African Democratic Congress (ADC) and other opposition figures over their reactions to political developments and judicial decisions, urging them to prioritise governance over internal party disputes.

Wike, who spoke on Monday at a town hall meeting with political stakeholders, traditional rulers and residents of Kwali Area Council in Abuja, said political parties should serve as platforms for development rather than become centres of prolonged conflicts driven by personal ambitions.

His remarks come amid controversy surrounding the leadership of the ADC following a court judgment affecting the party’s national executive committee led by David Mark, former Senate president.

The minister questioned why political leaders would devote their energies to fighting over party structures instead of using their political platforms to address the economic and social challenges facing their constituents.

‘Isn’t it that a party is a vehicle that you enter intentionally to go where you are going? When you get there, you talk about development, you talk about good governance, and how you can bring welfare to your people,’ Wike said.

He also faulted opposition figures for what he described as persistent media-driven criticism of government policies and political developments, arguing that political disagreements had not translated into tangible improvements in the lives of citizens.

Wike urged political stakeholders in the FCT to look beyond party affiliations and cooperate on issues affecting residents, commending local government chairmen and political leaders across party lines for their willingness to work together.

The minister’s comments also provided an opportunity to defend the administration of President Bola Tinubu, particularly its policies and administrative changes in the FCT.

He cited the establishment of the FCT Civil Service Commission, the appointment of an indigene as Head of Service and the removal of the FCT from the Treasury Single Account (TSA) arrangement as measures he said had strengthened the territory’s administrative autonomy.

Wike argued that the administration should be judged by its development outcomes rather than criticism from opposition politicians.

He said the FCT administration remained committed to completing abandoned road projects, expanding infrastructure and improving political representation for residents of the territory.

‘There is no need to be fighting. For the interest of the people, for the interest of FCT-that is what we are talking about,’ he said.

The minister also urged residents and political stakeholders to support leaders with demonstrable records of infrastructure delivery rather than politicians who, according to him, only engage communities during election periods with promises.

The meeting was attended by Nuhu Daniel Kwali, chairman of Kwali Area Council; Luka Ayedoo Nizassan III, Etsu of Kwali; councillors and representatives from the six area councils of the FCT.

A housing-sector advocacy and research organisation committed to promoting affordable housing has urged the National Assembly and the federal government to act urgently to curb rising building and construction costs.

The organization, known as Housing Development Advocacy Network (HDAN), is also seeking manufacturing reforms, tax relief and a 100-day emergency action plan to address rising construction costs.

An advocate for sustainable urban development, improved housing finance, responsible real estate practices, and evidence-based housing policies in Nigeria and across Africa, HDAN notes that rising construction costs are worsening the country’s housing affordability crisis.

‘The rising costs are also frustrating homeownership aspirations, discouraging investment and placing additional financial pressure on millions of Nigerian households,’ the Research and Economic Development Unit of the organization stated.

This was contained in the research report titled, ‘Reducing the High Cost of Building Materials in Nigeria and Across Africa: Towards Affordable Housing, Stronger Local Manufacturing and Sustainable Construction.’

The report listed expensive energy, transportation costs, foreign exchange rate pressures, high financing costs, inadequate industrial infrastructure, import dependence and possible market competition concerns as major factors driving construction costs.

It stressed that Nigeria cannot realistically bridge its housing deficit or deliver affordable homes at scale without addressing the prices of cement, reinforcement steel, roofing sheets, tiles, glass, electrical fittings, plumbing materials and other essential building products.

Festus Adebayo, HDAN’s Executive Director, described the rising cost of building materials as a national economic challenge that requires deliberate legislative and executive action.

‘Housing affordability cannot be achieved through speeches, promises and ambitious housing targets alone. The cost of building materials must become a major national policy priority. When cement, iron rods, roofing sheets and other construction inputs become increasingly expensive, the dream of homeownership moves further away from millions of Nigerians,’ Adebayo stated.

He stressed that reducing building costs should be treated not merely as a housing-sector intervention but as an economic development strategy capable of stimulating industrial production, creating employment, attracting investment and improving living conditions.

HDAN explains need for urgent National Assembly intervention

HDAN says there is a need for the relevant committees of both the Senate and House of Representatives responsible for housing, industry, trade, finance and economic development to initiate a parliamentary investigation and national public hearing on the high cost of building materials.

The organisation has recommended that the engagement should involve cement and steel manufacturers, the Federal Competition and Consumer Protection Commission (FCCPC), the Standards Organisation of Nigeria (SON), relevant federal ministries, real estate developers, building professionals, financial institutions and representatives of housing consumers.

According to the report, the FCCPC disclosed in August 2026 that Nigeria had an estimated installed cement production capacity of 60-65 million metric tonnes annually, compared with estimated domestic consumption of 25-30 million tonnes.

It noted that although installed production capacity does not necessarily represent actual output or market supply, the figures underscore the importance of examining production efficiency, operating costs, distribution arrangements, competition and pricing practices.

HDAN, therefore, called for an independent, evidence-based assessment of the cement and steel markets, with due regard for legitimate production expenses and the rights of manufacturers.

‘We must ask a fundamental question: Why should a country with considerable local cement manufacturing capacity continue to experience serious concerns about cement affordability? Nigerians deserve answers. The National Assembly must help establish whether the problem lies in production costs, distribution, market competition, taxation or a combination of these factors,’ Adebayo said.

Six major reforms proposed by HDAN

The research report identified six broad areas requiring government intervention.

First, a comprehensive review of taxes and tariffs affecting essential building materials. HDAN called for targeted and time-bound relief on critical manufacturing inputs and selected products with inadequate domestic supply, supported by mechanisms to ensure that savings reach builders and homebuyers.

Second, urgent intervention in industrial energy and transportation costs. Government should improve electricity and gas availability for manufacturers, strengthen logistics infrastructure and work with state governments to eliminate illegal road levies and unnecessary distribution barriers.

Third, accelerated development of building materials manufacturing hubs across Nigeria’s six geopolitical zones. HDAN welcomed the existing Federal Government initiative but demanded transparent implementation, measurable investment targets and regular public reporting.

Fourth, affordable long-term financing for local manufacturers. The organisation proposed dedicated financing arrangements through appropriate development finance institutions to support the production of roofing materials, steel components, ceramics, glass, sanitary fittings and alternative building products.

Fifth, greater investment in innovative and indigenous building materials. HDAN recommended increased research, testing, certification and commercialisation of appropriate local materials, including stabilised earth blocks, laterite-based products, prefabricated components and other cost-efficient construction technologies, without compromising building safety.

Sixth, a national building materials price monitoring system. The proposed system would track factory, wholesale and delivered prices of major construction materials across the country, improving transparency and helping policymakers identify abnormal market developments.

Nigeria Must Learn from Other African Countries

HDAN further urged African governments to strengthen cooperation in building materials production, research, industrial financing and regional trade.

The report examined experiences in Ghana, Rwanda, Kenya, South Africa and Tanzania, highlighting policy lessons in market transparency, indigenous materials development, industrial financing, construction cost monitoring and affordable housing delivery.

The organisation encouraged greater cooperation under the African Continental Free Trade Area to facilitate access to certified construction materials, production equipment, manufacturing technology and regional markets.

HDAN also called for stronger partnerships with manufacturers from China, India, Trkiye and other industrial economies willing to establish production and assembly facilities in Nigeria and other African countries.

According to the organisation, the focus should be on technology transfer, local employment, industrial capacity and sustainable reductions in construction costs rather than excessive dependence on imported finished products.