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Nigeria Needs $2.3tn To Address Infrastructure Deficit, Says FG

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4 years ago

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Secretary to the Government of the Federation, Boss Mustapha, said that the country need $2.3tn to address its national integrated infrastructure masterplan.

He said this in Abuja on Thursday at a town hall meeting themed: ‘Nigeria’s infrastructure revolution: Road to a new future’, organised by Business Hallmark.

According to him, the 23-year masterplan (2020-2043) is for the development of infrastructure including roads, railway network and maritime sector.

The event was chaired by a former national chairman of the All Progressives Congress and former governor of Edo State, Chief John Odigie-Oyegun.

Mustapha said, “Conscious of the economic disruption caused by 2016 recession and COVID-19 as well as challenges of previous reforms, the Federal Government revised the 23 year (2020-2043) national integrated infrastructure masterplan that identified critical enablers.

“For the 23-year period, $2.3tn will be required, translating to about $150bn annually and the private sector and other partners have to provide 56 per cent, while Federal Government and state governments will provide 44 per cent of the share of the investment.

“The Federal Government has made important strides towards providing much of our infrastructure and has, in recent years, conducted several infrastructural reforms.

“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The port sector has been converted to landlocked model and terminal.

“Similarly, Public Private Partnership style infrastructure company with an initial seed capital of N1tn envisaging to grow over time to N6tn in assets and capital has been established and will soon commence operation.

“It will be one of the premier finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.

“The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”

The Minister of Water Resources, Suleiman Adamu, deplored the water crises in Nigeria saying no community in the country enjoyed water supply always.

He said, “In 1992, 30 per cent of the Nigerian population was enjoying pipe-borne water and as of 2015, it had dropped to seven per cent.

“In 2015, we were at 68 per cent national coverage for access to water and as of today, we are at 70 per cent and maybe by the time the result for 2021 comes out, we might be at 71 per cent to 72 per cent.

“As for water quality, 90 per cent of water consumed, including water from the boreholes, are contaminated and water is the basic necessity of life.”

Oyegun, in his contribution at the event, said six years going, the performance of the regime of the President, Major General Muhammadu Buhari (retd.), had been mixed.

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Business

13-year-old Wins Heirs Insurance Essay Championship, Gets N5m

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6 days ago

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October 17, 2025

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Heirs Insurance Group has announced the winners of the 4th edition of the Heirs Insurance Essay Championship, a nationwide competition promoting financial literacy and academic excellence among secondary school students and educators.
The grand finale, held in Abuja recently, brought together students, parents, and academic leaders for a celebration of knowledge and creativity. This year’s edition, which attracted over 5,000 entries from junior secondary school students nationwide, was anchored on the topic “The Role of Insurance in Keeping Families Safe and Secure”.
After a rigorous evaluation process by a panel of academic professionals, independently verified by Deloitte & Touche, 13-year-old Rhema-Love Abraham of Precepts Learning Field, Lagos, emerged as the overall winner, earning a N5 million scholarship and a N1 million grant for her school.
Bernice Michael of S-TEE High School, Lagos, claimed the second-place position, winning a N2 million scholarship, while Afopefoluwa Tofio-Jacobs of D-IVY College, Ogun State, took third place, receiving a N1 million scholarship.
This year, Heirs Insurance introduced the inaugural Teachers Prize, to honour teachers promoting insurance awareness within their schools and communities. This initiative was created to democratise access to insurance literacy, working collaboratively with teachers and educators.
Mr. Okpe James Chidi, a teacher at Urban Secondary School, Umuna Orlu, Imo State, emerged as the winner of the Teachers’ Insurance Awareness Prize, with a personal award of N1 million cash prize, and a N500,000 grant for his school. His project, which deepened students’ understanding of financial literacy and insurance, was praised for its innovation, reach, and measurable impact.
Speaking at the ceremony, Niyi Onifade, Sector Head, Heirs Insurance Group, commended all the participants for their creativity and drive, emphasising the Group’s commitment to nurturing future leaders through education.
He said, “We are proud of every student and teacher who participated in this year’s Essay Championship. Their creativity, curiosity, and dedication reflect the future we envision for our nation; one built on knowledge, innovation, and resilience. At Heirs Insurance Group, we believe financial literacy is a powerful tool for empowerment and transformation”.
The Heirs Insurance Essay Championship is a flagship Corporate Social Responsibility (CSR) initiative of Heirs Insurance Group, created to build awareness of insurance literacy and critical thinking among young Nigerians. The introduction of the Teachers’ Insurance Awareness Prize further demonstrates the Group’s commitment to advancing insurance education and promoting financial inclusion at every level of society.

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Business

Leadway Assurance Wins Two At BAFI Awards

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1 week ago

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October 15, 2025

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Leadway Assurance won two awards at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, as the Insurance Company of the Year and Excellence in Claims Leadership & Digital Innovation. This is the second consecutive year the company would be emerging as the insurance company of the year.
These recognitions reaffirm Leadway Assurance’s position as a trusted insurer, underpinned by 55 years of legacy of integrity, innovation, and customer focus.
In 2024 alone, the company paid out N117 billion in claims. Each payout reflects restored livelihoods and renewed confidence for families and businesses across the country.
Commenting on the milestone, Gboyega Lesi, Managing Director of Leadway Assurance, said: “These double honours are a worthy recognition of the dedication of our team and our commitment to serving customers better every day. The recognition motivates us to continue building systems and teams that ensure no one faces uncertainty alone. Each innovation and every claim fulfilled reaffirms our promise to provide protection. For Leadway Assurance, these accolades celebrate our sense of purpose, reliability, and the lasting strength of an indigenous brand built to endure.
“Winning the Insurance Company of the Year for the second consecutive year and adding Excellence in Claims Leadership and Digital Innovation awards reflects our consistent devotion to excellence, consistency, and innovation in delivering value. We thank the leadership of BusinessDay for celebrating our relentless pursuit of efficiency, transparency, and empathy in every customer interaction; from simplifying claims processes to leveraging technology for faster, smarter access to insurance policies, as we continue to redefine trust and innovation in the insurance industry.”
Leadway Assurance’s transformation of claims management has set a new benchmark in the insurance industry. Leveraging cutting-edge technology, the company has digitised its claims processes, enabling customers to file, track, and finalise claims seamlessly. This digital shift has significantly reduced turnaround times and elevated customer experience nationwide.

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NAICOM Charges Insurers To Develop Parametric, Microinsurance Products For Climate

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1 week ago

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October 13, 2025

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By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin has advised West African insurers to develop parametric and microinsurance products tailored to the region’s climate realities.
Giving this charge at the 2025 WAICA Conference in Lagos, Omosehin also urged insurers to invest in data and technology to improve climate modelling, risk assessment, and product delivery.
The theme of this year’s conference, was “The West African Insurer in the Face of Climate Change”.
He added the the insurance operators have to expand inclusion, and ensure that insurance reaches farmers, market women, artisans, and micro-entrepreneurs, which is the backbone of our economies.
He stressed that insurers must prioritise capacity building, investing in the next generation of insurance professionals, as well as make sure that insurance evolve from a transactional service to a strategic enabler of development.
He also pointed out that “Climate change is rewriting the narrative of our region. It is testing the strength of our economies, the endurance of our communities, and the responsiveness of our institutions. It has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of our financial systems.
“The evidence is sobering. In 2024, flooding affected over 7.5 million people across 16 West African countries. Nigeria alone accounted for 1.3 million displaced persons. In 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged—threatening food security and economic stability.
These are not just statistics—they are stories of disruption, loss, and delayed development. Yet, within this crisis lies an opportunity: to redefine the role of insurance as a force for resilience and sustainable development”.
Like many African nations, he stated that Nigeria faces a significant climate finance gap, noting that “Traditional budgetary responses are no longer sufficient. We must strengthen financial instruments that allow us to anticipate shocks rather than merely react to them.
When integrated into national planning, insurance becomes one of the most effective tools for climate risk management and economic resilience”.
He further assured that NAICOM is committed to enabling policies that foster collaboration between operators, regulators, and development partners, adding that strengthening climate resilience across West Africa demands a unified approach—one that blends sound regulation, market innovation, and strategic partnerships.

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