Business

Edun Commends Outgoing World Bank County Director Dr Chaudhary, Lauds Organization’s impact On Nigeria’s Economy

Published

1 year ago

May 7, 2024

Joel Ajayi no

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has commended the outgoing World Bank Country Director, Dr. Shubham Chaudhari for his Significant Contributions to Nigeria’s Economic Growth.

At an event held in Abuja, hosted by the Honourable Minister in honour of the out-going World Bank Country Director, Mr Edun acknowledged the Organization’s crucial role in promoting socio-economic sustainability and enhancing Nigeria’s economic competitiveness.

He expressed appreciation for the remarkable achievements recorded during Dr. Chaudhari’s tenure and reaffirmed the country’s commitment to building on these accomplishments so as to further drive economic progress in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

*We appreciate your tireless efforts towards the promotion of economic growth and development in Nigeria. Your leadership and expertise have made a significant impact on our country’s progress. Your dedication to supporting Nigeria’s development agenda is truly commendable.

“We are grateful for these contributions and look forward to continued collaboration. Your commitment to fostering inclusive and sustainable growth in Nigeria is inspiring. We appreciate your partnership and guidance in shaping our country’s future*, Edun said.

He informed that the hallmark of the present administration’s policy thrust that brought fiscal reforms was aimed at boosting the nation’s economic development with a view to attracting foreign investments so as to ensure job creation, poverty reduction and improved standard of living for the citizenry.

The Minister assured that Nigeria offers a wealth of opportunities for foreign investors, with a large and growing market, rich natural resources, and a skilled workforce. *We invite you to explore the possibilities and partner with us for mutual growth. Join us in harnessing the potential of Nigeria’s emerging economy. Our country offers a favourable business environment, investment incentives, and a dynamic market waiting to be tapped.

Mr Wale Edun invited the international community to discover the opportunities and advantages of investing in Nigeria.

“Our government is committed to creating a conducive environment for businesses to thrive and succeed. We are inviting the international development partners to come to Nigeria and invest their resources. Nigeria is a country with diverse business opportunities and market potentials for profit maximisation”, he stressed.

The Minister stated further that Nigeria would continue to be a development partner with the World Bank, and that the present administration was committed to championing a good cause as well as implement policies that would boost the country’s economy in order to make it more vibrant and resilient.

Edun further appreciated Dr Chaudhari’s tenure, which he said, underscores the importance of supporting and recognizing Nigeria, aligning with President Bola Ahmed Tinubu’s pragmatic leadership in providing good governance.

He added that the reforms initiated by the administration would serve as a window to the global investment community, stressing that Nigeria is open for business with stable and profitable benefits thereby calling on Philanthropists, both within and outside the country, to invest their resources in Nigeria, a country which he said, has the largest population in Africa.
Edun explained that *the disputable access to renewal energy recently launched was an indication to build trust, attract foreign investment, and foster international partnerships aimed at reinvigorating the Nigerian economy.”

Speaking during the event, Dr. Shaubham Chaudhari, the out-going World Bank Country Director, described the event as symbolic and strategic, saying that it would help build bonds in relationship trust. He commended Nigeria for its proactive measures and robust efforts in bracing up monetary policies and in fostering sustainable economic development despite the daunting challenges.

The out-going Director assured that his Organisation’s doors were widely open for more collaborations and partnerships for the country’s growth.

Earlier in her remarks at the event, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government in line with its mandate.
She appealed to the international community to support the efforts of the present administration in its determination to boost the country’s economy and further stressed the need for international partners to take advantage of the country’s diversity and invest their resources for maximum benefits.
*Nigeria offers a vast and untapped market, rich in natural resources and human capital. We invite you to explore the numerous investment opportunities and be a part of our growth story. Join us in shaping Nigeria’s future and tapping into the immense potentials of our economy. Together, let’s create a prosperous and sustainable tomorrow.**Nigeria is open for business. We welcome foreign investors to partner with us in unlocking our economic potentials and driving growth in key sectors.” Jafiya said.

Also speaking, the Permanent Secretary Special Duties, Mr Okokon Ekanem Udo, assured that the present administration was committed to putting and implementing projects that will impact on the lives of Nigerians in line with contemporary global realities.

He commended the outgoing World Bank Country Director, Dr. Shaubham Chaudhari for his commitment and dedication.

Thank you for your dedication and commitment. We are grateful for your unwavering support and guidance, which has helped us navigate complex development challenges and create a brighter future for Nigerians.* Udo said.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

1 week ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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