Just In: $78.5bn Investment Pipeline: Nigeria Urges IMF, World Bank to Prioritise Job Creation

Nigeria has urged the International Monetary Fund (IMF) and World Bank Group to make job creation a central measure of economic success as it presented a $78.5 billion investment pipeline at their 2026 Annual Meetings in Bangkok, Thailand.
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The call came as the country sought to convert recent economic stability into faster growth, increased investment and employment opportunities.
The Nigerian delegation, led by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele and Central Bank Governor Olayemi Cardoso, concluded its participation in the meetings on October 17, 2026.

During the engagements, Nigeria presented economic indicators that included growth of approximately 4.4 per cent in the second quarter of 2026, four consecutive months of falling inflation and foreign reserves above $55 billion.
The country also reported a tax-to-GDP ratio of 12.5 per cent and public debt equivalent to 36 per cent of GDP.

According to the Federal Ministry of Finance, Nigeria’s investment drive featured the launch of Projects Nigeria, a portfolio of 65 bankable projects valued at about $78.5 billion.
The initiative has generated expressions of interest from Asian and European investors, signalling potential opportunities for financing projects across key sectors of the economy.

Nigeria also secured World Bank Group support for power and infrastructure through guarantee instruments, while the IMF maintained its commitment to providing technical support in fiscal governance, transparency and statistics.
Further cooperation was discussed with the Japan International Cooperation Agency, the United States Treasury and the European Union.

Beyond investment mobilisation, Nigeria used the meetings to advocate reforms to the international financial architecture.
As it concluded its chairmanship of the G-24, the country called for a quota-based IMF system, more equitable credit ratings and reduced borrowing costs for developing nations.
Oyedele warned that the global economy faced a significant employment challenge as artificial intelligence continued to reshape production and the labour market.

He said approximately 1.2 billion young people would enter the global labour market over the next 10 to 15 years, while the World Bank estimates that about 400 million jobs would be available.

According to the minister, the imbalance highlights the need for economic policies that prioritise employment alongside productivity and growth.
He challenged the Bretton Woods institutions to assess their interventions based on their contribution to job creation and improved economic opportunities.
“Stability was the first test. Growth that employs our people is the second,” Oyedele said.

Taiwo Oyedele

He also ruled out a return to fuel subsidies and multiple exchange rates, reaffirming the government’s commitment to maintaining its current reform direction.
Nigeria’s participation in the meetings was aimed at strengthening international partnerships, attracting long-term investment and ensuring that the gains from economic reforms translate into productive jobs and inclusive growth.
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Navy Uncovers 114,500 Litres of Petroleum Products Arrests 10 in Rivers, Delta

The Nigerian Navy has recorded significant operational outcomes in Rivers and Delta States, uncovering approximately 114,500 litres of petroleum products suspected to be linked to crude oil theft and illegal refining in Rivers State, while arresting 10 suspects in a joint anti-illicit drug operation with the National Drug Law Enforcement Agency (NDLEA)
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in Delta State.

On 15 October 2026, personnel of Nigerian Navy Ship (NNS) SOROH, acting on credible intelligence, discovered a suspected illegal refining site in the Orashi Forest, Ogbogolo community, Ahoada West Local Government Area of Rivers State. The site contained five large dugout pits holding approximately 105,000 litres of products suspected to be illegally refined Automotive Gas Oil (AGO), commonly known as diesel, and 18 smaller pits containing about 9,500 litres of suspected stolen crude oil. The suspected operators fled upon sighting the naval personnel, and the products were handled in accordance with established procedures.

In a separate operation conducted from 14 to 15 October 2026, NNS DELTA and NDLEA raided locations suspected of being used for the storage, sale and distribution of illicit drugs in Uvwie, Eboh Road, Jakpa Road, Ozuaka community, Orogun, Otokutu and Ughelli. The operation resulted in the arrest of 10 suspects and the recovery of substances suspected to include cocaine, methamphetamine, tramadol, cannabis, cannabis seeds, Colorado and other related exhibits. The suspects and exhibits were handed over to the NDLEA Warri Area Command for further investigation and necessary legal action.

Nigerian Navy

These operations address two distinct threats to national security: the theft and illegal processing of petroleum resources, and the distribution of illicit drugs that fuels criminal activity. The Nigerian Navy will sustain intelligence-led operations and inter-agency cooperation to dismantle illegal refining infrastructure, disrupt illicit supply networks and support lawful action against offenders, thereby protecting national assets and enhancing security across its areas of responsibility.

Signed AA FOLORUNSHO Captain (Nigerian Navy) Director Naval Information.
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Ondo Crash: NAF Engages Igbokoda Community with Support for Bereaved Families

In a demonstration of its commitment to community engagement and responsible action, the Air Officer Commanding (AOC), Tactical Air Command, Air Vice Marshal MC Ekwueme, visited Igbokoda, Ondo State, on the directive of the Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, to engage community leaders and residents following concerns over the potential impact of the ongoing recovery operations on their water source. During the engagement, the AOC acknowledged the concerns raised, assured the community of the Nigerian Air Force’s (NAF) commitment to addressing the issues, and appreciated the people for their patience and cooperation during this difficult period.
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The AOC also engaged personnel at the recovery site, where significant progress is being made despite the challenging terrain and difficult underwater conditions. Multiple pumping machines have been deployed to remove water from the area surrounding the crash site, a critical step towards accessing the main wreckage, which remains submerged and deeply embedded in the riverbed. This painstaking process requires sustained effort, specialised technical support and careful coordination to advance the recovery operations safely and effectively.

The NAF recognises the profound grief of the bereaved families and the concerns of Nigerians awaiting further progress. While the difficult riverbed conditions and the depth at which the wreckage lies make the operations complex, recovery personnel continue to work diligently towards accessing the main wreckage, with due regard for their safety and the dignity of the victims. The ongoing deployment of pumping equipment represents an important step towards facilitating the next phase of recovery.

Beyond the recovery efforts, the CAS has reaffirmed the NAF’s commitment to supporting the bereaved families through this painful period. He assured that all applicable entitlements, including benevolent funds, scholarships for eligible children and other approved welfare benefits, would be duly processed. The NAF recognises that its responsibility to the affected families extends beyond the recovery operations and remains committed to providing the necessary support with compassion, dignity and a deep sense of duty. The Service continues to engage with affected families and has established a dedicated helpline at Headquarters Nigerian Air Force to facilitate access to timely and appropriate information.

NAF

The NAF acknowledges the environmental concerns raised by the Igbokoda community and remains committed to engaging with residents and addressing the issues through appropriate channels. The Service appreciates the community’s cooperation and the dedication of personnel and partner agencies working under challenging conditions, and will sustain recovery efforts, support the bereaved families and provide verified updates on significant developments as the operation progresses.

Ehimen Ejodame
Air Commodore
Director of Public Relations and Information,
Headquarters, Nigerian Air Force.

16 October 2026
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