The Chief Executive Officer of First Bank of Nigeria, Olusegun Alebiosu, has said the bank’s Digital Xperience Centre is a step towards redefining how banking connects with education, technology, and the wider community.

He stated this at the launch of a Digital Xperience Centre, the ninth in the country, at the University of Benin recently. Alebiosu also allayed fears that the DXC, which he said is meant to improve customers’ experience, would lead to job losses.

He said the DXCs are gateways to a smarter, faster, and more personalised financial journey. The FirstBank boss said the centres are equipped with cutting-edge technology, as well as state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.

He said the partnership with UNIBEN led to the creation of a hub where students, faculty, and community members can access FirstBank’s digital world. Alebiosu said the centre provides an elevated banking experience with speed and ease, designed to put the customer in control.

He said, “This digital experience centre set up by FirstBank is to take banking to the next step. It is virtually everything you see in a banking hall, and the same service. You can do everything from account opening, change of phone number, change of email, make complaints, and all others, cash withdrawal, and account statement. You can deposit money into your account.

“It will not lead to any loss of jobs. More and more people are accessing banking services, but banking platforms are not expanding as fast. This digital experience is to complement a branch. Instead of having crowds in a banking hall, frustration and complaints, people can come to the centre. It is for flexibility. The banking hall can close at 4 pm, but this one is a 24-hour operation.

“Students having examinations do not have to worry. They can come here at any time. They can be here at midnight. It is convenient and flexible. Our DXCs operate around the clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.

“It embodies our commitment to Environmental, Social, and Governance principles, as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”

The Vice-Chancellor of UNIBEN, Prof Edoba Omoregie, said the institution was pleased with the centre. He said, “We are excited and grateful to the bank. It is going to expand the scope of our staff and faculty. It will make our operations better. Ours is a big university, and the university is pleased with the bank for bringing it here.”

President Bola Tinubu’s nominees for the leadership of Nigeria’s petroleum regulators on Thursday pledged sweeping reforms aimed at plugging value leakages, restoring discipline across the sector and unlocking fresh investments under the Petroleum Industry Act.

The nominee for the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, and her counterpart at the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Saidu Mohammed, made the commitments during their screening by the Senate at Room 117 shortly after plenary.

Both nominees told lawmakers that digitisation, strict contract enforcement, credible data management and accelerated gas development would be central to their leadership, as Nigeria seeks to reposition its oil and gas industry amid declining revenues and global energy transition pressures.

Eyesan, who is slated to head the upstream regulator, said weak data integration and heavy reliance on manual processes were costing the country enormous value in an industry that is rapidly becoming digital worldwide.

“We are still largely manual, while the world is moving at jet speed. Without digitisation and real-time data, you cannot truly understand what you are regulating, and you will continue to lose money,” she said, stressing that effective oversight depends on accurate numbers, asset integrity monitoring and transparent systems.

She told the committee that collaboration between regulators, operators and policymakers would be key to addressing long-standing bottlenecks in the upstream sector. “We must collaborate with stakeholders, identify our pain points, and address them collectively. That is how we move the needle forward,” Eyesan added.

The NUPRC nominee assured senators that she would fully deploy the Petroleum Industry Act as a regulatory tool to attract fresh investments and ensure Nigeria remains competitive in the global energy market, describing the law as a “valuable document” whose gains depend on proper implementation.

A graduate of Economics from the University of Benin, Eyesan spent nearly 33 years at the Nigerian National Petroleum Company Limited and its subsidiaries, retiring as Executive Vice President, Upstream.

She highlighted her role in resolving disputes with international partners, restoring investor confidence during divestment threats, and facilitating multi-billion-dollar deep offshore investments.

She also recalled signing Nigeria’s first non-associated gas development contract and contributing to an increase in crude oil production from about 1.3 million barrels per day to 1.8 million barrels per day during her tenure.

“Having worked as an operator and participated in resource development, I believe I have the competence to regulate the industry and ensure we maximise the enormous opportunities before us,” she told the committee.

On his part, Mohammed, the nominee for the midstream and downstream regulator, placed emphasis on restoring discipline to Nigeria’s gas and petroleum supply systems through strict enforcement of contracts and quality standards.

“Gas is not a favour; it is a commodity. It must be sold based on enforceable contracts from the producer to the transporter and the end-user,” he said, arguing that weak contractual frameworks had contributed to persistent gas shortages, particularly in the power sector.

He noted that uninterrupted gas supply to some power plants was only possible where contracts existed, and obligations were clearly defined, adding that enforcing the Gas Network Code would help stabilise the system and rebuild investor confidence.

Mohammed also warned against neglecting domestic refining and processing capacity, cautioning that failure to protect local value could see the sector suffer the same fate as Nigeria’s once-thriving textile industry.

While backing exports, he said domestic needs must come first to guarantee energy security. The NMDPRA nominee pledged to revive pipeline transportation of petroleum products, attract billions of dollars in investments for gas processing infrastructure, and strengthen quality assurance through in-house laboratory facilities.

“You cannot enforce quality if you do not have the capacity to test and certify products yourself,” he said. Born in Gombe in 1957, Mohammed is a chemical engineering graduate of Ahmadu Bello University, Zaria, with decades of experience across the oil and gas value chain.

He has served as Managing Director of the Nigerian Gas Company and Kaduna Refining and Petrochemical Company, as well as Group Executive Director and Chief Operating Officer, Gas and Power, at NNPC.

Reacting, the Chairman of the Senate Committee on Petroleum Resources (Downstream), Senator Sumaila Kawu, said the screening was taking place at a critical moment for the country, noting that boosting energy production and efficiency was central to Nigeria’s economic recovery.

He disclosed that further engagements with the nominees would continue into January to deepen legislative–regulatory collaboration. The Senate is expected to consider the committee’s report in the coming days and move towards confirming the nominees, a step that would mark a new phase in the regulation of Nigeria’s oil and gas industry under the Tinubu administration.

The nominations followed the resignation of the pioneer chief executives of both agencies, Gbenga Komolafe of the NUPRC and Farouk Ahmed of the NMDPRA, who were appointed in 2021 after the Petroleum Industry Act came into force.

The World Bank is set to approve a $500m loan to Nigeria on Friday (today) as part of efforts to expand access to finance for micro, small and medium enterprises across the country.

The proposed facility, titled the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) Project, aims to mobilise private capital and promote innovative financial products for small businesses, according to information obtained from the World Bank.

Negotiations on the loan are ongoing, and approval by the World Bank Group’s board is expected on Friday. The approval, expected on December 19, 2025, will see the World Bank commit $500m to the project out of an estimated total cost of $2.39bn.

Of the World Bank financing, $400m will be provided by the International Bank for Reconstruction and Development, while $100m will come from the International Development Association.

The Federal Government will be the borrower under the arrangement, with the Development Bank of Nigeria serving as the implementing agency with overall responsibility for managing the funds. The remaining $1.89bn required for the project is expected to be provided by commercial lenders as unguaranteed financing.

According to the World Bank, the FINCLUDE project will leverage the platforms of the Development Bank of Nigeria and its subsidiary, Impact Credit Guarantee Limited, to deepen credit access for MSMEs.

“The proposed FINCLUDE Project leverages the platforms of the Development Bank of Nigeria and its subsidiary, the Impact Credit Guarantee Limited, to drive inclusive MSME finance,” a document from the World Bank read. “Through these catalytic institutions, the project will deploy a package of complementary, inclusive, and innovative instruments tailored to the diverse needs of MSMEs in Nigeria.”

The World Bank described DBN as “a partner well known to the World Bank with high implementation capacity and a proven track record in designing and executing complex, innovative projects,” noting that its role would be central to the success of the intervention.

The project is structured around three main components. These include the provision of inclusive and innovative MSME finance products, the de-risking and mobilisation of private capital through partial credit guarantees, and technical assistance aimed at modernising and digitising Nigeria’s MSME finance ecosystem.

Under the first component, the World Bank said the project would provide Tier 2 subordinated capital to eligible financial institutions and support the establishment of an MSME investment fund to deliver equity and long-term debt financing to small businesses. The bank said this approach would help “crowd-in private capital, test market innovations and promote financial sustainability” within the MSME segment.

Also, the project will offer targeted technical assistance to strengthen the capacity of financial institutions, improve regulatory oversight and modernise the MSME finance value chain linking DBN, lenders and entrepreneurs.

In its appraisal report, the World Bank highlighted Nigeria’s ongoing economic reforms, describing the country as being “in a critical transition.” It noted that the removal of fuel and foreign exchange subsidies, alongside the unification of exchange rates, had begun to stabilise the economy and restore investor confidence.

“These reforms have improved fiscal space, enhanced FX liquidity, and eased inflation to 18 per cent as of September 2025,” the report stated, adding that growth prospects were strengthening, with the International Monetary Fund projecting 3.9 per cent real GDP growth in 2025.

Despite these improvements, the World Bank warned that access to finance remained uneven, particularly for MSMEs, women and the agriculture sector. It noted that agriculture accounted for just over five per cent of total bank credit in 2024, while high interest rates and shallow credit penetration continued to constrain lending to smaller enterprises.

If approved on Friday, the FINCLUDE project will add to Nigeria’s growing portfolio of World Bank-supported programmes. As of June 30, 2025, Nigeria’s external debt stood at $46.98bn, according to the Debt Management Office.

The World Bank Group remains Nigeria’s largest single creditor, accounting for $19.39bn of the total, comprising $18.04bn from the IDA and $1.35bn from the IBRD. This represents 41.3 per cent of the country’s external debt, underscoring the bank’s dominant role in financing Nigeria’s development initiatives.

The PUNCH earlier reported that the World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.

The amount covers International Bank for Reconstruction and Development and International Development Association loans only, according to an analysis of data on the bank’s website by The PUNCH. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.

The International Bank for Reconstruction and Development provides loans on commercial or near-commercial terms to middle-income and creditworthy low-income countries, while the International Development Association offers highly concessional loans and grants to the world’s poorest nations.

The PUNCH also reported that Nigeria’s stock of World Bank International Development Association loans rose to $18.5bn, making it the largest IDA borrower in Africa and the third-biggest in the world.

Fresh data from the IDA’s unaudited financial statements for the third quarter of 2025 confirmed that the country has maintained the ranking it first attained in 2024, when it climbed to third place after overtaking India. The country was the fourth-largest borrower in 2023.

According to the report, Nigeria’s exposure increased from $17.1bn in September 2024 to $18.5bn in September 2025, representing a rise of $1.4bn or 8.2 per cent. The increase reflects the country’s heavier reliance on concessional financing to plug infrastructure gaps, stabilise its reform programme, and support social spending amid volatile oil earnings.

Economists warn that the rising loan pipeline, while potentially beneficial for long-term development, could deepen fiscal pressures if not matched with stronger domestic revenue mobilisation and prudent expenditure management.

Lagos-based economist, Adewale Abimbola, reacting to the rising World Bank commitments to Nigeria, said loans from multilateral institutions such as the World Bank are largely concessionary, with interest rates typically below market levels and longer repayment tenors.

He noted that the critical question is not whether Nigeria should be borrowing, but whether the loans are structured and deployed effectively. “If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,” Abimbola explained. “Borrowing isn’t bad; what matters is utilisation.”

He stressed that the economic impact of such loans depends on how well they are channelled into projects that can generate sustainable growth, strengthen revenue, and improve public services over time.