A group of Nigerian investors has launched a $5 billion Cooperative Trust Fund aimed at building and strengthening micro, small, and medium-scale enterprises (MSMEs) across the country, in a bid to spur rapid economic growth.

The initiative, unveiled in Abuja over the weekend, is spearheaded by the AssuredInvest™ Cooperative Trust Fund, a multipurpose financial vehicle tailored to support grassroots enterprises across various sectors of the economy.

Speaking at the launch, the lead promoter, Benjamin Aduli, stated that the Fund is backed by institutional capital and governed by cooperative law, not securities law. He emphasized that the Fund aligns with the economic development goals of the current administration.

“This Fund is driven by clear cooperative use-cases—food production, mechanization, housing, education, clean energy, and digital inclusion,” Aduli explained. “It is supported by both government and relevant regulators to ensure it delivers on its objectives.”

Aduli further revealed that the Fund is being administered with oversight from trustee banks, insurance underwriters, and cooperative federations. Among the key partners are the Cooperative Financing Agency of Nigeria (CFAN), National Agricultural Cooperative Organisation (NACO), Cooperative Housing Federation of Nigeria (COHFON), and Akilaah National Cooperative Federation (Akilaah).

“What makes the AssuredInvest™ Fund historic is its demand-driven nature,” Aduli noted. “Unlike traditional financing models that flood the market with unsolicited capital, this Fund responds solely to verified cooperative demand. Whether it’s a rice farmer in Lokoja, a housing cooperative in Enugu, or an MSME cluster in Kaduna—this Fund addresses structured, real-world needs.”

Also speaking, Nathan Nwachukwu, CEO of Terra Industries, said his organization is partnering with the Fund to deploy drone services that will monitor agricultural activities.

“In the first phase, we are deploying surveillance across 40,000 hectares in Kogi State, protecting over 20,000 rice farmers operating under the MAIS Cooperative network,” he said. “Our drones will provide 24/7 aerial surveillance, real-time threat detection, data analytics, and situational awareness to bolster agricultural security.”

In her remarks, Dr. Esther Audu, Chairperson of Women in Agriculture, praised the initiative as a revolutionary step in cooperative financing across Africa.

“The AssuredInvest™ Trust Fund is Africa’s first demand-driven fund,” she said. “It doesn’t inject capital into speculative projects. Every kobo goes directly to real people, real businesses, and real communities. It is rooted in law, built on trust, and driven by a mission to uplift.”

She also lauded the use of drone-powered surveillance to secure farmlands, calling it “a bold leap forward for Nigeria’s agricultural future.”

“The launch of this surveillance system for 20,000 rice farmers in Kogi State is not just about protection—it’s about bringing digital intelligence into our food systems. This is the future, and Nigeria is leading the way,” she added.

National Bureau of Statistics (NBS) may launch its rebased Gross Domestic Product figure on July 11, according to reports by the Nation.

In economics, rebasing refers to the process of updating the base year used for calculating economic indicators like Gross Domestic Product (GDP) or the Consumer Price Index (CPI).

This is done to reflect changes in the structure and price levels of an economy, making the indicators more accurate and relevant to the current economic situation.

Folorunso Alesanmi, head of Public Relations, NBS, deferred his response to today (Monday) when asked to confirm the information.

In a terse text message reply to our inquiry, he said “I will reply you on Monday when I get the final information about it.”

Recall that the country changed the year of its GDP  from 1990 to 2010 in 2014, when the figure was raised by 89 per cent.

The much awaited July 11 figure is expected to increase economic indicators such as  per capita income, debt-to-GDP ratio and tax revenue outlooks.

ECOWAS Bank for Investment and Development (EBID) has committed $100 million to support the development of a key section of Nigeria’s Lagos-Calabar Coastal Highway.

This funding covers a 47.7-kilometre stretch, marking Section I, Phase I of the project, which originates from Ahmadu Bello Way in Lagos.

Work on the highway began in March 2024, with Hitech Construction Company Limited appointed as the main contractor.

The announcement was made during EBID’s 92nd Ordinary Session held in Lagos, where the bank outlined a series of development financing commitments amounting to €174 million and $125 million, targeted at infrastructure and social development across the ECOWAS region.

The investment in the Lagos-Calabar Coastal Highway is designed to boost intra-regional connectivity by linking nine Nigerian states. It will also enhance access to strategic seaports, support agro-industrial development, and improve logistical networks along Nigeria’s southern corridor. The highway is further expected to contribute to the formation of a regional supply chain, economically empowering coastal communities.

“The bank also approved $100 million in funding for the Lagos-Calabar coastal motorway project in the Federal Republic of Nigeria. It said that this project, which spans 47.7 km, would link nine Nigerian states and improve access to seaports and isolated agro-industrial areas. EBID noted that the funding would also contribute to the emergence of a regional value chain to support coastal communities.”

Other EBID-backed initiatives include €50 million earmarked for the establishment and outfitting of six technical and vocational education centres in Togo. These centres aim to provide skills training for up to 3,480 youths annually, focusing on high-demand trades.

In Guinea, the bank allocated €28.9 million to revamp four agricultural high schools, and an additional €95.16 million to build three hydroelectric micro-power plants with a combined generation capacity of 30 megawatts, aiming to expand rural access to renewable energy.

Côte d’Ivoire will benefit from a $25 million facility directed at financing clinker imports by Société de Ciment de Côte d’Ivoire—a move expected to support local cement manufacturing and alleviate raw material shortages in the construction sector.

EBID noted that its latest funding initiatives align with the United Nations Sustainable Development Goals (SDGs), particularly Goal 9, which advocates for advancements in industry, innovation, and infrastructure. With these latest disbursements, the bank’s cumulative investment across the West African region has surpassed the $5 billion milestone.

Nigeria’s Minister of Works, David Umahi, recently disclosed that the Federal Government has signed off on contracts exceeding N3 trillion for multiple sections of the Lagos-Calabar Coastal Highway project, extending through Lagos, Akwa Ibom, and Cross River states.

The Lagos segment—Section I—was awarded at N1.068 trillion, with 30 percent of the contract sum already paid.

Section II, which includes multiple bridges and traverses difficult terrain en route to the Dangote Refinery, has been contracted at N1.6 trillion.

Sections III A and III B, covering parts of Akwa Ibom and Cross River, were jointly valued at N1.33 trillion.

President Bola Tinubu officially inaugurated the first completed segment of the coastal highway in May 2025, signalling the project’s steady progress.