Economy rebounds as Nigeria secures over $400m for IDPs, health projects

President Bola Tinubu has sworn in two newly appointed ministers, Dr Bernard Doro and Kingsley Udeh, at a brief ceremony, yesterday, inside the Council Chamber of the State House, Abuja.

The economy is showing renewed momentum, buoyed by rising investor confidence and fresh multilateral financing totalling more than $400 million to support Internally Displaced Persons (IDPs), host communities in the North, and healthcare delivery in Sokoto State.

The swearing-in, which took place moments before the President convened the weekly Federal Executive Council (FEC) meeting, drew commendations from the Enugu State Traditional Rulers Council.

Doro, a pharmacist and lawyer from Plateau State, replaces former Minister of Humanitarian Affairs and Poverty Reduction, Prof Nentawe Yilwatda, who recently assumed office as National Chairman of the All Progressives Congress (APC). His nomination was confirmed by the Senate late last month.

Udeh, a Senior Advocate of Nigeria (SAN) from Enugu, fills the vacancy created by the resignation of former Minister of Science, Innovation, and Technology, Uche Nnaji, who stepped down following allegations of certificate forgery. His appointment was confirmed by the Senate earlier yesterday after a brief screening.

Before his appointment, Udeh served as the Attorney-General and Commissioner for Justice in Enugu. Meanwhile, the President immediately opened the FEC meeting, which commenced with a presentation by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on the state of the economy.

In attendance were the Secretary to the Government of the Federation (SGF), Sen George Akume; Head of the Civil Service of the Federation (HoSF), Mrs Esther Walson-Jack; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser (NSA), Nuhu Ribadu; ministers and senior presidential advisers.

THE Enugu monarchs rejoiced over the confirmation and swearing-in of Udeh as a minister in a statement issued on behalf of Enugu State Traditional Rulers Council by its Chairman, HRM Igwe Samuel Ikechukwu Asadu, the Ochiliozuo I of Edem Ani in Nsukka Local Council.

The Council hailed the appointment as a moment of pride for Enugu and a signal of the Federal Government’s recognition of excellence and merit.

“We are delighted by the Senate’s confirmation and the President’s swift action in swearing in our son, Dr Kingsley Udeh. His journey to this national office is a testimony to his tireless service, intellectual distinction, and unblemished character,” Igwe Asadu said.

The Council commended Tinubu for entrusting such an important responsibility to Udeh, affirming that his inclusion in the FEC reflects the President’s commitment to bringing capable hands on board.

The statement also paid glowing tribute to the efforts of the Governor of Enugu State, Peter Mbah, whose leadership, they noted, played a crucial role in re-establishing a constructive and strategic connection between Enugu and the federal centre.

SPEAKING after yesterday’s FEC meeting, Edun announced that Nigeria had secured a $300 million World Bank credit for IDPs and host communities spread across northern states.

He added that Council also cleared a $96 million financing package from the Islamic Development Bank (IsDB) and the African Development Bank (AfDB) to deliver the Sokoto Health Infrastructure Project, with the Sokoto State Government providing counterpart funding.

Edun said recent developments reflected growing faith in Nigeria’s reform trajectory. He cited the country’s successful return to the Eurobond market, where a $2 billion offer drew $13 billion in subscriptions, as “a resounding vote of confidence” in the Tinubu administration.

Stressing that all borrowing remained within approved fiscal limits, the minister expressed optimism that ongoing economic diplomacy, led by the President, would expand inflows, noting the rising foreign interest in aviation and other sectors.

Further on macroeconomic performance, Edun said headline growth had accelerated to 4.2 per cent in Q2 2025, even as inflation moderated to 18 per cent.