Business

Natural Resources, Key To Africa’s Future

Published

14 years ago

October 29, 2012

Dr Nkosazana Dlamini-Zuma, Chairperson of the AU Commission has said that the future of Africans would be determined by the manner in which they utilise their natural resources.

Dlamini-Zuma made this known in Addis Ababa at the 8th African Development Forum,

“We want the future of Africa to be a future where the use of our natural resources leads to Africa’s development, and also a future that claims an equal and dignified place in the global community of nations,’’ she said.

She said Africa was colonised because of its natural resources and that the continent’s status in global economy would be defined by its natural resources.

According to Dlamini-Zuma, the outcome of the forum would not only help decision makers to assess the state of affairs, but also help in charting a path to the future of Africa where uses of its natural resources productively and sustainably would be to its benefit and that of its people.

Dlamini-Zuma therefore, charged the forum to address the challenges that Africa faces with respect to the utilisation and management of the continent’s natural resources.

“You must address such issues as the ownership of these resources. Yes, resources are physically located on our continent, in our countries, but do we really own them? What should be the right balance between foreign and national ownership of resources and how do we get there?’’

“How much of our resources should we keep for our own needs for the next 50 or 100 years from now?’’ she asked.

She said with the latest statistics which showed that Africa was among the growing regions, it was unfortunate that the growth was

not generating enough jobs for Africans, especially the youth.

Mr Carlos Lopes, Executive Secretary, UN Economic Commission for Africa (UNECA) said Africa has a long way to go in order to harness the full potential of its resources.

“It is obvious that we are not there yet. We are gearing up to cope with the increasing global demand for natural resources, at a time of global concern about environmental sustainability and climate change. Our policy responses would therefore require that we change,’’ Lopes said.

He said there was need to improve the processes for accessing and extracting mineral resources in a way that tackles poverty

and promotes inter-generational equity.

Lopes said Africa accounts for three-quarters of the world’s platinum supply, and half of its diamonds and chromium, it has up to

one-fifth of gold and uranium supplies and it was increasingly home to oil and gas production with more than 30 countries in

the category.

He also said Africa has 60 per cent of the world uncultivated arable land, it has forest resources covering more than 23 per cent of its land area and that the same could be said about fisheries and aqua-culture endowments which if properly managed, could be more valuable than familiar non-renewable resources.

Speaking, Mr Aly Abou-Sabaa, Vice President, African Development Bank (AfDB) said Africa has the potential to ensure that its wealth

of natural resources served as a robust catalyst for economic growth, poverty reduction and sustainable development.

Abou-Sabaa, however, said that for this to be achieved, the continent must promote responsible investment for broad-based growth, strengthen enhanced transparency in governance and ensure accountability.

It must also build a capable and responsive state for human capacity development and ensure enhanced socio-economic drive in

the continent.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.