Business

Nigeria Tasks US On Non-Oil Trade

Published

13 years ago

December 7, 2012

The Minister of Trade and Investment, Dr
Olusegun Aganga, has called on the US to focus on trade and investment in the
non-oil sector for sustainable economic growth in Africa.

He made the call on Monday at the 7TH
U.S.-Nigeria Trade and Investment Framework Agreement (TIFA) Council meeting in
Abuja.

The minister said that the meeting
served as an avenue for both countries to address specific trade and investment
matters.

He described Nigeria as the largest
trading partner of the US mainly in oil and gas.

Aganga urged the council to take the
opportunity of the meeting to explore areas in the non-oil and gas sector for
mutual benefits.

“This meeting is far more significant
because we all have a unique opportunity to make that big change and come up
with policies and actions that will help transform our economies and the global
economy.

“Nigeria is the United States’ biggest
trading partner in sub-Saharan Africa.

“This is largely due to the high level
of trade in petroleum products which accounts for nearly 46 per cent of
Nigeria’s daily oil production.

“This ranks Nigeria as the 5th largest
exporter of oil to the United States of America,” he said.

According to Aganga, this indicates
clearly that Nigeria and the US bilateral trading activities for now revolve
around oil and gas.

He stressed the need for accelerated
growth in non-oil trade between the two countries to enhance inclusive economic
growth and development.

“It is important that we make concerted
efforts to exploit the strengths inherent in both economies; to create
employment to generate wealth and enhance economic growth.

“We must turn the nation’s resource
advantage and investment opportunities into economic fortune and the US-Nigeria
TIFA provides a good window for achieving this,” the minister said.

Aganga decried the trade imbalance that
existed between Africa and developed countries and called on the council to
review the policies to achieve a balance on both sides.

“The United States is the world’s number
one in manufacturing and that is where United States can assist Africa much
more.

“Today, Africa contributes only three
per cent of the world’s trade; not because Africa is not exporting.

“It is because Africa for many years,
has remained at the bottom end of the value chain.

“It has been a continent that has
produced raw materials and sent into the world processed in the developed
economies and then sold back to Africa.

“We buy them at higher prices; that is
not a good trade, Aganga explained.

He observed that there was no country
that had successfully moved from being a poor nation to becoming rich by
relying only on exporting raw materials.

“Such nation must have a strong
industrial and service sector just like America has done.”

He called on western nations to
incorporate Nigeria into such collaborative efforts to enable it achieve growth
and development.

“That is one aim that the TIFA needs to
try and achieve.

The minister expressed Nigeria’s
readiness to take advantage of the opportunities to explore the non-oil sector
to boost economic development.

In her remarks, US Trade Representative
for Africa, Florizelle Liser, reiterated the importance of Africa to the US as
a valid trade partner.

Liser expressed optimism
that the US Policy toward sub-Saharan Africa would create opportunities “for
lifting countries out of poverty and giving people hope for a better way of
life.”

Business

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

Published

11 hours 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

11 hours 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

6 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.