Business
Consultant Warns Against Trade Barrier In ECOWAS States
A consultant with the Economic Community of West African States (ECOWAS), Dr Jonathan Aremu, has urged member states to remove barriers and reduce distortions affecting Foreign Direct Investments (FDIS).
Aremu gave the advice at the end of the 3rd ECOWAS Investment Forum in Lagos while delivering a paper on “ECOWAS Common Investment Market (ECIM): Emerging Regional Opportunities for Investors’’.
He said that both developing and developed countries were competing to attract FDIs.
According to him, today, both developing as well as developed countries are competing, often fiercely, to attract increasing volumes of FDIs.
He urged member nations to adhere to acceptable standards of treatment for Transnational Corporations (TNCs) and also ensure proper functioning of their domestic and regional markets.
Aremu also called for successful implementation of the ECIM under which capital, persons, services and goods would easily flow.
According to him, the Commission based its action on two principal provisions relating to investment in the ECOWAS Revised Treaty.
“The promotion of joint ventures by private sectors enterprises and other economic operators, in particular through the adoption of a regional agreement on cross border investments.
He also talked about the harmonisation of national investment codes leading to the adoption of a Single Community Investment Code.
Aremu said that the principle of the ECIM recognised the need to promote investments in ECOWAS member states.
According to him, ECIM was established to enable the region attract greater and sustainable levels of investment into the region by creating an international competitive investment area.
He said this allowed for free movement of capital, labour, goods and services across borders of member states.
Aremu said that ECIM was also meant to expand economic space for regional actors for investments since national markets of most ECOWAS countries were too small to attract sizeable investments on their own .
He said that the market would also satisfy the desires of multinationals, fund managers and other investors all over the world who now gave preference to regional, rather than national markets in making decisions on investment.
According to him, the market would make ECOWAS one of the major destinations for regional and international investors, while simultaneously enhancing national investment climate of member states
He said that ECIM had to do with mainstreaming sustainable development issues that could meet the needs of the present generation without compromising the ability of future generations.
“Thus, we have all it deserves to be showcased to the global space. In addition, various core principles informed the development of the ECIM.
“Other regional programmes put in place are regional capital market integration and development, regional payment and settlement system, credit risk database, investment guaranty and re-insurance.
“With all these, the community is ripe to be marketed to global investors as a single market.
“No doubt ECOWAS single market investment destination currently provides an attraction to global investors, comparable to any part of the world,” Aremu said.
He said that a revised ECOWAS treaty was designed to overcome the lack of progress in the economic integration agenda of ECOWAS established in 1975 and ratified in July 1993 in Cotonou, Benin.
According to him, the ambition of the revised treaty was to install measures that will reduce excessive competition for investments among member states.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos