Business
AU Urges More Infrastructure, Access To Boost Trade
The African Union Com
mission (AUC) has urged member states to address infrastructure and trans-border challenges in order to boost intra-Africa Agricultural trade and food security.
The commission said in Addin Ababa that improving infrastructure and liberalising trans-border access would boost intra-Africa trade as well as meet the target of the AU Heads of State and Government’s commitment made during the Malabo Summit.
The African leaders had during the Malabo Assembly committed to tripling intra-Africa trade by 2025 to sustain growth, reduce poverty and boost employment through agricultural trade.
The AU Commissioner for Rural Economy and Agriculture, Rhoda Peace, made the remarks at the opening of a three-day Regional Strategic and Knowledge Support System (ReSAKSS) Annual Conference in Addis Ababa.
Peace said Africa’s agricultural trade had increased in recent years after decades of decline and trade among African countries had been on the rise.
She said ReSAKSS annual report analysis released during the technical session of the conference had indicated a boost in Africans’ ability to access food and the distributing channels to the neediest during hard times.
“The report found that Africa’s agricultural exports accounted for 3.3 per cent of world agricultural trade in 2009-2013, up from 1.2 per cent in 1996-2000 showing a threefold increase.
“Moreover, Africa’s agricultural exports have quadrupled in value terms and doubled in caloric terms. And the share of intra-African trade has doubled: nearly 34 per cent of agricultural exports originating from African countries now go to other African countries,” she said.
The commissioner said the findings were significant to agricultural trade and intra-African trade in ensuring the critical element including the poor and vulnerable were able to remain resilient in the face of economic shocks and severe weather events.
“While the situation is far different from that of the 1960s, when African countries dominated global markets, the recent performance indicates that Africa can become a major player again.
“ Countries, however, need to sustain the policies and institutional reforms and scale up the investments that made this change possible,” she said.
The Tide source reports that the conference attributed the continent’s growth in world agricultural exports to improved trade infrastructure, such as telecommunications, integration in global and regional markets as well as increase in world prices of raw materials.
It also found that diversity of crops had helped boost trade because at the end of the 1990s, the top 10 agricultural exports made up 51 per cent of Africa’s total agricultural exports.
The report said the African agricultural exports had become more diversified and more competitive with the top 10 agricultural exports accounting for 40 per cent of total exports at the end of 2010.
“Fueled by both economic growth and population growth, agricultural imports have risen considerably faster than exports.
“As a result, the agricultural trade deficit rose from over 1 billion dollars to nearly 40 billion dollars,” it said.
The report highlighted the tremendous challenge facing African countries and the need to deepen the reforms and scale up the efforts that had accelerated exports during the last 10years.
It would be recalled that African Heads of State and government during the Malabo Summit in June, renewed commitment on efforts to boost competitiveness and trade, in global as well as intra-African markets.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
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