Business

AU, ECOWAS Seek Free Trade Area

Published

11 years ago

November 9, 2015

West African Governments have been urged to harmonise efforts at ensuring the realisation of a Continental Free Trade Area (CFTA) to boost trade and integration within the region by 2017.
The call was made on Wednesday in Abuja at the opening of ECOWAS Regional Consultative meeting on the CFTA and Boosting Intra-African Trade.
The objectives of the CFTA are to create a single continental market for goods and services, with free movement of business persons and investments as well as facilitate the establishment of a Customs Union.
In her address, AU Commissioner for Trade and Industry, Mrs Fatima Acyl emphasised the need for member states to develop effective mechanisms to facilitate trade and integration in Africa.
Acyl was represented by Mrs Treasure Maphanga, the Director, Trade and Industry, AU Commission.
Acyl said: “the successful implementation of the CFTA Initiative requires the participation of multiple stakeholders; these include the private sector, civil society, parliamentarians and academia among others.
“Our agenda for this meeting will provide us with an opportunity to review the opportunities and challenges that confront ECOWAS member states in the implementation of the Customs Union.
“As we move towards the implementation of the decision of our leaders to establish the CFTA by an indicative date of 2017, let us summon all our energies and prepare for the work before us.
“Members have agreed that the CFTA should include trade in goods, trade in services, investment, intellectual property rights and competition.
“For us to deliver on all these elements, we must put in place an efficient and effective mechanism for the CFTA negotiations.”
The commissioner also urged member states to provide resources for the implementation of the CFTA.
“The responsibility should not be left to development partners.’’
She called on governments to make provisions to fund the free trade initiatives and invest in human capacity and institutional building to facilitate delivery.
“We should not allow a situation where the financial situation of our development partners is allowed to affect our progress on this important initiative.
“As we move towards implementation, governments at the national level should endeavour to make provisions for funding the negotiations and the implementation of Boosting Intra-African Trade Action Plans,” she said.
The Coordinator for Africa Trade Policy Centre, Regional Integration and Trade Division, United Nations Economic Commission for Africa (UNECA), Mr David Luke, commended the ECOWAS sub-region for its leadership role.
Luke said: “we also see a lot of improvement on non-tariff barriers, removal of road blocks and many of the impediments to trade; we are beginning to see this happen.’’
“Regional Economic Communities (RECs) that are the building blocks of the CFTA by virtue of their establishment have been making significant efforts to reduce tariffs on intra-regional imports to a relatively low level.
“Common Market for Eastern and Southern Africa, East African Community (EAC), ECOWAS and Southern African Development Community, have all taken significant measures towards transport facilitation and reducing non-tariff barriers.
“With regards to liberalisation of movement of people, progress has been made notably in EAC (particularly Kenya, Rwanda and Uganda) and ECOWAS.
“Steps have been taken to facilitate movement of their nationals between the member countries of the bloc.”
He, however, reiterated the need for governments to invest in infrastructural development and build competitive firms and industries in line with global best practices.
The CFTA negotiations were launched at 25th Ordinary Summit of Head of States and Governments in June.
To meet the 2017 implementation deadline, member states are expected to reduce trade barriers among themselves by drastically reducing export and import duties and, in some cases, waiving visa requirements.

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

1 week 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.