Business

‘We Must Diversify To Boost Local Production’

Published

10 years ago

October 12, 2016

President Muhammadu Buhari has reiterated the determination of his administration to diversify the economy to boost local production of goods and services.
The president stated this in Abuja on Monday at the opening of the 22nd Nigerian Economic Summit.
He said that with diversification of the economy, Nigeria would never again depend on one commodity to survive as a nation.
“As I have said in the past, we need to diversify the economy so that we will never again have to rely on one commodity to survive as a country so that we can produce the food we eat.
“We also have to make our own textiles work, produce most of the things we use and create the right environment for our young people to be able to innovate and create jobs through technology.
“This has been the commitment and the mandate of this administration and I have remained focused on it each day, since the assumption of this administration.
“There is clearly no better way to achieve this without building our economic foundation of made in Nigeria goods and services,’’ he added.
According to him, the theme of the summit: Made in Nigeria, lies at the heart of so many efforts his administration is making to lead the nation through “this trouble times and lay a firm foundation for the future”.
He noted that that the summit had champions of made in Nigeria that had defied the odds over the years to produce locally and contribute to the economy.
He said his administration would continue to encourage more local production of goods and services, adding that government’s greatest desire was to transform the economy from import dependence to an export-led economy in goods and services.
“My greatest desire is that Nigeria moves from import dependence to self sufficiency in local production and become an export-led economy in goods and services.
“I strongly believe that this summit will bring all stakeholders on board to stay on the course.”
The president expressed the hope that by the end of the summit, the participants would make useful and realistic recommendations and policies aimed at addressing the socio-economic challenges facing the country.
In his remarks, the Minister of Budget and National Planning, Mr Udoma Udo Udoma, assured that the government would continue to improve the enabling environment for businesses to thrive.
“We will continue, among other things, to prioritise our spending towards critical infrastructure to improve Nigerian competitiveness.
“Government agencies will work with the private sector to support research with a view to developing high quality indigenous products and technologies.’’
He explained that many of the government’s programmes had been structured to stimulate domestic production.
He cited the School Feeding Programme as an example, saying the programme would utilise only locally grown and produced food items.
He, however, stated that much more needed to be done by both the public sector and the private sector to encourage and support local production.
Udoma said that “the summit will provide an opportunity to examine what more can be done.
“How do we promote the consumption of more Made in Nigeria goods and services? How do we improve the quality of ‘Made in Nigeria’ goods to international standards so they can be exported?
“How can we support our SMEs to be able to compete?
“It is our expectation that this Summit will provide a platform to sharpen the focus of the conversation and also offer recommendations that will help reinvigorate our industries and services.
He said this would curtail the growing demand for foreign exchange for imported finished goods in the country.

Business

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

Published

6 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

6 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

5 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.