Business

Financial Experts Seek Early Budget Passage …To Sustain Capital Importation

Published

8 years ago

March 12, 2018

Financial experts have recommended early budget passage, improved business environment and liquidity in the Foreign Exchange Market (Forex) to sustain the flow of capital importation to the economy.
The experts told The Tide source last Friday in Lagos that increase in capital importation to the economy supported the view that foreign investors’ confidence was bolstered on the back of rate convergence and liquidity in the foreign exchange market.
The nation’s Capital Importation report released by National Bureau of Statistics (NBS) on March 2, revealed a 12.2 billion dollars capital inflow in 2017.
The inflow represents an increase of 7,104.4 million dollars or 138.7 per cent, compared with the 5.12 billion dollars figure recorded in 2016.
The report revealed that the capital inflow was divided into three main investment types namely: Foreign Direct Investment (FDI), Foreign Portfolio Investment (FPI) and Other Investments.
According to the report, foreign portfolio Investment accounted for 60 per cent capital imports, the single largest share compared to Foreign Direct Investment and Other Investments.
Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), told reporters that increased portfolio investment was driven by improved investors’ confidence, performance and growth in the Nigerian Stock Exchange (NSE) in 2017.
According to him, S&P Dow Jones Indices ranked NSE as one of the best five capital markets in the world for 2017.
“The NSE closed the year on the positive note as the NSE All-Share Index returned 42.30 per cent year-on-year.
“Market capitalisation grew positively to close at N13.61 trillion compared to N9.25 trillion recorded at the end of 2016,’’ he said.
Yusuf noted that participation of foreign investors in the nation’s equities market gained momentum following the introduction of Investors’ and Exporters’ Foreign Exchange window by the Central Bank of Nigeria (CBN) in April 2017.
“The foreign exchange window and the various forex interventions by CBN helped to ease scarcity and challenge in the foreign exchange market.
“Government needs to intensify efforts to pass the 2018 Budget and expedite its quick implementation toward bridging the nation’s infrastructure deficit which stands as a disincentive to foreign direct investments,’’ he said.
The LCCI boss urged the Federal Government to evolve policies that would attract more foreign capital into the economy to further boost NSE performance and strengthen economic rebound.
Yusuf recommended that more companies should be attracted to get listed on the NSE to further deepen the market, increase trading activities and improve liquidity.
Ms Peace John, a researcher at Centre for the Study of the Economies of Africa (CSEA), told The Tide source that maintaining economic growth as portrayed in the recent GDP report would sustain flow of capital import.
“The investors are coming in already and if we keep having positive data on our economic indicators, that means that recovery process would be consolidated.
“The external factors that have to do with oil price, foreign exchange are stable for now and if the government should do its part with the passage and implementation of budget and effective implementation of Economic Recovery and Growth Plan (ERGP), capital inflow would be sustained,’’ she said.
John noted that further improvements in the ease of doing business, favorable lending rate policy, capital release for projects and tax incentives would attract more investors to different sectors of the economy.

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.