Business

MAN Faults AfCFTA’s Impact On Economy

Published

8 years ago

July 9, 2018

National President of Manufacturers Association of Nigeria (MAN), Dr Frank Udemba says the association has reservations on the impact of African Continental Free Trade Area (AfCFTA) on the economy.
Udemba made the disclosure in his address at the 30th Annual General Meeting (AGM) of Anambra, Ebonyi and Enugu branches in Awka at the weekend.
The AGM has the theme, “Jobs in Nigeria: Closing the Gaps of Unemployment in A Divergent Labour Market.”
AfCFTA is a trade agreement proposal of the African Union with the objective to create a single continental market for goods and services, with free movement of businesses, persons and investments.
It will pave the way for accelerating the establishment of the Customs Union and expand intra-African trade through better harmonisation, coordination of trade liberalisation, facilitation and instruments across Africa.
Udemba commended President Mohammed Buhari for not signing the agreement yet, adding that there was a need for wider consultation among stakeholders to critically analyse and weigh the possible impacts.
He continued that MAN and the Organised Private Sector were not against the agreement but contended that the National Office for Trade Negotiation (NOTN) did not hold consultation with relevant stakeholders.
“As a concept and in principle, MAN is not against the AfCFTA, our original contention was that NOTN did not undertake adequate consultation with relevant stakeholders.
“Although that is being done now, we still have the big issue of absence of a country-specific study to determine the possible impacts, benefits and downsides of AfCFTA on the Nigerian economy and manufacturing sector in particular.
“MAN shall continue to engage the NOTN and the Federal Government with a view to ensuring that concerns of manufacturers are addressed and we are adequately represented at the negotiations that determine whether or not Nigeria signs-on,’’ he said.
Udemba also called on the governments of Anambra, Ebonyi and Enugu states to create better environment that would engender industrialisation in their domains.
He said infrastructure deficit and harsh regulatory framework were negatively affecting the survival of firms in the state.
“Your Excellencies, it is obvious that your states are not fully industrialised, therefore, efforts should be made to attract investments in the manufacturing sector by providing appropriate infrastructure and other incentives.
“The manufacturing sector has been acknowledged as the highest contributor to job creation, skill development and technology transfer; it is therefore, imperative for state governments to institute more effective consultation mechanism with MAN.
“This will ensure sustenance of the existing manufacturing companies that are currently groaning under the weight of overwhelming infrastructure and regulatory challenges,’’ he said.
The national President applauded the rebound of the country’s economy after recession, acknowledging significant improvement in inflation rate, external reserve, Purchasing Managers Index and increased All Share Index.
Also speaking, Senator Chris Ngige, Minister of Labour and Employment, said the Federal Government was doing its best to provide infrastructure that would encourage business.
Ngige, who was represented Chief Charles Amilo, a chieftain of the All Progressives Congress in Anambra, said works were going on at the second Niger Bridge and roads across the country.
He said the Federal Government through the National Directorate Employment, N-Power and other programmes had created millions of jobs for Nigerians.
On his part, Chief Azubuike Okafor, the outgoing Chairman of the Branch, commended members for their resilience in spite of the operational environment.
Okafor urged governments of the branch states to improve on their ease of doing business in order to enjoy the Internally Generated Revenue benefits accruing from it as obtained in Ogun.
He lamented the high level of smuggling of substandard products into the country, stringent tariff regime and other bottlenecks on international transaction which, he said, were making members to compete unfavourably in the market.

Business

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

Published

5 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

5 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.