Business

World Bank Offers Support For Nigeria’s Economic Growth

Published

8 years ago

August 6, 2018

The World Bank last Friday expressed its willingness to provide technical support to Nigeria in critical areas to facilitate the country’s economic growth and development.
The bank’s Vice President for African region, Mr Hafez Ghanem said this in a statement issued by Special Adviser to the Minister of Budget and National Planning in Abuja, Mr James Akpandem.
Ghanem spoke when he visited the Minister of Budget and National Planning, Sen. Udoma Udo Udoma.
He said the bank would provide technical support for Nigeria in the areas of the Economic Recovery and Growth Plan (ERGP) Mid-term Review, Power Sector Reform, Public Private Partnerships (PPPs), and population management.
According to him, the bank will also provide technical support for ERGP delivery, performance tracking and reporting, capacity building for sector officials and economic modelling for policy analysis and forecasting.
Ghanem also pledged the bank’s commitment to increase its support for Nigeria’s Social Investment Programme.
The World Bank chief reiterated that he was in Nigeria to discuss with relevant Nigerian officials regarding the areas Nigeria would like to receive additional support from the bank.
He acknowledged that the present administration in Nigeria had shown commendable commitment in growing the economy.
Ghanem pledged that he would ensure Nigeria had an opportunity to speak about its economic progress at the annual meetings of the World Bank/International Monetary Fund (WB/IMF) scheduled for later in the year in Indonesia.
While receiving Ghanem, the Minister told him that the ERGP was Nigeria’s medium term plan (2017 – 2020) that articulates government’s vision for the country.
Udoma said the plan also layed the foundation for Nigeria’s long term economic growth.
He said the present administration had to set very aggressive targets in order to meet the serious challenges caused principally by the collapse in crude oil prices.
“Indeed, the collapse of crude oil prices exposed how dependent the economy is on commodity exports.
“ The ERGP was therefore developed to reform the economy so as to reduce its reliance on a single commodity and place it on the path of sustained, diversified and inclusive growth.
“With the introduction of the ERGP, the economic decline has been reversed; the economy has emerged from recession and is beginning to grow again,” he said.
The minister said that in spite of the positive economic news, there was much more to be done to achieve the targets set in the ERGP.
He said the government was focused on accelerating the implementation of the various initiatives in the ERGP and would soon commence a mid-term review of the plan.
He said Nigeria would appreciate technical assistance in the areas of Power Sector Reform and PPPs, ERGP as improvements in these areas were critical to achieving the rapid transformation of the economy.
He pointed out that although a large population could be an asset, a high population growth rate could pose a challenge for any country.
According to him, Nigeria’s rate of population growth needs to be moderated as one of the means of ensuring that the benefits of economic growth have the desired impact and improves welfare of all the people.

“In that connection, Nigeria can benefit from the experience of countries that have had success in managing their population growth.”
Udoma asked for assistance from the World Bank in arranging for Nigeria to have access to relevant information on the best and most successful methods of achieving success in this area.
The minister also expressed appreciation for the support the World Bank, the International Finance Corporation (IFC) and other development partners had been rendering toward development of the ERGP.
He appealed to the IFC to redeem the pledge to provide funding support for some of the projects identified during the ERGP Focus Labs.
‘It will be appreciated if the Vice President of World Bank can help designate a special session during the forthcoming IMF/World Bank meetings in Indonesia to enable Nigerian representatives speak to participants about the ERGP.
“ This will enable us attract more investments into Nigeria to further facilitate the achievements of the objectives and targets of the Plan’
The statement also said the Minister of State, Mrs Zainab Ahmed, appreciated the bank’s assistance in the area of security, social investment and the cash transfer programme.
Ahmed urged for more support , especially in the management of Nigeria’s growing population and inclusive growth.
She said if Nigeria succeeded in the Sustainable Development Goals (SDGs) programme, it would make a major contribution to the continent as it would meet the targets set for Africa.

Business

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

Published

3 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

3 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.