Editorial
Strengthening COOPs And MSMEs
Realising the essence of Micro, Small and Medium Enterprises (MSMEs) to local, national, regional and global economic development, the United Nations specially proclaimed June 27 annually as the International Day for Micro, Small and Medium Scale Enterprises to raise public awareness and sensitise the global community on the need to encourage and sufficiently fund MSMEs to achieve Sustainable Development Goals (SDGs).
Still harping on the roles and capacity of MSMEs as well as Co-operative Societies, the UN similarly declared July 6 yearly as the International Day of Cooperatives in recognition of COOPs’ contributions to societal development at various strata of governance. UN’s General Assembly on December 16, 1992, unanimously passed a resolution declaring the aforementioned date (July 6), as the centenary commemoration of the establishment of the International Cooperatives Alliance in 1995. It, indeed, coincided with the 25th United Nations Day of Cooperatives.
With the theme: “Big Money For Small Business Financing For SDGs”, the UN tasks government at all levels and stakeholders, especially the Organised Private Sector (OPS), to muster sufficient willpower and finance MSMEs and COOPs as they provide employment for over 279 million people representing 10 percent of world’s total working population.
According to Ariel Guarco, President of the International Alliance of Cooperatives (ICA),” COOPs help to preserve employment and provide work in all sectors of the economy, which enhances living standard of communities and societies”. Well said Guarco!
No doubt, MSMEs and COOPs, indeed, improve the socio-economic empowerment and inclusive sustainable growth, as these enterprises are usually people-centred with less tendencies for corruption as evidenced in public or governmental organs, particularly in developing economies such as Nigeria and other African countries where mismanagement and corruption hold sway.
Statistics from the National Bureau of Statistics and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) indicate that MSMEs operators in the country grew from 39 million in 2013 to 41.5 million in 2017, implying that in 2019, the figure must have risen to over 50 million, especially against the backdrop of dwindling economic fortunes, where job cuts and unemployment rate have risen to over 38 per cent with 28 million youths unemployed.
Obviously, the right way to go is the emergence and funding of MSMEs and COOPs which will play critical roles in re-shaping the economic well-being of the teeming unemployed, but productive Nigerians who, by no fault of theirs, are idling and roosting for lack of white-collar jobs.
Though the Central Bank of Nigeria (CBN), in collaboration with some commercial banks as well as other governmental bodies, have made efforts in encouraging COOPs and MSMEs, we think that so far, it is not enough. Deliberate and proactive measures must be put in place to further encourage and boost these micro-businesses. Minimal lending rate remains the key.
The establishment of micro-finance agencies and banks, to say the least, has not really made the desired impact. It is our candid position that soft loans, grants and other incentives as well as adequate budgetary and extra-budgetary measures are the right path to follow, if Nigeria must be reckoned with as a global economic power.
In Asia, Europe and North America, MSMEs and COOPs play significant roles in the economic development of their countries. China, Japan, Brazil, Malaysia, Singapore, South Korea, just to mention a few, owe their strong economies to these micro-businesses. Nigeria, therefore, must strive to be on the same page.
The Tide endorses in its entity the report of the Federal Ministry of Trade and Commerce, urging the National Economic Council (NEC) to mobilise funds to over 37.07 million MSMEs, representing 84 percent of manufacturing and productive sectors and 45 percent of the nation’s GDP.
As the UN’s Deputy Secretary-General, Amina Mohammed, unequivocally stated while marking this year’s celebration of MSMEs, “these micro-businesses are key and critical to any country’s economic emancipation and, of course, remain road maps to creating 600 million new jobs needed by 2030 to keep pace with the world’s working age population.”
Funding and financing them surely means taking bold steps to achieving set out goals towards 2030 Agenda for Sustainable Development. Nigeria must, therefore, key into this global model for economic stability and prosperity.
We must also support our MSMEs and COOPs to flourish as a deliberate policy of unlocking Nigeria’s economic potentials and diversification of the nation’s monolithic economy. In this era of limited white-collar employment, MSMEs and COOPs remain the right path to follow.
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Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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