Business

Stakeholders, FG Sign MoU To Adapt Circular Economy In Plastic Mgt

Published

4 years ago

February 21, 2022

The Federal Government has signed an agreement with the Japanese Government and UNID to integrate circular economy into plastic waste management.
Specifically, the agreement is aimed at promoting the integration of circular economy principles and practices into plastic waste management, strengthen plastic value chains, and demonstrate the benefits of adopting circular economy practices and resource-efficient production of plastic value chains in Nigeria.
Minister of State for Environment, Chief Sharon Ikeazor, who represented the Federal Government, noted that Nigeria, with a population of over 200 million people, generates about 32 million tons of solid waste per year.
According to her, “1.15 million tons of plastic wastes, with little or no segregation, was illegally dumped in open spaces including drainages, or disposed of with hazardous wastes such as health care wastes in dumpsites and burnt openly with an estimated 340 thousand tons ending up as marine litter.
“These unwholesome practices have been linked to the perennial flooding across the country, increased respiratory and cardiovascular diseases, increased incidences of cancer, loss of aquatic life, loss in agricultural productivity, etc.
“The large volume of plastic waste being generated in the country presents circular economic business opportunities across the plastic value chain which should be properly harnessed for job/wealth creation, establishment of micro, small and medium scale enterprises, private sector investment, including foreign direct investment, in addition to preventing/reducing plastic leakages to the environment”, the Minister stated
She continued that one of the ways to realise this potential is to “support the industry by demonstrating benefits of adopting circular economy practices with innovative technologies, including recycling technology or alternative material production.
“This project would, therefore, complement the efforts of our government in mainstreaming circular economy principles and practices into our National Development Plans”, she said.
In his presentation titled “Promoting Sustainable Plastic Value Chain through Circular Economy Practices in Nigeria”, Environment Expert, UNIDO Regional Office, Oluyomi Banjo noted that plastic litter is a major global environmental problem whose production has increased exponentially.
According to him, plastics originated mostly from land but also released into the marine environment when improperly managed can travel thousands of miles and affects the ecosystem and blue economy.
“When mismanaged, plastics are source of GHG emissions, while open burning of plastics emits toxic chemicals”, he said.
The project, which has a duration of 36 months (2022-2025), is estimated to cost JPY 319,000,000 approximately USD 2,901,527.
The Federal Ministry of Environment are the main counterparts, while key partners are the Federal Ministry of Industry, Trade and Investment; National Environmental Standards, Regulations and Enforcement Agency; Abuja Environmental Protection Board (AEPB); Lagos State Waste Management Authority (LAWMA); Lagos State Environmental Protection Agency (LASEPA) in cooperation with Manufacturers Association of Nigeria (MAN), Food and Beverage Recycling Alliance, and Waste Management Association of (WAMASON).
In his remarks, the Ambassador of Japan to Nigeria, Matsunaga Kazuyoshi, noted that the project will enhance the Value of the Gulf of Guinea, Development of the Blue Economy and Prosperity of Nigeria
In a Goodwill address, UNIDO Representative and Regional Director, Nigeria Office, Mr Jean Bakole said the Organization will support the country and partners in translating the agreement into boosting industrial development.

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.