Business

Nigeria,Benin Rep Form Biggest Trade Alliance

Published

3 years ago

July 26, 2023

Acting Comptroller General, Nigeria Customs Service (NCS), Adewale Adeniyi, has said Nigeria and Benin are strategically placed for a mutually beneficial bilateral trade relations.
Adeniyi, who was addressing stakeholders at Seme Border on Friday, said this is in recognition of the fact that the world is tilted toward strategic national alliances for preferential trade.
He argued that worthwhile trade relations between Germany and France in Europe; Brazil and Argentina in South America; Japan and Korea in Asia; among others, could be replicated in the West African sub-region between Nigeria and Benin Republic.
“We live in a world where preferential trade agreement will be the order of the day. This will determine how government will provide economic prosperity to its citizens.
“This means that people within the political block and geographical entities will trade with themselves under some frameworks like the Economic Community of West African States (ECOWAS) Trade Liberalization Scheme which started over 30 years ago.
“While we are grappling with this, in other parts of the world, they have made significant progress and we have discovered that the biggest trade partners are those within a preferential trade area.
“If you look at Europe for example, the biggest trade partners are Germany and France. You will also observe that they are the biggest promoters of the European Union.
“In South-East Asia, Korea and Japan are the biggest trading partners. Although they trade with other parts of the world, they trade with themselves more”, he said.
According to him, modalities to achieve better trade relations whilst addressing the challenges bedeviling cross-border trade was the top issues for discussion when the Customs leadership from Nigeria and Benin Republic met on Monday.

He, however, added that the meeting between both national Customs bosses will guide the impending deliberations between Nigerian President, Bola Ahmed Tinubu and his Beninese counterpart, President Patrice Talon, in few weeks.

Adeniyi also stated that reopening of the nation’s land borders fully depends on the readiness of the local communities to corporate with Customs and other law enforcement agents in combating insecurity and smuggling.

“National Security is the business of every citizen and not security agents alone. Criminals live around us, those who carry arms and ammunition also live around us. You should help us with accurate intelligence reports to apprehend those involved in such practices.

“Policies on national security are supposed to be dynamic processes. That’s why some borders were opened recently. Security agencies need intelligence from the communities on the nefarious activities of smugglers, and to properly protect the border areas against illicit importations”, the Customs boss said.

Earlier, the Area Controller, Seme Border Command, Comptroller Dera Nnadi mni, stated that judicious use of the border would lead to increased trade between Nigeria and Benin Republic with huge economic benefits for both nations, whoch boasts of a combined population of about 250million people.

Nnadi observed that the ECOWAS ETLS and the African Continental Free Tree Agreement (AFCFTA) were created to improve trade among countries within the sub-region and the continent, respectively.

He said they should also lead to the elimination of non-tariff barriers for unhindered market access for the countries.

“Among the trade blocs in Africa, the ECOWAS region has a population of 428.6million people and ranks second after East Africa with a population of 474.9million people.

“It is expected that the potentials inherent in this advantageous position will be translated to increased trade among ECOWAS countries, especially between Nigeria and the Republic of Benin.

“Sadly, ECOWAS ranks fourth at 10 percent when it comes to trade within the African continent. Southern African Development Commission with only 69.2million people ranks first in trading among themselves at 32.12 percent. Common Market for Eastern Africa at 20.32 percent and Community of Saharan Africa at 16.49 percent.

“This is an indication that ECOWAS region is yet to maximize the gains of the trade liberalization scheme. This also underscores the level of our limited preparedness for the AFCFTA,”, Comptroller Nnadi said.

By: Nkpemenyie Mcdominic, Lagos

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.