Business

Nigeria Signs $475m Trade Agreement

Published

8 years ago

July 6, 2018

Nigeria and France last Tuesday signed three agreements worth 475 million dollars on social amenities and reforestation.
Reports say that the agreements cover Urban Mobility Improvement Programme of Lagos State, sustainable water supply in Kano city and reforestation in Ogun.
President Muhammadu Buhari and the visiting French President, Emmanuel Macron witnessed the signing of the agreements during their bilateral talks held at the Presidential Villa, Abuja.
The Lagos agreement involved a letter of intent for the financing of urban mobility improvement project through a loan of 200 million dollars.
The urban mobility project will involve development of eight priority bus corridors connected to the Lagos mass transit network.
In Ogun, a French firm in conjunction with the Nigeria Sovereign Investment Authority is to mobilise from investors about 200 million dollars for land reclamation to correct the massive degradation of arable land being witnessed in the state.
Governor Ibikunle Amosun, who spoke to State House correspondents on the signed agreement, said the project aimed to reforest 108,000 hectares of depleting forest in Ogun.
Amosun, therefore, hailed the signing of the agreement, describing it as very vital to not only addressing climate change challenges and recreating the forest, but also providing employment to the people of the state, among other benefits.
France, through its foreign development agency, Whence Francaise de Development (AFD), will also extend a credit facility of 75 million dollars towards improving water supply in Kano city.
The concessional loan is expected to help Kano State Government ensure more residents of the city have access to drinking water while improving the financial viability of the state water board to increase its revenues.
Addressing newsmen after the signing of the agreements, Buhari and Macron, who addressed a joint press conference at the forecourt of the Presidential Villa, expressed the readiness of their countries to continue to promote socio-economic interests for the general good of both countries.
The two presidents pledged to increase the cooperation between Nigeria and France in tackling security challenges occasioned by Boko Haram and ISIS jihadists in Nigeria and the Sahel region of Africa.
Macron said he was more concerned about how African governments organised themselves to effectively tackle the challenges posed by terrorists on the continent.
He said: “The main plan is an African plan and France is not the one to solve or fix African situations.
“So what we, want to do is that we will intervene and maintain our presence in Africa and Sahel to fight against terrorism, especially in Mali and in the region.
“What is important to me is how the different African governments organise themselves to fight against terrorism and get rid of these people and especially, jihadism. That is why I do promote the G5/Sahel Initiatives.
“As far as we are organised, Nigeria, Niger, Chad and Cameroon is also very important, it is Boko Haram. I think first we have to increase the operations and the pressure against these jihadists.
“We can fix the situation in the coming months and obviously France will remain present in Africa for as long as they want it.’’
On his part, Buhari thanked French government for its support and assistance to Nigeria’s efforts in combating insurgency and violent extremism in the country and the Sahel region.
He said already Nigeria had cultivated the culture of friendship with all its neighbours with a view to ensuring security and political stability in the region.

Business

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

Published

4 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

4 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.