Business

NASS Assures On Sugar Masterplan Bill

Published

14 years ago

November 19, 2012

The Chairman, Senate Committee on Investment, Senator Nenadi Usman, has expressed optimism that the National Assembly would soon pass the Nigerian Sugar Master Plan (NSMP) bill.

Usman disclosed this in Abuja at a one-day stakeholders’ interactive forum and the unveiling of the NSMP.

The Executive Council had in September approved the NSMP as well as a regime of fiscal and investment incentives to boost sugar production.

Usman said the bill, when passed into law, would ensure the smooth implementation of the new NSMP, stressing that “The bill is to strengthen the implementation of the policy, to give it a legal backing and some push so that people will not just think they can just do anything and get away with it.

He disclosed that “the bill has gone through the first reading, waiting for the second reading which will protect all the stakeholders, especially the consumers and the manufacturers. It is criminal for anyone to be given all the fiscal protection needed just for them to be able to import and keep refining raw sugar at the detriment of having out growers in the farm that should be growing sugarcane,’’.

Usman, who was also a former Minister of Finance, urged sabotours to stay away from the NSMP, adding that it would no longer be business as usual.

In his remarks, Minister of Trade and Investment, Dr Olusegun Aganga, said with the implementation of the NSMP, 411.7 additional mega watts of electricity would be generated from sugar production by 2020.

According to him, the implementation of the NSMP will also make Nigeria to be among the top ten sugar exporters in the world.

The minister said apart from the country being self sufficient in sugar production which would bring an end to the importation of sugar, the successful implementation of the policy would create about 117 million jobs.

“The implementation of the sugar master plan will lead to the production of 161.1 million litres of ethanol which will save the country about $65.8 million on fuel importation.’’

Aganga noted with concern the over dependence on importation of sugar which, he said, had affected the economy negatively, adding that government had put in place measures to encourage local production.

He said “in order to both stimulate and protect local investment in the sugar sub-sector, a new regime of fiscal tariff has been approved to take effect from January 1, 2013.

“The measures include the approval of high fiscal tariff structure which is deliberately skewed against importation and to prevent dumping of cheap sugar and protect the infant industry.’’

The minister said the tariff would take cognisance of the little value addition by refiners who import and refine sugar.

According to him, the Federal Government has also provided incentives for investors in the sector.

The incentives included zero per cent on machinery and spare parts for local sugar manufacturing industries, five years tax holiday for ‘sugarcane to sugar’ value-chains and investors in local sugar manufacturing industries.

The incentive included an outright ban on the importation of refined sugar in retail packs among others.

Aganga said the incentives would also lead to 30 per cent tax credit on the cost of provision of critical infrastructure by sugarcane to sugar project investors.

The minister urged the stakeholders to ensure that their deliberations complemented government’s efforts in stabilising the sugar sector.

The Executive Secretary, National Sugar Development Council (NSDC), Dr Lateef Busari, who presented the NSMP to the stakeholders, said its implementation was a golden opportunity to boost the country’s economy.

“The roadmap is a ten-year plan that intends to see Nigeria from producing the two per cent sugar consumption to self sufficiency and to have some excess.

“The roadmap should be able to produce 1.79 metric tonnes of sugar over the next ten years with some other collateral advantages embedded in it.

“The NSMP will provide lots of jobs apart from reducing the burden of capital flight through the importation of sugar.’’

Chief Kola Jamodu, President, Manufacturers Association of Nigeria (MAN), said the presentation of the NSMP to stakeholders would enable manufacturers to have a better understanding of how to implement it successfully.

Business

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

Published

3 hours 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 hours 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

5 days 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.