Business

Making Nigeria Investment Haven

Published

13 years ago

December 31, 2012

On assumption of office on May 29, 2011, President

Goodluck Jonathan created the Ministry of Trade and Investment to boost the fulfilment of his embryonic Economic Transformation Agenda.

The new ministry was carved out from the Ministry of Commerce and Industry, with an expanded mandate of creating the enabling environment to stimulate domestic investments and attract foreign direct investments.

The raison d’être behind the creation of the Ministry was to enhance job creation, wealth generation and all-inclusive economic growth in the country.

A year after the ministry’s creation, stakeholders and industry watchers say that the government’s action is, to a large extent, getting the desired results.

Commenting on the ministry, Gov. Babangida Aliyu of Niger commended the Federal Government for its establishment, saying that it had since been providing quality service delivery.

He noted that the Mr Olusegun Aganga, Minister of Trade and Investment, had also brought his wealth of experience to bear on the affairs of the ministry.

“His (Aganga’s) appointment by President Jonathan, first as the Minister of Finance, and now as Minister of Trade and investment, has resulted in the introduction of policies and reforms which have helped to put Nigeria on a sound footing to attract local and foreign direct investment across all sectors of the economy,” Aliyu noted.

Aganga’s most favourite slogan since his assumption of office has been the popular “Investment Golden Rule’’, which states that “investment flows in, settles and ultimately grows where it is treated well and appreciated.”

As part of efforts to make Nigeria the preferred investment destination, Aganga said that the ministry had embarked on the reform of the country’s investment climate, working in tandem with UK’s Department for International Development (DFID) and the World Bank.

He has also inaugurated committees on “Doing Business’’, “Competitiveness’’ and “Investor Care’’, while establishing the “Competitiveness Council’’.

In addition, the ministry has made concerted efforts to strengthen the One-Stop Investment Centre (OSIC) of the Nigerian Investment Promotion Commission.

Just recently, the Corporate Affairs Commission (CAC) officially inaugurated its start-to-finish 24-hour business incorporation service.

What this means is that it now takes just one day for anyone to register or incorporate a business.

Aganga stressed that the target was to ensure that companies were registered within two hours, while instituting a vibrant and transparent companies’ registry.

“We want a registry where services will be user-friendly; we want to show local and international investors that Nigeria means business,’’ he said.

To ensure the scheme’s effectiveness, the minister directed that a complaints register should be opened to accommodate the complaints of those who were not able to get their companies registered within 24 hours.

All the same, these investment climate reform programmes have been yielding the desired results, going by the latest statistics released by the UN Conference on Trade and Development (UNCTAD).

The statistics placed Nigeria as Africa’s biggest destination for Foreign Direct Investment (FDI) in 2011, with a total FDI inflow of 8.92 billion U.S. dollars (about N1.3 trillion)

According to the 2012 World Investment Report, subtitled “Towards a New Generation of Investment Policies”, released by UNCTAD in Geneva in November, Nigeria received 8.92 billion dollars in FDI, thereby placing it as first in Africa.

In the report, South Africa was ranked second with a total FDI inflow of 5.81 billion U.S. dollars.

Besides, reports from the Ministry of Trade and Investment indicated that Nigeria secured over N6.8 trillion investment commitments from local and foreign investors within the last one year.

Aganga explained that the investment commitments were secured from over 70 investors’ meetings held at home and abroad.

The minister said that such meetings held in 2011 alone showed a total commitment of N3.9 trillion over the next three years.

International relations experts and diplomats have attributed the growing interest in Nigeria by both local and foreign investors to the large untapped investment opportunities existing in the country.

Speaking during his visit to Nigeria, Mr Simon Smits, Kingdom of the Netherlands’ Vice-Minister of Foreign Trade, noted that the opportunities in Nigeria far out-weighed the challenges.

“What I have observed during the past few days of my visit to Nigeria is that when I discussed with business people from Nigeria and The Netherlands, they agreed that the opportunities in Nigeria out-weigh the challenges,’’ Smits said.

Similarly, a renowned economist, Mr Charles Robertson, said in a recent interview with Reuters that Nigeria was currently the best investment destination globally, with prospects for high returns on investments.

“We know Nigeria is not risk free. But look around the world and find another economy with a population of 160 million and with such a great potential. It’s a struggle to find them,’’ Robertson said.

Sharing similar sentiments, Mr Ketan Makwana, the Special Adviser on Youth, Commerce and Culture to the Cabinet Office of the British Prime Minister, said in a recent interview that foreign nationals should disregard insinuations that Nigeria was not safe for investment, visitation, or residency.

“Nigeria is most definitely an emerging economy, with more of its population seeking entrepreneurship as a way of life. I am one of those who believe that you cannot comment on something except you have experienced it yourself.

“I will advise foreigners to disregard the erroneous impression that Nigeria is not safe. Ignore what you hear, come and experience it yourself. Then, you can make a decision. Nigeria has almost become a second home to me,’’ Makwana added.

Economic analysts, nonetheless, appeal tothe government toi sustain the drive for foreign direct investment in the country, while providing to necessary logistics support for the Ministry of Trade and Investment.

“The ministry is well-positioned to boost the country’s economic growth,” some of them noted.

Aregbesola is of the NAN.

Isaac Aregbesola

Business

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

Published

8 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

8 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.