Business

ECOWAS States Reject EU Partnership Deal

Published

12 years ago

April 2, 2014

The Economic Community of West African States (ECOWAS) has once again refused to sign the Economic Partnership Agreement with the European Union, a media source said on Monday.
The media report said the refusal was contained in a communique issued at the end of the 44th Ordinary Session of Heads of State and Government of the ECOWAS Authority held in Yamoussoukro, Cote d’Ivoire on Saturday.
It said some states found issues with technical matters about the agreement, compelling the heads of state and government to shelve the signing of the deal.
This was in spite of the fact that West African leaders had reaffirmed their strong commitment to the agreement and endorsed its conclusion in principle.
The authority directed the chief negotiators to take steps to address the issues raised within two months before appending their signature to the EPA.
“The authority also directs the chief negotiators to establish a committee, including representatives from Nigeria, Ghana, Senegal and Cote d’Ivoire, to look at issues raised and present the final outcome to the Heads of State and Government,” the communique stated.
The EPA is a trade and development agreement negotiated between the EU and African, Caribbean and Pacific countries engaged in regional economic integration process.
It aims, among other things, to help countries in regional and sub-regional blocs to integrate into the world economy and share in the opportunities offered by globalisation.
Addressing a news conference later, Ghanaian President John Mahama, who was elected the new ECOWAS Chairman, said though the leaders agreed in principle to the agreement, they needed to negotiate an agreement that would be beneficial to their people.
In Ghana and other West African countries, religious and farmer-based groups have opposed the signing of the agreement by ECOWAS, saying it would worsen the economic problems of their countries.
The ECOWAS communique, which was read by ECOWAS Commission President Kadre Desire Ouedraogo, also touched on regional economic performance and consolidation of the common market.
The heads of state stressed the need to step up economic growth to sustain employment and facilitate the achievement of the Millennium Development Goals.

“To sustain the good economic prospects in the region, the authority urges member states to pursue efforts toward putting in place sound and stable macroeconomics frameworks,” it stated.
The authority renewed its commitment to ensure peace and security in the sub-region through good governance and democracy.
Ministers of trade and negotiation experts of the ECOWAS on May 12, 2011, decided against acceding to what they termed “unreasonable” demands from the EU over their EPAs.
The decision, reached at a meeting of the Ministerial Monitoring Committee on EPAs stalled further negotiations with the EU.
The MMC, therefore, urged the authority of the heads of state and governments of ECOWAS to take up the matter, taking into account the guidelines on divergences observed within the framework of the Special Summit of Heads of State on the EPAs.
A copy of the conclusions and recommendations obtained by Xinhua noted the concern of the MMC over the decision by the EU to amend a rule on access to the European market.
It stipulated that countries which had concluded EPAs would benefit from provisional and early applications for trade preferences ahead of steps they should have taken to ratify these interim agreements.

L-R: Chairman, Dragon Africa, Mr Obiechina Asika, Country Director, British Council, Connie Price, Chief Executive Officer, Spark, Mr Jason Njoku and Director of Programmes, Co-creation Hub, Femi Longe, at the UK Nigeria 100 SMEs Summit in Lagos last Friday

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.