Business

Expert Lists Economic Dev Hiccups

Published

9 years ago

October 20, 2017

An economic expert, Mr Franklyn Akinyosoye, says the gap between Micro Small and Medium Enterprises (MSMEs) and the Federal Government is hindering the level of economic development in the country.
Akinyosoye, the President, Association of Business Development Professionals in Nigeria (ABDPIN), told newsmen in Abuja, that Business Development Service Providers (BDSPs) were the key to bridging that gap.
BDSPs are consultants to MSMEs and Small and Medium Enterprises (SMEs) that provide intermediary services for small businesses.
They are professionals saddled with the responsibility of bridging the gap between small business owners, international organizations and the government.
According to Akinyosoye, SMEs and MSMEs have the potential of growing the Gross Domestic Product (GDP) of the country but this is not happening because the government has failed in engaging the BDSPs.
He said if the BDSPs were carried along and engaged accordingly in governments plan for small business owners in the country, the economy would be better off.
“For instance, if government comes up with an intervention and gives that intervention to an MSME, it messes up with the money and is not able to pay back, the money is lost forever.
“But if such intervention goes through a BDSP, he is able to set the MSME up, to manage the money and repay when due.
“Also, government does not want to lend or carry out interventions in such a way that it will give it to individual MSMEs; government likes to give it to a bunch, a few or plenty.
“It is the responsibility of the BDSP to put together those MSMEs as a body, a cooperative, to be able to benefit from such government interventions
“You need us to bring them together, because if we do not bring them together, most times, they do not have a way of coming together by themselves.
“ Therefore, if the MSMEs do not carry out their responsibilities, if they do not export the quality of services they are supposed to, the economy will not grow, our GDP will not grow,’’ he said.
He explained that it was the responsibility of the BDSPs to sustain the growth of the MSMEs, using the interventions of government, using their skills and experience.
This, he said, would ensure that those MSMEs were intact and were doing what they were supposed or have promised the government that they would do.
“So we are like a bridge, between the MSMEs and their growth, between the MSMEs and the government,’’ Akinyosoye said.
The expert said the association recently held a conference in Abuja, which brought together small business holders, consultants (BDSPs) and stakeholders alike in the sub-sector.
He explained that the conference, which was a maiden edition, was organised to address the issues surrounding small business owners and the consultants in the country.
“ The conference was held to bridge the gap between the MSMEs and the consultants which have been too wide.
“And there are some Nigerians who do not actually know that there are consultants called BDSPs and whose responsibility or area of specialisation is handling of small businesses.
“The conference served as awareness, as an orientation for small business owners or micro small and medium enterprises to know that there are some consultants that are specifically for them.
“It was also aimed at creating a discuss, on how small business owners can access finance, manage such finances, their working relationship between them and the consultants and then the intervention funds.
“ We also had the presence of government representatives and other stakeholders who addressed us on their various plans for the growth of small business owners.
Akinyosoye said the association planned to subsequently host the conference annually or bi-annually, depending on circumstances and situations.
He urged the government to ensure stronger relationship, collaboration and synergy with the association, to help grow small businesses in the country and increase Nigeria’s GDP.
The association has been in existence for about four years and has spread in about 16 states of the federation, including the capital city.

Business

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

Published

1 day 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

1 day 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

6 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.