NEWS AGENCY OF NIGERIA
FG committed to harnessing AfCFTA potential for sustainable economic growth

FG committed to harnessing AfCFTA potential for sustainable economic growth

131 total views today
By Vivian Emoni
The Federal Government has reiterated its commitment to fully harness potential of the African Continental Free Trade Area (AfCFTA) agreement for inclusive, sustainable economic growth and regional integration.
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, disclosed this in Abuja, at a Technical Meeting of Nigeria’s AfCFTA Central Coordination Committee (CCC).
Oduwole said that the implementation of the AfCFTA was a critical step in achieving President Bola Tinubu’s agenda for diversification and acceleration of economic growth.
“This gathering marks a unique step in Nigeria’s ongoing commitment to fully harness the potential of the AfCFA agreement for inclusive, sustainable economic growth and regional integration.
“Since the entry into force of the agreement establishing the AfCFTA, together with its Phase 1 protocols on trade increases, trade and services, and the settlement of disputes in 2019, we have witnessed encouraging momentum as member states.
“Also, including Nigeria, implementing their obligations and advancing their decisions on Phase 2 protocols.
“Today, 24 out of the 55 African Union (AU) member states have signed the agreement and 49 have ratified it.
“At the moment, Nigeria, the Africa’s largest economy and its populous nation, stands at a crossroads.
“The disruptions to global economic development have led to an increase in trade.
“The global trade movement since the year 2020 has made it increasingly clear that traditional markets can no longer serve as the sole anchor of personal growth, ” she said.
The minister thanked the United Nations Development Programme (UNDP) for its strategic partnership and technical support, adding that the partnership would continue to strengthen collective effort in the implementation of the AfCFTA.
She said that the AfCFTA represented enough opportunity, trade strategy and nurture of new relationships within the continent, expanding export footprint and reducing vulnerability to global economic shocks.
“It is, therefore, a priority to increase trade, as well as to support the development of new technologies and the infrastructure of the AfCFTA.
“It is also a priority to strengthen the relationship between the UN Development Programme and the United States and to strengthen the partnership between the United Nations and the European Union (EU).
“This partnership will serve as a key factor in the development and implementation of the opportunities to re-engineer Nigeria’s trade strategy and nurture new relationships within the continent, expanding our export footprint and reducing vulnerability to global economic shocks.
“It is, therefore, a priority that we take a deliberate, evidential approach to our national implementation of the agreement,” she said.
Oduwole said that the ministry, with the support of the UNDP, initiated a comprehensive technical assessment of AfCFTA implementation in Nigeria.
According to her, the exercise, led by a dedicated technical working group, will evaluate both Phase 1 and Phase 2 protocols, mapping Nigeria’s obligations across legal, policy, institutional, administrative and technical domains.
“Also, our goal is to assess progress, identify gaps, and realign our strategy to ensure Nigeria’s leadership in the continental trade landscape is both effective and sustainable.
“Our collaboration with UNDP has advanced the deployment of trade intelligence tools, policy advisory services, and capacity building programmes,” she said.
She said that the programme had empowered Nigerian businesses to navigate and benefit from the evolving continental trade landscape.
She noted that the interventions underscored resolve to embrace the AfCFTA as a veritable opportunity to deliver top transformation by enormous economic potential to tangible and sustainable growth.
Jumoke, however, urged all stakeholders to bring their expertise, critical thinking, and commitment for effective deliberation.
“The output of this review must not only be effective for our region but must also provide actionable insights to enhance Nigeria’s implementation of the AfCFTA at the regional level.
“I urge us to approach this challenge with commitment and dedication in this sense.
“Together, we can position Nigeria, not just as a participant, but as a leader in Africa’s economic and institutional journey.”
Speaking, Amb. Nura Rimi, Permanent Secretary of the ministry, said the meeting would enhance policy coherence, improve coordination mechanisms, and strengthen ability to meet Nigeria’s obligations under the agreement.
Dr Ify Ogo, the UNDP Coordinator of the AfCFTA CCC, said that the UNDP was committed to supporting Nigeria to think through opportunities that would attract investment into the AfCFTA. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu
Insurers unveil campaign on Third-Party Motor Insurance compliance

Insurers unveil campaign on Third-Party Motor Insurance compliance

166 total views today

 

 

 

 

By Taiye Olayemi

 

 

 

Nigerian insurance companies on Monday initiated a comprehensive three-month public awareness campaign aimed at increasing compliance with mandatory third-party motor insurance regulations.

 

Mrs Ebelechukwu Nwachukwu, Chairman of the Sub-committee on Publicity, Insurance Industry Consultative Committee (IICC), made this known during the launch of the campaign on Monday in Lagos.

 

She said that the campaign aims to address the public’s knowledge gap regarding insurance policies.

 

According to her, it also meant to sensitise the public on the need to acquire authentic third-party motor insurance as well as deepen insurance penetration in Nigeria.

 

She said that the campaign which has the theme, “Third-Party Insurance Works, Get It, Use It”, remains a call to action.

 

“The National Insurance Commission (NAICOM) has done a lot of work to make sure that the enforcement of third-party motor insurance is successful. Now, the industry wants to respond to that by launching an awareness campaign on third-party for three months.

 

“Our main aim is to let people know that it is necessary to buy third-party motor insurance that is authentic.

 

“Also, it is also to let people know what the third party actually covers, to inform them about platforms where they can buy authentic third-party insurance. It will ensure that they know that every third-party certificate they carry has to be verifiable, along with the platforms where they can verify it.

 

“Again, in the course of our communication, we will let them know the price of third-party insurance.

 

“If third-party insurance is embraced, insurance penetration will increase significantly in Nigeria,” she said.

 

Nwachukwu noted that during the three-month campaign duration, four categories of media would be engaged: print, radio, digital, and out-of-home platforms.

 

She said the campaign, designed to be held in major cities like Lagos, Abuja, and Port Harcourt, among others, would be conducted in five languages: English, Pidgin, Yoruba, Hausa, and Igbo.

 

She explained that the committee is currently speaking with multiple agencies to see how further awareness could be created to ensure the policy is embraced.

 

She said that after the three-month campaign duration, the committee would organise a longer campaign to continue sensitising the public.

 

She said the public would be enlightened on the Economic Community of West African States (ECOWAS) aspect of the third-party motor insurance they possess.

 

She explained that the insurance policy could take a policyholder across all ECOWAS countries without necessarily getting the same policy in those countries.

 

Also speaking, Mr Segun Bankole, Chairman of the Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA), expressed the association’s commitment to amplifying the awareness campaign.

 

“The insurance industry is bedeviled with negative news; we need to make it work. Some Police officers also lack knowledge on what they are trying to make compulsory. So the awareness campaign is of great importance,” he said.

 

Meanwhile, Mr Ademola Abidogun, Managing Director of Guinea Insurance Plc, assured the media of the committee’s continued engagement.

 

Also, Mrs Bimbo Onakomaya, Managing Director of Peakthrust Insurance Brokers and a member of the committee, underscored the importance of the campaign, urging industry stakeholders to embrace it. (NAN)

 

Edited by Olawunmi Ashafa

Capital Market crucial for Nigeria’s trn economy goal- Wale Edun

Capital Market crucial for Nigeria’s $1trn economy goal- Wale Edun

119 total views today

 

 

 

By Taiye Olayemi

 

The Minister of Finance, Mr Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a one-trillion dollar economy.

Speaking at the Capital Market Committee (CMC) meeting, the minister highlighted the market’s transformation since 2015.

He said that with improvements in governance structures, new products and platforms, a stronger regulatory environment, and growing investor participation, the capital market is capable of delivering Nigeria’s proposed one trillion dollar economy.

Edun was represented by the Minister of State for Finance, Dr Doris Uzoka-Anite.

According to the minister, the implementation of the Capital Market Master Plan (2015-2025) had been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.

Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.

He said that the passage of the new act modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.

On the challenges and opportunities inherent in the Act, the minister said it would help deepen market participation, and to ensure regulatory coordination remains tight.

The minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.

He said the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.

He explained that with SEC undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards, among others, the domestic economy recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.

Earlier in his speech, the Director-General of SEC, Dr Emomotimi Agama, emphasised the Commission’s commitment to regulatory reforms and capital market growth.

According to him, the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.

Agama highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.

He also emphasised the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.

He noted that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.

He said a podcast series had also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.

Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent.

He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.

He emphasised the importance of financial inclusion and investor education, citing the commission’s initiatives to empower women, youth, and grassroots communities.

He also highlighted the commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.

Agama emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looked forward to fruitful deliberations at the meeting.

The highlight of the CMC meeting was the unveiling of the ISA Act 2025 by the minister. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Women applaud Bank’s 0m MSME fund

Women applaud Bank’s $100m MSME fund

185 total views today

By Aderogba George

A coalition of women entrepreneurs, under the banner of the ‘We Want More Campaign’ (#WEEwantMore), has commended Access Bank’s announcement of a $100 million facility to support Micro, Small and Medium Enterprises (MSMEs).

The News Agency of Nigeria (NAN) recalls that the women launched the WEEwantMore campaign online in April, in the form of a petition, to draw the attention of the government and financial institutions to the funding challenges faced by women entrepreneurs.

In a statement issued to journalists on May 12, it was noted that the online petition garnered the signatures of no fewer than 2,500 Nigerian bank customers, all supporting the call for increased funding for women-led businesses.

The coalition appealed to the government and financial institutions to allocate at least 40 per cent of MSME loans specifically to businesses owned by women.

However, it commended Access Bank in a separate statement on Monday for recently announcing a $100 million facility to support MSMEs, with at least 30 per cent earmarked for women-led enterprises.

According to the coalition, the move has been welcomed by gender advocates and campaigners behind the WEEwantMore initiative, making it a step towards bridging Nigeria’s financial inclusion gap for women.

It noted that the facility, which is backed by global development finance institutions including DEG, FinDev Canada, ILX, and OeEB, will provide crucial funding to women entrepreneurs.

The coalition further stated that many women continue to face persistent barriers in accessing loans due to discriminatory collateral requirements and systemic exclusion from traditional financial systems.

Joy Una of Gatefield, a non-governmental organisation (NGO), was quoted as saying, “This is the kind of bold, targeted commitment that women have been calling for.

“For far too long, women have carried the economy on their backs while being locked out of the capital needed to grow their businesses.

“Dedicating 30 per cent of this facility to women is not just progress; it is proof that advocacy works.

“The WEEwantMore campaign, launched in April by a coalition of women leaders and advocates, issued an open letter to Nigerian financial institutions and policymakers, demanding concrete action to close the funding gap for women-owned businesses.

“Among their demands are gender-based lending targets, dedicated credit funds, and simplified access to government intervention loans. Over 60 per cent of Nigerian women entrepreneurs cite lack of access to capital as their greatest challenge.

“Although women own more businesses than men in Nigeria, male-owned businesses consistently earn more revenue, largely due to better access to finance and resources. This announcement by Access Bank must be the beginning of broader structural reform.

“We count this as a win, but we won’t stop pushing until every financial institution in Nigeria sees women not as charity cases, but as the backbone of our economy,” Una added.

The statement also quoted Fifehan Osikanlu, Founder of Eden Group, an NGO, as saying that Access Bank’s announcement sends a strong signal that gender-responsive financing is not only possible, but essential for Nigeria’s economic growth.

According to her, Eden Venture Group, in partnership with Gatefield, launched the #WEEwantMore campaign to advocate for precisely this kind of institutional commitment.

She added that such commitments need to be replicated across the financial sector to close persistent gender gaps and unlock broader national prosperity. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

DBN targets N1.8trn loan expansion to boost MSME growth

DBN targets N1.8trn loan expansion to boost MSME growth

162 total views today

Taiye Olaiyemi

The Development Bank of Nigeria (DBN) says it is expanding its support for Micro, Small, and Medium Enterprises (MSMEs) by growing its outstanding loan portfolio to over N1.8 trillion.

Its Managing Director, Mr Tony Okpanachi, told newsmen in Lagos that the move aligns with the bank’s five-year strategic plan, meant to further drive economic development as job creation across Nigeria.

To ensure this increase in lending, he said that DBN was working to attract N3 trillion in debt and equity.

According to him, this funding initiative will empower the bank to provide financial resources to a greater number of MSMEs, a vital sector for economic growth and job creation in the country.

“We want to scale up what we see, what we did the first five years, the next five years, how do we scale up? And that’s a major thing for us.

“We believe that, in Nigeria, there’s still a lot more to be done. So, we are very aspirational in terms of what we need to do,” he said.

The managing director noted that beyond the expansion of its loan portfolio and funding, DBN’s strategic objectives include a strong emphasis on inclusive growth.

He added that the bank aims for 20 per cent of its lending to support women-led businesses and 40 per cent to benefit businesses owned by the poor.

Okpanachi explained that DBN was also prioritising the growth of green financing and increasing its focus on supporting enterprises in underdeveloped states.

He noted that the plan was to facilitate an additional 800,000 jobs, making a creation of two million over the next five years.

The DBN boss explained, “In terms of job creation, last year, remember, last six years, I told you, we’ve done about 1.2 million.

“We want to do at least two million in terms of job creation. That means both direct and indirect job creation.

“Along the profitability side, of course, we want to be financially sustainable. So we’re not taking our eyes off financial sustainability.”

Emphasising the bank’s role as a wholesale lender, the DBN boss clarified that the new target was not cumulative but represented a fresh drive to catalyse growth across various sectors.

He said that DBN continued to expand its funding sources, by deepening relationships with existing partners and seeking new collaborations to increase both debt and equity.

He highlighted ongoing discussions with various international partners and its plans to tap into local capital markets through a bond programme, with the first phase contingent on favourable macroeconomic conditions.

Given the bank’s role as a long-term lender, Okpanachi said, “Strategically, we have to first expand our sources of funding. Two, dip in with the existing ones. How can we get more? Three, how can we use existing ones to catalyse additional ones?” he noted.

He emphasised a deliberate focus on labour-intensive sectors such as manufacturing and agriculture, noting that they promise significant employment generation.

“This strategic move involves consciously favouring sectors that employ more people over those that are heavily reliant on technology.

“You see, sectors like manufacturing, sectors that are labour-intensive, agriculture, all those areas, they provide more jobs.

“So we’re consciously looking at what we find in those sectors that are more labour-intensive,” Okpanachi added. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

China set to establish electric vehicle factories in Nigeria

China set to establish electric vehicle factories in Nigeria

162 total views today

By Martha Agas

The Chinese Ambassador to Nigeria, Yu Dunhai, has revealed that plans are underway to establish electric vehicle factories and other manufacturing ventures in Nigeria.

Dunhai disclosed this to the Minister of Solid Minerals, Dr Dele Alake at a recent bilateral meeting.

Alake’s Special Assistant on Media, Segun Tomori, said the ambassador stressed the need for greater collaboration between China and Nigeria to unlock the potential of Nigeria’s solid minerals sector by establishing electric vehicle factories.

According to him, the ambassador expressed support for Nigeria’s local value-addition policy, pointing out that one of President Xi Jinping’s key priorities is hinged on promoting Africa’s industrialisation.

Dunhai stated that the leaders of Nigeria and China agreed to elevate bilateral relations to a comprehensive strategic partnership aimed at creating new opportunities for cooperation.

He recalled that President Bola Tinubu and Jinping, recently held high-level talks during Tinubu’s state visit to China in pursuit of that goal.

Tomori quoted him saying “Chinese companies were already deeply involved in Nigeria’s mining sector, from exploration to processing.

“We aim to deepen this collaboration, especially in line with President Tinubu’s eight priority areas, notably economic diversification through solid minerals,” the ambassador stated.

In response to concerns raised by the solid minerals minister, over the actions of a few operators tarnishing China’s image, the ambassador stated that the embassy and Chinese government had consistently advocated compliance with regulations.

He said that Chinese companies operating in Nigeria had been admonished by their government to abide by the country’s rules and regulations.

He added that the companies were also urged to implement the required Corporate Social Responsibility initiatives and adhere to environmental and safety standards.

According to Tomori, the ambassador stressed that Chinese authorities have zero tolerance for illegal mining, and are ready to partner with the Nigerian government to bring suspected culprits to justice.

On his part, Alake stated that Nigeria has a large market and the potential to reduce its reliance on fossil fuels through electric vehicle production.

He acknowledged the long-standing relations between Nigeria and China, stating that most Chinese firms operated within legal and regulatory frameworks.

He, however, expressed concerns over the actions of a few operators, stating that legal actions were being taken to address such situations.

“We have taken action against illegal operators, including some Chinese nationals. While isolated, such incidents undermine the good work of many compliant Chinese firms.

“We need your cooperation in ensuring that such culprits are brought to justice.”

The minister reiterated that Nigeria is open to business to serious investors, stating that investments in the nation’s mining industry remained focused on local value addition.

“We now prioritise local processing to drive Nigeria’s development. For instance, with the abundance of lithium, we want to see local manufacturing of electric vehicles and batteries,” he said. (NAN)(www.nannews.ng)

Edited by Chioma Ugboma

Price of cattle soar as consumers, butchers groan

Price of cattle soar as consumers, butchers groan

178 total views today
By Ginika Okoye
Many butchers and consumers of beef in the Federal Capital Territory (FCT) have decried the rising cost of cattle in the market.
Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said the high cost was due to the current scarcity of the animals occasioned by its transitional period.
Mr Chukwuemeka Victor, a cattle dealer and butcher in Durumi Market, said the prices of the animals increased generally from N150,000 to N200,000 on both the small, medium and big sized cow.
Victor attributed the increase to scarcity of the old species (dry season cow) to give way to the new species (wet season cow).
He said that small sized cow which went for between N350,000 and N400,000 was now being sold for between N500,000 and N600,000.
Victor said that a medium sized cow formerly sold between N600,000 and N700,000 now went for between N800,000 and one million naira while the biggest sized ones now went for between N1.5 million and two million naira.
He said that a kilo of beef formerly sold for between N5000 and N5,500 was now being sold for between N6,500 and N7,000.
“This is the season for the animals to be expensive due to this season when new species of cattle is coming out and the old ones are going.
“Any season it is time for the transition when the new ones are coming out, the old ones become so scarce and expensive just like yams.
“By June to July, the price will come down when the wet season cow will come out very well,” he said.
Another butcher in Nyanya Market, Mr Theophilus Adeoye, said the increase was affecting his business negatively as some of his customers had resorted to other alternatives for their protein need.
“We are running shortages now. I am just buying to maintain some of my customers who still come to patronise me,” he said.
A consumer of beef, Mrs Ifesinachi Okoro, said she no longer purchased beef as the price was higher than her budget and purchasing power.
Okoro said she had resorted to the purchase of fish for her family’s protein needs.
Mrs Beatrice Ejeh, a food vendor, said she had increased the price of a piece of beef from N200 to N250.
“Many of my customers now eat without beef these days.
“Some of them will just request for kpomo just for something to be in their food,” she said. (NAN)(www.nannews.ng)
Edited by Stanley Nwanosike/Ese E. Eniola Williams
Industrialisation: Don advocates sustained investment in tech, education

Industrialisation: Don advocates sustained investment in tech, education

139 total views today

By Tiamiyu Arobani

Prof. Banji Oyelaran-Oyeyinka, Senior Special Advisor to the President of African Development Bank on Industrialisation has advocated for sustained investment in education and technology for Nigeria’s industrialisation.

Oyelaran-Oyeyinka stated this at a lecture titled: “Divergent Outcomes: Asia and Africa Development Strategy” at the London School of Economics and Political Science (LSE) as part of the unveiling of his latest book.

The book co-authored with Dr Oyebanke Abejirin was titled: “From Reversal of Fortune to Economic Resurgence: Industrialisation and Leadership in Asian Prosperity and Nigeria’s Regress”.

In his presentation, Oyelaran-Oyeyinka identified deliberate actions and visionary leadership as key requirements for the industralisation of Nigeria.

The book investigated the stark divergence in development outcomes between Nigeria and a group of Asian economies that began from similar starting points in the post-colonial period.

He explored the factors behind the rapid industrial growth of Vietnam, Indonesia, Malaysia and Bangladesh, countries that began their post-colonial journey at similar levels of development as Nigeria.

Sharing his insights from the book, the author examined how four countries were able to transform key sectors, including agriculture, manufacturing and textiles, into competitive, export-oriented industries.

He noted that in contrast, in spite of possessing similar resources and initial conditions, Nigeria’s economy had faced slow development due to its over-reliance on oil exports and lack of diversification.

Oyelaran-Oyeyinka articulated what he termed Nigeria’s ‘reversal of fortune’, a situation in which a country once held an economic advantage over several Asian nations in income per capita and industrial potential now lagged behind.

He outlined three major causes for Nigeria’s underperformance, including the failure to transition from resource dependence to diversified industrial production.

Others, according to him, were resource-dependence resulting in shocks from volatility of oil-based revenues and persistent gaps in political leadership and institutional capacity.

“Industrialisation does not occur by accident. It requires deliberate action, visionary leadership and sustained investment in education, technology, and long-term policy planning.

“Countries that made early investments in these areas were able to build competitive economies that navigated external shocks and maintained steady growth.

“Nigeria, however, has struggled due to its continued dependence on commodity exports and the importation of finished goods, which has hindered the development of a robust industrial base.’’

The author expressed his unwavering faith in Nigeria’s manifest destiny of greatness, saying most nations that suffered “reversals” eventually overcame through persistence and leadership.

“I still believe in Nigeria’s manifest destiny of greatness,” he expressed optimism.

The event which generated frank discussions among academics, students and policymakers, sparked important dialogue about the challenges facing resource-rich countries and the need for visionary leadership to ensure sustainable development.

The LSE launch marked the second major stop on the book’s launch tour, following a lecture at Harvard University in Boston earlier this year while the next stop on the book tour would be at the University of Cambridge.

During the event, Oyelaran-Oyeyinka would continue his conversation on leadership in development, and the lessons African nations can learn from successful economies in Asia. (NAN)(www.nannews.ng)

Edited by Halima Sheji

Experts task women, youth entrepreneurs on skills devt

Experts task women, youth entrepreneurs on skills devt

153 total views today

By Rukayat Moisemhe

Experts have charged women and youth entrepreneurs to embrace skills development and collaboration to increase their contributions to the country’s economic growth and development.

They gave the advice at the Nigerian- British Chamber of Commerce (NBCC) graduation/induction of NBCC Women and Youth Entrepreneurship Development Initiative (WYEDI) on Thursday in Lagos.

The Chief Executive Officer, Sterling One Foundation, Mrs Olapeju Ibekwe, advised entrepreneurs on the importance of positive possibilities and the need to be audacious.

According to her, entrepreneurs must be armed with clear business goal plans and advance audaciously to achieve them.

“While the sky is only the beginning, being audacious helps entrepreneurs to push boundaries, encourage innovations and set the stage for the significant edge success,” she said.

Also, Senior Vice President, Commercial, Wakanow Nigeria, Mrs Shola Ipinmoroti, urged the outgoing and incoming cohorts to remain teachable and agile in their entrepreneurial endeavours.

Ipinmoroti stressed that collaboration was very critical to scaling a business as it combined resources, expertise and networks to grow more efficiently.

She added that collaboration enhances access to new markets, provided an umbrella body coverage, mitigated risks and created alliance for quicker decision making.

“Collaboration is key in understanding how to scale a business and it is important to be humble and get into an industry or an association that advanced your business cause and goals,” she said.

The Managing Director, Union Bank of Nigeria, Mrs Yetunde Oni, represented by the company’s Head of Retail and Small and Medium Enterprises, Vivian Imoh, urged the cohorts to be more open minded in business.

Oni advocated the importance of investing in women and investments by women.

She also charged the entrepreneurs to continually develop their skills in line with emerging and evolving global realities.

The President, NBCC, Mr Ray Atelly, said the WYEDI was his personal commitment to ensure NBCC impact extended beyond boardrooms and policy forums, reaching into communities and directly touching lives.

Atelly, who noted that economic transformation cannot happen in isolation, said it must be rooted in inclusion, building up traditionally excluded from formal economic systems, particularly women and youth.

He added that the event marked the launch of the NBCC Tech Programme and the formal inauguration of the WYEDI Alumni Network, a true celebration of purpose, progress, and promise.

He stated that the event’s theme: “Beyond Limits: Nurturing Entrepreneurs, Building Legacies,” aimed to invest in changemakers to influence families, communities, and the broader economy.

“This programme is designed to equip aspiring entrepreneurs with the skills, mentorship, exposure, and opportunities to create sustainable businesses and, in doing so, uplift others.

“NBCC has, for nearly five decades, fostered trade and investment between Nigeria and the United Kingdom and WYEDI is an extension of that legacy, because sustainable economic growth starts with empowered people.

“Let us continue to build together, not just businesses, but legacies that transcend generations,” he said.

The Director-General, NBCC, Dr Ebere Njoku, noted that for over 45 years, the NBCC had served as a bridge between Nigeria and the United Kingdom, promoting bilateral trade, investment, and enterprise.

Njoku said the chamber through the WYEDI was investing in the future of Nigeria by providing access to practical skills, mentorship, and economic opportunities.

She said the NBCC in just two cohorts had trained over 300 young entrepreneurs across various vocational fields, with a strong focus on creativity, sustainability, and business development.

Njoku lauded the 125 cohorts and two graduates for completing their 16 weeks hands-on training and two weeks of industry immersion.

She urged the Cohort 3 inductees to step into the transformative experience.

“Over the coming weeks, you will gain skills in trades such as fashion, hairdressing, photography, arts and crafts, confectionery, makeup artistry, and more.

“Alongside would be workshops in financial literacy, digital marketing, legal structures and business development and this is more than a training; it is a launchpad.

“We are also proud to introduce a tech training track, responding to the growing demand for digital and technology enabled skills across sectors,” she said.(NAN)(www.nannews.ng)

Editted by Abdulfatai Beki/Chinyere Joel-Nwokeoma

ECOWAS ministers unite to strengthen trade, industry, investment cooperation

ECOWAS ministers unite to strengthen trade, industry, investment cooperation

141 total views today

By Vivian Emoni

The 4th Joint Meeting of ECOWAS Ministers of Trade and Industry has concluded with a strong call for economic diversification, industrial growth and regional collaboration.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, at the meeting on Friday in Abuja, said that the collaboration was to address the evolving global trade landscape.

The meeting welcomed representatives from 11 ECOWAS member states, including Benin, Cabo Verde, Côte d’Ivoire, the Gambia, Ghana, Guinea-Bissau, Liberia, Nigeria, Sierra Leone, among others.

Oduwole urged member states to fortify their industrial bases and cultivate new partnerships in response to recent disruptions.

She acknowledged the delegates’ commitment to fostering industrial development and enhancing regional trade.

During the meeting, ministers reviewed reports from trade, industry, and investment experts across ECOWAS member states.

The meeting, however, recommended that member states should accelerate the ratification of the Fisheries Subsidy Agreement while reviewing past ministerial conference decisions and outstanding issues.

It directed ECOWAS Commission to organise meetings that would define regional priorities ahead of 14th WTO Ministerial Conference (MC14).

It also encouraged members to advance African Continental Free Trade Area (AfCFTA) implementation, as 49 out of 54 African Union (AU) member states have ratified the agreement.

The meeting urged Benin Republic to accelerate its ratification process and directed the ECOWAS Commission to convene a joint meeting of Trade, Industry, and Transport Ministers to address cross-sectoral issues.

It also recommended the submission of revised trade commitments to the AfCFTA Secretariat by August 2025.

The implementation progress includes trade liberalisation, tariff schedules, and operational National Implementation Committees.

While addressing the impact of U.S. tariffs, the meeting instructed the ECOWAS Commission to develop a regional response strategy and support member states in negotiations with the U.S.

“This is particularly, concerning non-tariff barriers (NTBs) under the ECOWAS Trade Liberalisation Scheme (ETLS) and AfCFTA,” it said.

It recommended the endorsement of the ECOWAS Trade and Investment Promotion Strategy, recognising its potential to boost intra-regional trade and aligning community interventions with global best practices.

Sen. John Owan Enoh, the Minister of State for Industry, highlighted the meeting’s significance as an avenue for recalibrating economic strategies and building resilience through collaboration.

Enoh reiterated ECOWAS’s shared vision of strengthening industrial growth and economic prosperity through progressive partnerships. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

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