Council unveils guideline for promoting businesses enterprise in Nigeria

By Fortune Abang

The Financial Reporting Council of Nigeria (FRC) in collaboration with Integrity Organisation and UN Global Compact Network Nigeria have pledged to unveil governance guidelines to enable business enterprises thrive.

The organisations made this known in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja in view of the official inauguration of the Small and Medium-Enterprises Corporate Governance Guidelines (SME-CGG).

The SME-CGG designed to enhance transparency, accountability and performance within the sector, provides framework that enables SMEs strengthen business practices, tackle regulatory risks, and survive unpredictable business environment.

Dr Rabiu Olowo, Executive Secretary/CEO, FRC said the SME-CGG was SME Future-Forward Project funded by MacArthur Foundation would be inaugurated at the FRC office on May 30.

He said the SME-CGG would not only tackle governance needs of Micro, Small, and Medium-Enterprises (MSMEs), but would position it to attract investment, build trust with stakeholders and enhance competitive edge.

Olowo said, “Good corporate governance is not merely about compliance; it is about fostering a culture of ethical behaviors, sound decision-making and long-term sustainability.

“It is about creating businesses that are not only profitable, but also contribute positively to  the society.

“We at the Council eagerly look forward to witnessing the remarkable achievements that will undoubtedly arise from this initiative.”

The CEO of Integrity Organisation, Soji Apampa, described the guideline initiative as apt in advancing business operations in Nigeria.

“This initiative for SMEs establishes code of corporate governance with guidelines that are not mandatory.

“They are rather adopted by companies due to the incentives they will receive, enabling them to better contribute to national sustainable growth,” Apampa said.

Ms Naomi Nwokolo, Executive Director, UN Global Compact Network Nigeria, said the guidelines would  help to incorporate sustainability into business operation strategies and firm commitment to Nigeria’s SMEs.

“Although SMEs face greater barriers than large companies, they often provide essential services and products in the supply chains of larger companies and account for more than 50 per cent of employment worldwide.

“Creating opportunities for SMEs is key to advance social and economic development, in line with the fundamental Sustainable Development Goals (SDGs),” Nwokolo said. (NAN) (www.nannews.ng)

Edited by Dorcas Jonah/Halima Sheji

ECOWAS grooming children for future leadership roles -VP

By Mark Longyen

The Vice President of ECOWAS Commission, Damtien Tchintchibidja, says the sub-regional bloc is grooming West African children for future leadership roles.

Tchintchibidja stated this in an interview with the News Agency of Nigeria (NAN) on the sideline of a sensitization programme for students on Monday in Abuja.

The programme, which was aimed at sensitising the youths on the mission, achievements and vision of ECOWAS, was organised by the commission as part of activities to celebrate its 49th anniversary.

“We have been doing it over the years. We’ve done it in the past. And this is our way of reaching out to members of our community.

“And because we pride ourselves on being the ECOWAS of the People.

“So it is important that we get closer to the people and for the people to understand what we do and how our work impacts their livelihoods.

“So it’s important that we reach out to the youth because these are our future leaders.

“We want to instil ECOWAS values in those young children to make sure that tomorrow they will be the new leaders of ECOWAS,” she said.

The vice president said that ECOWAS has been receiving positive feedback on the impacts of their efforts on the children, which she described as encouraging.

“We’ve done this over the years, and from last year, for example, there’s been positive feedback and we intend to do more of it in other member states as well.

“This is because by doing this kind of programs, we’re able to disseminate information, first of all in terms of what we do, our agenda, and our objectives.

“It is also to get closer to our populations and for them to better understand us as an institution.

“So, the feedback, from my perspective, is positive because it’s important that we reach out to all levels of our community.

“It’s not just people, who are at the political level, who tend to engage with us more often in terms of the work we do, but also with normal citizens and especially our children,” she explained.

Tchintchibidja said that ECOWAS has been doing a lot more in terms of other activities, apart from education for children within the subregion.

“In terms of children, we’re promoting education for all children, children’s rights. What was presented in the course this morning, I call it course because it was for children, to educate them.

“And we’re also promoting a level-playing ground for everyone, for every member of the society in our region.

“Also to make sure that everyone has access to basic needs, basic goods, and to make sure that our member states also implement our protocols.

“This is so that everyone has access to opportunities within our region, to the same opportunities within our region,” the vice president added.(NAN)

Edited by Bashir Rabe Mani

By Mark Longyen, News Agency of Nigeria (NAN)

Industry experts say the tourism sector globally is currently valued at a whopping 10 trillion dollars.

According to them, this is three times more profitable and valuable than the agricultural sector and constitutes about 10 per cent of global GDP.

Data from the World Travel and Tourism Council also projects that global tourism will add more than 11.1 trillion dollars to the global economy by the end of this year.

This implies that the figure will spiral to about 16 trillion dollars, in 10 years adding about 11.4 per cent to global GDP and 12.2 per cent of jobs globally.

The economic impact of tourism is also projected to continue to gain ground, as 10 per cent of the world’s population is currently employed in tourism-related jobs.

According to the United Nations World Tourism Organisation (UNWTO), now renamed UN Tourism, the growth of international tourism will continue to outpace overall global economic growth.

The UN agency says it has carried out the largest and most inclusive dialogue on the critical role of global collaboration in building a better future for all, with tourism topping the agenda.

Secretary-General of UN Tourism Zurab Pololikashvili, has urged nation-states to leverage the tourism industry’s phenomenal growth and manage it responsibly to enhance overall global economic growth and development.

Pololikashvili stressed the need to ensure adequate tourism policies and proper destination management are in place to advance sustainability and inclusion.

“As society progresses, the tourism sector, much like many other sectors, needs to transform to serve as a catalyst for prosperity at a universal scale,” Pololikashvili said.

Analysts, however, believe that achieving these ambitious lofty objectives will only be possible through the collaborative efforts of all stakeholders through public-private partnerships and innovative solutions.

They stress the need for enhanced collaboration among stakeholders, technology, increased awareness of investment opportunities, and the engagement of priority areas for future investments and development initiatives.

For instance, Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, thinks that ECOWAS member-states need to engage in public-private partnerships and innovative solutions to address the development challenges before West African countries.

Speaking recently at the 2024 ECOWAS Investment Forum (EIF2024) in Lome, Togo, the WTO boss emphasised the need for synergy among member-states, describing it as a panacea for achieving developmental success.

She urged West African countries to leverage the recently unveiled African Continental Free Trade Area (ACFTa) and deploy digital and physical infrastructure to achieve success in this area.

“The ECOWAS sub-region can boost investment if member-states focus on regional collaboration and integration through ACFTA.

“African governments must work to reduce commercial costs within the sub-region and improve physical and digital infrastructure,” Okonjo-Iweala said.

Inspired by the ambition to stimulate the tourism sector’s growth and ultimately achieve sub-regional economic development, ECOWAS recently convened a meeting of experts and stakeholders in Abuja to foster collaboration between the bloc and tourism stakeholders in the private sector.

The strategic high-level dialogue was predicated on the need to review, validate, and apply extant instruments for fostering a robust sub-regional tourism federation.

Speaking at the event, Folorunsho Coker, Director-General of the Nigerian Tourism Development Corporation (NTDC), called for collaboration among stakeholders and the streamlining of tourism policies to unlock the bloc’s tourism potential to enable it to compete globally.

“It is the season to collaborate, not to compete; it’s in the spirit of collaboration that we can grow pan-African tourism.

“We must harmonise regulations guiding the tourism sector across the 15 ECOWAS states, and train operators.

“We must also embrace technology, or it will leave us behind,” Coker stated.

ECOWAS Commissioner for Economic Affairs, Massandjé Toure-Liste, said the meeting was necessitated by the sub-regional plan to promote responsible tourism, which focuses on monitoring mechanisms and operational guidelines.

“Our focus includes facilitating private sector dialogue and encouraging strategic regional alignment and collaboration.

“The aim is to support the creation of a regional private sector-driven tourism confederation,” Toure-Liste said.

The participants ultimately issued a communique announcing the review, validation, and adoption of new resolutions, compromising ECOWAS tourist accommodation establishments, and regional trade policy instruments.

According to them, these resolutions will boost intra-regional collaboration, develop the bloc’s tourism industry, and transform the subregion into a tourist haven and preferred tourist destination through streamlined policies and engagement with the private sector.

Anthony Elumelu, ECOWAS acting Director of Private Sector Investment, explained that with the resolutions reached and the signing of the communique, the bloc was now gradually emerging as a global tourist haven and preferred destination.

He said that with the consensus reached, an enabling environment had been created for member states to implement a robust tourism confederation across West Africa, which would attract tourists globally.

According to Elumelu, the responsibility of ECOWAS is to create an enabling environment for member states to churn out the legal instruments, adopt them, and implement them.

“We have achieved a level of consensus; we have an association now that will drive this and key into what they call ECOWAS Business Council. So with these, I think we are moving forward as a tourist destination.

“Tourism is not an internal matter; you need global attraction to have ECOWAS as a tourist destination country. So these are the things and I am positive that in the next few years, we will be talking about a robust regional tourism sector,” Elumelu said.

ECOWAS Programme Officer for Tourism, Stella Drabo, said that she was proud to declare that ECOWAS was emerging as a global tourist destination of choice due to the efforts being put in place to that effect.

“And today, as the ECOWAS Commission, it is something we are very proud of, we can now say ECOWAS is now a tourist destination because we have the private sector; we have the regional body, ECOWAS, with our private sector being the ones operating.

“We have everything in place. So, now the train is complete, we will develop our region’s infrastructure, we will now double and even triple the horsepower, to go further and further,” Drabo said.

Drabo added that addressing the bloc’s surging security challenges was important for tourism to thrive, but noted that insecurity was not a hindrance to tourism because many parts of the world where tourism is thriving are experiencing even worse security challenges.

The President, Federation of Tourism Associations of Nigeria (FTAN), Nkereuwem Onung, expressed confidence that with collaboration between the Commission and the private tourism sector towards implementing regional tourism policies, the ECOWAS bloc was being transformed to a choice tourist destination.

He said that the collaboration would precipitate unprecedented economic growth in the ECOWAS bloc, as people would henceforth be able to have multi-tourism destinations, which come with the benefits of attendant economic development for the subregion.

Analysts believe that with the collaboration between ECOWAS and the private tourism sector, coupled with the adoption and unveiling of these strategic initiatives, West Africa is poised to emerge as a global tourist haven. (NANFeatures)

****If used please credit the News Agency of Nigeria.

Netherlands to strengthen relations with Nigeria – Ambassador

By Yahaya Isah

The Ambassador of the Kingdom of the Netherlands to Nigeria, Wouter Plomp, has reaffirmed the commitment of his country to strengthening bilateral relations with Nigeria.

Plomp communicated this when he led a delegation from the Netherlands on a courtesy visit to the Minister of Interior, Dr Olubunmi Tunji-Ojo, on Wednesday in Abuja.

He said that the relationship between the two countries had spanned over several decades especially in areas of irregular migration and human trafficking.

“The reason for my visit is to further inform you that the two countries have been partners against irregular migration which I feel is very important in our bilateral relationship.

“Especially, on the contribution of the Interior Ministry in the fight against the menace and other worthy areas of interest to the two countries,’’ he said.

The ambassador also used the opportunity to tell the minister that his tenure would soon come to an end and appreciated the minister for his contributions to the Renewed Hope Agenda of President Bola Tinubu.

He explained that based on his country’s relationship with Nigeria, it had in recent time trained some personnel of the Nigerian Immigration Service (NIS) in the Kingdom of Netherlands on various skills bordering on their professions.

Plomp added that the Netherlands had very good relations with Nigeria which he described as excellent.

He urged for sustainability for the mutual benefit of the two countries.

In his remarks, Tunji-Ojo recalled that Nigeria has one of the best relationships with the Kingdom of the Netherlands, especially in areas bordering on irregular migration and human trafficking.

The minister assured the ambassador that Nigeria would not relent in its quest to continue to keep a very good relationship with the Kingdom for the benefit of both countries.

“Keeping the excellent relationship afloat with your country is key and very important to us as a country.

“You see, there is no gain saying that every country will want to continue to keep a very healthy relationship with a country that is determined to keep a healthy relationship with you.

“I also have to give thanks to the International Organisation for Migration (IOM) for what they have been doing to stem the tide of irregular migration and human trafficking in the country.’’

The minister also thanked the ambassador for what his country had been doing for Nigeria, especially in the area of training as well as capacity building for NIS personnel.

“So, we are very grateful for the partnership because the battle against irregular migration can never be won by a country alone; it has to be a cocktail of ideas.

“We must bring our ideas together from the different parts of the globe. We must be united in our methodology of approach and strategy being the only way out.

“With cross fertilisation of ideas, we will be able to get the result that we all needed.

“I want to assure you that on behalf of the Federal Government, we will continue to collaborate with you for prosperity,” he said. (NAN

Edited by Benson Iziama and Chijioke Okoronkwo

By Mark Longyen

ECOWAS unveiled on Wednesday, the West African Competitiveness Observatory (WACOB), an online platform, to facilitate regional trade and stimulate economic growth across the sub-region.

President of the ECOWAS Commission Dr Omar Touray who unveiled the module in Abuja, said the platform would enable policymakers and businesses to track countries’ trade competitiveness and new business opportunities.

Touray, represented by the bloc’s Commissioner, Economic Affairs and Agriculture, Massandjé Toure-Liste, said the facility is a collaborative effort between ECOWAS and the

the International Trade Centre (ITC), funded by the European Union (EU).

The observatory, he explained, is a tool intended to connect buyers and sellers of regional value chain products seamlessly and promote regional and international trade.  

According to the ECOWAS Commission president, the observatory’s inauguration comes at a time when West Africa is working to tackle the challenges posed by globalisation, technological advancement, and an evolving trade landscape.

“At the heart of ECOWAS is trade and market integration.

“Our treaty provides for the removal of trade barriers and the harmonisation of trade policies to establish a Free Trade Area, a Customs Union, a Common Market, and eventually, a Monetary and Economic Union in West Africa.

“For years, we have developed instruments to promote, facilitate, and negotiate trade with third parties.

“Key among them are the ECOWAS Trade Liberalisation Schemes (ETLS), the Common External Tariff (CET), and the West African Common Industrialisation Policy (WACIP).

“Some others are ECOWAS Agricultural Policy (ECOWAP), Private Sector Development Strategy, and ECOWAS e-Commerce Strategy,” he said.

According to him, ITC has continued to support the region with tools to improve regional trade.

“Worthy of mention is the ECOWAS Trade Observatory Alert Mechanism (TOAM), which is an online platform developed to facilitate the identification and elimination of obstacles faced by companies in their daily export and import operations.

“Notwithstanding the achievements recorded in economic development, the region continues to experience low competitiveness and productivity.

“This is due to inadequate trade and market information available to our entrepreneurs, the dearth in regional trade infrastructure as well as low levels of industrialisation and productive capacity,” Touray maintained.

He said there was a need to improve the region’s competitiveness by diversifying and increasing regional value-added, adding that with its three modules, the platform would position ECOWAS as a global growth and opportunities hub.

“Over the next two days, we will have the opportunity to explore deep dive into the observatory and its functionalities, taking into account its enormous potential to connect SMEs and large enterprises that have developed businesses along these value chains, thereby promoting intra-regional trade.

“Beyond this official launch and workshop, we will count on our partners to provide the necessary support and capacity development for business operators and other stakeholders that will make use of the observatory for the region to take full advantage of the platform.

“As we implement the AfCFTA, this tool will also provide support to the private sector to take advantage of the continental market,” Touray said.

Also speaking at the event, ITC Executive Director Pamela Coke-Hamilton, expressed the hope that ECOWAS policymakers and businesses would take advantage of the platform to turn the region’s untapped trade potential into economic growth.

“The observatory will provide important information for policymakers and businesses to explore international markets and support SMEs to effectively access the market, generate employment, and contribute to economic growth.

“Policymakers and businesses, use the observatory for insights into the sub-region’s great untapped trade potential and turn that potential into tangible economic benefits.

“We hope to see businesses, especially the small ones, make the most of this tool to find buyers and explore new markets,” she said.

The News Agency of Nigeria (NAN) reports that the business matchmaking module facilitates cross-border collaboration for businesses by promoting products and services and allowing them to connect with partners across the sub-region.

The module, which is aided by automatic translation in English, French, and Portuguese, comprises three elements: the regional value chains module, the B2B matchmaking tool; and the regional value chain guides.

According to ITC’s export potential estimates, whereas more than half of its intraregional export potential, valued at 3.2 billion dollars, remains untapped, the sub-region could add 45.7 billion dollars in exports to the world by 2027. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

The German Ambassador to Nigeria, Mrs Annett Gunther, has reiterated  her country’s commitment to further concretising and deepening bilateral relations between both countries.