BUSINESS
FG Pledges to Support Market Access for Trade in Services

The Federal Government yesterday in Abuja pledged to support market access for trade in services under the African Continental Free Trade Area (AfCFTA).
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum made the pledge at the validation workshop for the report of the study on supporting market access for trade in services under AfCFTA for Nigeria.
The validation workshop was organised by the Nigerian Office for Trade Negotiations (NOTN) and Overseas Development Institute (ODI) of the Department of Foreign, Commonwealth and Development Office (OFCDO), United Kingdom.
Represented by her Technical Assistant, Mr Aminu Dogondaji, the minister described trade as an engine of economic growth with potential to create jobs, reduce poverty and increase economic opportunities.
According to her, efforts aimed at improving market access and enhancing the participation of Nigerian companies in international trade must be encouraged and supported.
She described a trade-enabling environment as critical toward the effective participation of Nigeria in international trade.
The minister, however, said that complementary policies were also required to address the various factors that often hamper competitiveness and limit access in both regional and global markets.
“For example, anti-competitive business practices and regulations that are unfavourable to business growth and development, as well as the challenges associated with inadequate ports, roads and other infrastructure.
“There is strong evidence that connectivity to markets is a prerequisite for even countries with the best trade policy frameworks to benefit from participation in international trade.
“Consequently, Nigeria and other developing countries, especially those that are landlocked, need to adopt pragmatic policies and approaches to overcome these obstacles in order to fully reap the benefits of global markets.
“With respect to trade in services, it is to be acknowledged that the sector has become the backbone of the modern economy, contributing more to economic growth and job opportunities than manufacturing, agriculture and mining put together.
“The major policy challenge, however, is that the sector is highly complex and heterogeneous, covering sectors and sub-sectors such as telecommunications, transport, postal and courier.
“Others are retail and distribution, environmental, health, professional, financial, education, tourism, and recreational services,’’ the minister said.
Katagum urged NOTN to consult with services exporters to better understand the prevailing constraints and further initiate collaboration with sector-specific regulatory professional and private sector bodies in targeted partner countries.
She said that it would promote harmonisation of rules and requirements.
The minister of state reaffirmed Federal Government’s commitment to ensure that the emerging rules-based trading system on the continent would be credible and reliable.
According to her, the system will serve the best economic development objectives and aspirations of Nigeria and its citizens.
On his part, Amb. Fred Agah, the Director–General, NOTN, said that the study would provide Nigeria with better understanding and the ability to analyse the sectors and identify areas to engage.
“Ideally, before you go to any negotiation, you need to understand the situation of your economy or the sector which you want to negotiate.
“You need to look at the prospects of market access in your partner countries,’’ Agah said.
Earlier, Dr Maximilliano Mendez-Parra, the Principal Research Fellow, ODI, said that the study would boost the important development the service sector had on Nigeria’s economy. (NAN)
Agriculture
NNPC Foundation Empowers Vulnerable Farmers in Oyo, Osun

No fewer than 500 farmers on Tuesday benefited from the NNPC Foundation agricultural training initiative for vulnerable farmers in Osun and Oyo States.
The training, marking the flag-off in the South-West zone of Nigeria, was held at the Ilora Baptist Grammar School, Ilora, Oyo State.
The foundation manages the Corporate Social Responsibility (CSR) initiatives of NNPC Limited, focusing on education, health, environment and energy access to communities nationwide.
The Managing Director of the foundation, Mrs Emmanuella Arukwe, said the initiative demonstrated the commitment to food security and economic empowerment for Nigerian farmers.
Arukwe, who was represented by Dr Bala David, the foundation’s Executive Director, Programme Development, said the project aimed to build resilience, boost productivity and promote sustainable agriculture.
“We are training 6,000 farmers across six zones in climate-smart practices, modern techniques, quality inputs, and market access,” she said.
She, therefore, urged farmers to participate actively and embrace the opportunity to help secure Nigeria’s food and economic future.
Mr Olasunkanmi Olaleye, Oyo State Commissioner for Agriculture and Rural Development, commended NNPC Foundation for the training and empowerment programme.
Olaleye, who was represented by Mr Olusegun Ezekiel, the ministry’s Director of Regulation and Enforcement, said empowering vulnerable farmers was crucial in addressing national food security challenges.
He added that the initiative aligned with Oyo State’s agricultural transformation agenda of Gov. Seyi Makinde.
“We remain committed to supporting initiatives that uplift farmers and improve productivity and livelihoods,” Olaleye said.
He encouraged participants to make the most of the training opportunity to improve their practices.
He also called for future collaboration between the foundation and the ministry to achieve greater impact.
The training consultant, Prof. Daniel Ozok, described vulnerable farmers as smallholders with an under-five-hectare farm size, mainly made up of women, youth, and the elderly.
“These farmers are most affected by climate shocks, hence the need for focused training,” Ozok said.
According to him, training equips them with modern techniques and strategies for improved productivity and market access.
Some of the participants expressed gratitude to NNPC Foundation and promised to apply the knowledge gained from the training.
NAN reports that a medical screening exercise was organised by the foundation for participants on the sidelines of the training.
Training initiative would later be held for farmers in Ekiti and Ondo States on a date different from that of Ogun and Lagos States. (NAN)
Economy
Customs Zone D Seizes Contraband Worth N110m

The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.
The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.
He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.
40 kilogramme of pangolin scales.Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.
The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.
He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.
The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.
“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.
The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)
Economy
Trade Tensions: Global Economy Stands at Fragile Turning Point -UN

The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties.UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable.
It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth. The economic slowdown is widespread, affecting both developed and developing economies around the world, according to the report.For instance, in the United States, growth is projected to slow “significantly”, as higher tariffs and policy uncertainty are expected to weigh on private investment and consumer spending.Several major developing economies, including Brazil and Mexico, are also experiencing downward revisions in their growth forecasts.China’s economy is expected to grow by 4.6 per cent this year, down from 5.0 per cent in 2024. This slowdown reflects a weakening in consumer confidence, disruptions in export-driven manufacturing, and ongoing challenges in the Chinese property sector.By early 2025, inflation had exceeded pre-pandemic averages in two-thirds of countries worldwide, with more than 20 developing economies experiencing double-digit inflation rates.This comes despite global headline inflation easing between 2023 and 2024.Food inflation remained especially high in Africa, and in South and Western Asia, averaging above six per cent. This continues to hit low-income households hardest.Rising trade barriers and climate-related shocks are further driving up inflation, highlighting the urgent need for coordinated policies to stabilise prices and protect the most vulnerable populations.“The tariff shock risks hitting vulnerable developing countries hard,” Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, said in a statement.As central banks try to balance the need to control inflation with efforts to support weakening economies, many governments – particularly in developing countries – have limited fiscal space. This makes it more difficult for them to respond effectively to the economic slowdown.For many developing countries, this challenging economic outlook threatens efforts to create jobs, reduce poverty, and tackle inequality, the report underlines. (NAN)