Business
CBN Urges Depositors To Be Vigilant On Bank Charges
Alhaji Sanusi Lamido, governor of the Central Bank of Nigeria (CBN) has advised depositors to ensure that they are not short changed by banks by consulting critically on issues relating to charges on transactions they enter into with there respective banks.
This is coming against the background that commercial banks are currently being accused of deducting extraneous charges without the understanding of the depositors.
The CBN governor who was in Government House in Kano on a courtesy call on Governor Ibrahim Shekarau over the weekend assured that the CBN’s position on sanctioning banks found in the illegal act of deducting holden charges still stands even as such banks would also be made to refund the money.
In his words, “customers also need to get consultants and understand when you have a question. When you have a contract with the bank, you should ensure that what you are charged is what you contracted and the CBN has always made sure that if anyone is charged a hidden charge that the bank refunds and sanctions are applied.”
Sanusi denied his earlier purported advice for the presidency to scale down his 7-point agenda to two, saying he only called for the government to perfect on two or three issues that would have brought about better results on a short term.
According to him, “I did not advise him to cut down the 7-point agenda to two; I said that if we focus and prioritise two or three things over the next few years we can achieve much more. They are 2 different things”.
Snusi however, pointed out that it is the role of the CBN to make monetary policies not to pay for infrastructure.
The CBN boss added that he is only performing his other function as a special adviser to the government on economic matters, insisting that the infrastructure issue really needs to be addressed.
Sanusi said his role as economic adviser makes it incumbent on him to draw the attention of government to the right things to be done to move the economy forward.
He acknowledged that the government has already taken care of that in the current budget, the large chunk of which is already devoted to energy and infrastructure.
In the recent reduction of the interest rates from 8 per cent to 6 per cent he said it is one of the strategies of the apex bank to ensure interest rate is reduced to the barest minimum thereby impacting positively on the lending rate in order to encourage industrialists to secure loan.
In his word, “We hope to bring down the rate at which banks lend to one another from 20 per cent to 8 per cent, that will bring about moderating influence on lending. You can see that many industries cannot secure loans at the current lending rate that is unacceptably high”.

Staff and winners of the Springbank Promo organised recently in Port Harcourt. Photo: King Osila.
Business
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
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