Business
OBALGA Proposes N6bn Budget For 2012
The Executive Chairman of Obio/Akpor Local government council of Rivers State, Prince Timothy Nsirim, has presented an Appropriation Bill of N6,079,999,901.47 to the local government’s Legislative Assembly for the year 2012, assuring that his administration is poised to fast-track infrastructural and human development in the local government.
Nsirim, who presented the Appropriation Bill tagged, ‘Budget of Hope’ to the Assembly yesterday said capital expenditure would gulp N3,251,416,912.47 while he put the recurrent expenditure at N2,828,582,989.000.
He explained that the capital expenditure for this year was higher than the recurrent expenditure because the local government would embark on the completion of the first phase of its ultra-modern international market and other capital projects embarked upon by the council to create employment and improve the welfare of the people.
The council boss equally noted that the recurrent expenditure was lower than last year’s because the council intended to cut down its expenditure for the year.
According to him, the council would source its revenue for the year from Internally Generated Revenue, N968,710,000, Statutory Federal Allocation, 2,184,176,114.93, Value Added Tax (VAT), N629,255,988.32, Excess Crude, N1,000,000,000.00, Statutory Allocation from the state, N500,000,000 and budget augmentation, 797,857,798.22.
A breakdown of the recurrent expenditure shows that personnel cost will take N1,027,980,298, overhead cost N1,569,541,341,348.00, transfer to reserve N60,799,999.00 and contribution to local government fund N281,000,000.
Nsirim further noted that this year’s federal allocation estimate of N2,184,176,114.93 was higher than last year’s estimate because of the anticipated improvement in the Federation Allocations, adding that the council had always had zero allocation from statutory allocation from the state because of non-remittance but had made a provision of N500,000,000 for this year’s budget.
On Internally Generated Revenue for this year, the council chairman said attempts made by the council to meet the annual estimates had often failed because of the subversive attitude of companies, business operators and individuals doing business in the local government, assuring, however, that the council had put measures in place to check the activities of revenue touts in the area.
Analysing the budget further, he said the economic sector which he described as the most important sector including transportation, roads and bridges, commerce, finance, electricity, manufacturing and agriculture would gulp N3,037,000,0000 of the total capital expenditure.
To lay a solid foundation for human capital development in the local government, Nsirim said his administration would also give priority attention to the social sector which he allocated N598,000,000, saying, no society or institution develops without giving emphasis to human capital.
While scoring the performance of last year’s budget above 50 percent, Nsirim explained that N130,000,000 had been provided in the budget for the repayment of loans and interests to free the local government from indebtedness.
Responding, the Leader of the Legislative Assembly, Hon. Henry Odum thanked the chairman for the presentation of the budget, assuring that the assembly would ensure speedy passage of the bill into a bye-law.
He lauded the harmonious working relationship existing between the executive and legislative arms in the local government, attributing it to the spirit of understanding often exhibited by the council chairmen.
Donatus Ebi
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.
King Onunwor
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