Business
‘Banks’ Lending To SMEs, Retail Sector To Increase In 2015’
Banks lending to small and medium enterprises (SMEs) and the retail sector has been projected to increase in 2015, Heritage Bank said last Thursday in Lagos.
A director of the bank, Mr Tony Madojemu, made this known while speaking at a forum organised by the Business Networking International (BNI) to mark its International Networking Week.
“The retail sector was booming and some of the ‘big firms’ are beginning to dictate unnecessarily to the banks; so, attention is shifting from them to these sectors.
“Even though the banking sector outlook for 2015, according to Fitch, tells us that banking may not fair favourably this year, it could still favour some small business owners.
“So, banks are beginning to seek new opportunities to increase profitability and guard against collapse by seeking ways to deal with only well-structured SMEs; so, I see this as good news.
“The only challenge is how small businesses can manage their systematic and operational risks in order to keep a well-structured business that would attract banks to lend them money.
“Knowing well that access to finance is one of the major challenges of our SMEs today, we must also point out that business owners should brace up their competence if they must access loans.
“Most businesses are guilty of poor accounts presentation, lack of business plans, legal backings and structure, such businesses might not expect to get loans,” he said.
Also speaking at the event, Mr Chimaobi Agwu, National Director, BNI Nigeria, noted that small businesses needed networking and referrals to cushion the cost of advertising their business.
He said the BNI was meant to supply network marketing services and referrals that could help small businesses grow and increase their market share.
“In 2014, we had 6.2 billion referrals all over the world worth 8.6 billion dollars; BNI is looking at generating 15 billion dollars worth of referrals all over the world.
“In Nigeria, in 2014, we did referrals worth N300 million and this year, we plan to generate referrals worth N1.5 billion worth for businesses in 2015.
“The way the referrals work is that it also provides more employment for the masses, as much as 5000 in about 100 organisations every month, you can see how it generates employment,” he said.
He urged small businesses to see networking and their customers as one of the assets of their businesses.
A recent research states that the retail sector generated N205.4 billion in the last two years with the advent of mega malls, internet banking, online shopping, and Point of Sales (POS).
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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