Business
FG May Ban Palm Oil Importation
There are indications
that the Federal Government may ban the importation of palm oil due to the reduction in crude oil price that is affecting the country.
This was made known by Guaranty Trust Bank PLC (GT Bank) in its 2015 macro-economic outlook that was made available to Journalists in Lagos, recently.
According to the paper, as the price of oil is expected to fall till mid-2015, it expected forex supply to suffer a significant decline, which will include some of the agricultural items like palm oil, rubber and groundnut among others.
In the first two quarters of 2014, Nigeria recorded year-on-year Gross Domestic Product (GDP) rates above six per cent in the midst of decling worldwide growth trends, and that oil revenue currently accounts for more than 75 per cent of government’s revenue and close to 90 per cent of foreign exchange income,” it stated.
According to the statement, the trend continued in the third quarters as Nigeria recorded year-on-year GDP growth of 6.23 per cent driven by non oil sector which grew by 7.5 per cent, adding, “Inspite of governments efforts to diversify the economy and to reduce demand for forex, we do not see this taking effect in the short-term. We are however, confident in the Central Bank’s ability to hold the current official exchange rate steady, for oil prices above $55 per barrel.
“In addition to previous import substitution initiatives restricting the importation of fertilizers, sugar, cement and other items, the Federal Government in 2014 placed restriction on the importation of certain classes of vehicles and automobiles spare parts through increased tariffs and levies”.
“The Federal Government expects that the policy would create jobs, reduce the dependence on imported vehicles, thereby reducing the demand for forex for the purpose of vehicle ownership. Faced with dwindling oil revenue, we expect the Federal Government to ramp up efforts in this regard”, the paper further stated, adding that “Given the international variable contributing to the weakened state of oil prices and OPEC’s intent to maintain current supply, even if prices go to as low as $20 per barrel, we do not expect a reversal in the direction of oil prices in the first half of 2015″.
The report also noted that in 2014, declining oil prices had set the base for monetary policies of the country to be very tight, stressing that the combined effect of the declining oil prices, gradual capital flight, a reduction in forex supply and the import dependent nature of the economy of the country could lead to sustained pressure of the naira, which could further force the government to take another action.
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
-
Business4 days ago
Multipurpose Terminal Hosts 6,606-Foot Capacity Vessel In Onne
-
Politics4 days ago
Speakers Conference Tasks FG, Governors On Wanton Killings
-
News4 days ago
Court Okays Arrest, Detention Of Six CBEX Promoters
-
Featured4 days ago
FG To Seize Retirees’ Property Over Unpaid Housing Loans
-
Niger Delta4 days ago
Diri Okays Ongoing Projects’ Progress
-
Business4 days ago
NCDMB, MT Group Partner On Valves Manufacturing … As Board Inspects Firm’s Capabilities
-
Featured4 days ago
NNPCL To Undergo Forensic Audit Soon -FG
-
News4 days ago
Over Two Million Candidates Sit For 2025 UTME -JAMB