Business
FG Targets 7,000mw To Boost Electricity

Rivers State Deputy Governor, Dr. Mrs Ipalibo Harry Banigo 2nd (right), President PHCCIMA Dr. Emi Membere-Otaji 2nd (left) Chairman, Phillips Consulting, Mr. Foluso O. Phillips (right) Publicity Secretary, PHCCIMA; Pastor Alabi Oluwatonyi (left) during the 1st Port Harcourt Chamber of Commerce Business Luncheon at Obi Wali International Conference Centre on 28th April, 2016.
Vice-President Yemi Osinbajo said on Monday that the Federal Government was planning to generate 7, 000 megawatts of electricity for the nation within the next 18months.
The vice president stated this at the presentation of a book “Nigeria: The Challenges of Growth and Development, an In-Depth Analysis by Experts,” held at the Trenchard Hall, University of Ibadan, Ibadan.
Osinbajo stated that power remains a major challenge the Federal Government had been facing, and which the government was determined to solve.
He said that the most important part of the budget would focus on ensuring that the weak aspect of the power value chain was restored.
Osinbajo said that the nation was faced with the problem of conveying gas to the power plant, adding that the pipeline, which remained the easiest method, was frequently facing vandalism.
“Early in the life of this administration late last year and early this year, power generation was possibly at its best.
“Nigeria, for the first time was actually generating 5,000megawatts, which was the first time it will happen in the history of the country.
“On February 14, the Forcados Export Terminal was blown off, effectively ensuring that 40 percent of our gas that goes for power is no longer used for the purpose.
“This situation led to the immediate loss of 1,500 megawatts of power. It is our priority that the pipeline project is completed so that gas will be adequately supplied to the power plant,” he said.
He said that President Muhammadu Buhari had two weeks ago ordered full mobilisation of the military for the protection of pipelines in the country.
The Vice-President said that the Federal Government would, in a few days time, begin the implementation of the 2016 budget, which he described as the most ambitious in the history of the nation.
According to him, the budget is not only ambitious in size but also more in its broad range of fiscal policies. Our strategic implementation plan proposes 33 action points.
“The action points cut across six political ties of security, governance, economic diversification, power, road and rail, oil and gas, ease of investments and social investment,” he said.
Osinbajo said that for the first time in three years, the nation would have 30 per cent of the budget going for capital expenditure, a percentage that was three times higher than the last budget.
He said that the capital expenditure would take care of several aspects of infrastructure, particularly rail, road and power.
According to him, the rail link between Lagos and Kano as well as the one between Lagos and Calabar will be captured.
He said that government had budgeted that by July, 65,000 youths would be trained in software and hardware, adding that government’s aim was to build a reservoir of technologists.
Osinbajo also listed the training of 370,000 Nigerians in various vocations, conditional cash transfer to the poor and loan facilities for market women as part of the programmes to be expected.
He said that the administration would ensure that corruption has consequences, adding that no public officer who steals would go scot-free.
The Vice-President described the moment as that which Nigerians must come together to ensure that things work in the building of the nation of everyone’s dream.
Reviewing the book, Prof. Jide Osuntokun, said that the writers have carefully highlighted the various challenges bedevilling the nation and how they could be corrected for national growth and development.
“Nigeria’s problem is structural and systemic, and it could be structurally and systematically addressed,” he said.
Osuntokun said that the book articulates various ideas of the writers aimed at building an egalitarian society.
Also, Mr Oba Otudeko, the Chairman of the event, said there was no other better time to discuss the development of the nation than now when they have the company of people who cares.
He described the “House of Lords, Nigeria” as a collection of people whom the interest of Nigeria and the welfare of the citizens were paramount in their minds.
“Let me tell them that they are on the right path and they should not lose sight of the development of the country.
“This book presents a compendium of opportunities. I think it is worth having,” he said.
The Tide source reports that the 209-page book is a collection of the speeches of 11 writers from various spheres of life.
The House of Lords, Nigeria was founded 50 years ago and presently parades 34 members, with Prof. Ayodele Desalu as the “Leader.”
The event was attended by prominent citizens including investment banker, Mr Fola Adeola; Prof. Idowu Olayinka, the Vice-Chancellor, UI; Prof. Oladipo Akinkungbe and hosts of others.
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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