Business
Forex: We Get Credit Facility From Outside Investors – IPMAN
The Independent Petro
leum Marketers Association of Nigeria (IPMAN) says it gets credit line from outside investors to access foreign exchange to import petroleum products in the country.
Alhaji Danladi Pasali, IPMAN National Secretary, Alhaji Danladi Pasali said this in an interview with newsmen yesterday in Abuja.
He said that IPMAN was willing to continue to work with government to ensure availability of products in the country.
“We have foreign investors that we work with; they gave us a credit line that enables us to get our products and import to the country.
“Right now, we have many cargoes that will enter the country under IPMAN, so we have a good arrangement with our partners,’’ he said.
According to him, in a couple of days, about 10 cargoes will arrive the port.
He said that government had done well to open up the market and call on others to look for various avenues to get forex to import products.
He said that sourcing forex from the parallel market in Nigeria might not be the best option but what affected that price was where one got the product.
He said that complete deregulation of the sector would go a long way to ensure efficiency and competition in the system.
Meanwhile, the Depot and Petroleum Products Marketers Association of Nigeria (DPPMAN) had on Friday called on government to assist in making Forex available for importation of petroleum products.
The president of the association, Mr Dapo Abiodun, said members were currently having a tough time converting some of the Naira payments made by the government to dollars.
He said their inability to convert the payments from the Federal Government from Naira to dollar was making it difficult for them to meet their obligations to their foreign partners.
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
-
Women3 days ago
The Christian Teaching Mother (II)
-
Politics3 days ago
Keyamo Hails Tinubu Over Oborevwori’s Defection To APC
-
News3 days ago
FG Targets N13.8 bn Data Protection Revenue In 2025
-
News3 days ago
Tinubu Orders Security Chiefs To Restore Peace In Plateau, Benue, Borno
-
Rivers3 days ago
Army Deactivates 16 Illegal Refineries …Arrests 23 Suspects In N’Delta
-
Social/Kiddies3 days ago
Celebrating Woman As An Icon Of Strength
-
Politics3 days ago
Newly Appointed Bayelsa PDP CTC Chair Unveils Agenda
-
Business3 days ago
Expert Seeks Cooperative-Driven Investments In Agriculture