Business
Infrastructure Challenges Hinder African Economies – UBA Boss

The outgoing Managing
Director of United Bank of Nigeria (UBA), Mr Phillip Oduoza said that the dearth of infrastructure has hindered most African economies from achieving their full potential.
Oduoza said this at the 4th valedictory lecture in his honour by the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos last week with the topic, “The Emergence of A Nigerian Pan-African Bank”.
He noted that the challenge had led to the spillover effect on African companies’ profitability.
Oduoza said, “I realised that it was important to explore means of bridging this gap to a comfortable extent to ensure businesses run smoothly, remain profitable and contribute to the economy within which they operate .
“It is, however, pertinent to note that the current state of infrastructure represents an opportunity for a Pan African bank to provide project or infrastructure finance.”
He said that country was not exempted from the challenges which the governments had to reduce especially in terms of policy inconsistency.
“Similarly, to Nigeria, we have encountered frequent changes in policies, which often occur as the government and regulators of operating countries try to grapple with economic challenges.
“Resource commitments by banks to comply with new regulatory policies are not optimised due to frequent reversal of these policies. This makes doing business to be unduly costly,” he also said.
Oduoza said African market remained highly fragmented as tariffs, permits and licenses as well as other regulatory barriers increase transaction costs and limit the movement of goods and services.
The outgoing managing director said that trade within the sub-Sahara Africa represents about 10 to 12 per cent of its total trade, compared to its trade with China alone represented 27 per cent.
According to him, this shows the degree of which trade is limited within the region.
He attributed the development to the high informal nature of the economies of those African countries as well as the lack of appropriate platforms for cross border trade.
Oduoza urged central banks to collaborate to promote the development of cross- border trade platforms in order to encourage the informal sectors to join the banking system.
On deepening financial inclusion and retail banking, Oduoza said Pan-African banks would also benefit significantly from increased financial inclusion on the continent.
He said globally, Sub-Saharan Africa remained the region with the lowest level financial inclusion.
“It is estimated that only 34 per cent of adults in Africa have an account in 2014, up from 24 per cent in 2011.
“I anticipate these figures to improve as the African economy continues to expand,” he said.
He noted that financial inclusion was necessary to ensure economic growth performance that would be inclusive and sustained.
He stressed that mobile technology had the potential to vastly expand financial inclusion across Africa saying that Pan-African banks with a good understanding of the continent could leverage their technology platform to capture the opportunity.
Oduoza said that would invariably mean a growth in retail banking as most of those financially excluded fall within the bracket.
He added, “UBA has effectively been promoting financial inclusion on continent by leveraging on our advanced digital banking platform.
“Working with our payment partners, we are improving the payment systems on the continent with prepaid and debit payment cards.
“ We also make use mobile and internet banking platforms, which have been deployed and adapted for our subsidiaries across Africa.”
Oduoza took over as the Chief Executive Officer and Group Managing Director of UBA on Aug 1, 2010 and will serve his full two terms in office on Aug 1.
He is to be succeeded by Mr Kennedy Uzoka.
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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