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Fuel Import Gulps 30% Of Forex – Adeosun

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The Minister of Finance,
Mrs Kemi Adeosun, has said that 30 per cent of the country’s demand for foreign exchange is for fuel importation.
Adeosun stated this in Lagos at the launch of “FirstGem” , a product of First Bank of Nigeria Ltd., aimed at empowering women through wealth creation.
She said that government was working very hard to transform the country from consumption driven to investment driven nation.
Adeosun said that it was disheartening that Nigeria exports crude oil and imports petroleum.
“We lose a lot of money exporting unprocessed raw materials. We don’t have the power to process and that’s why we need to build infrastructure to export processed products in order to earn more foreign exchange,” she said.
She said that the Federal Government was committed at rebuilding the country’s infrastructure to boost local production for job creation.
“If we have an enabling infrastructure such as power, roads , among others, cost of doing business in Nigeria will reduce drastically,” Adeosun stated.
She said that government would continue to improve the country’s competitiveness through the provision of basic amenities.
The finance minister said that funds borrowed by the government would be tied to capital projects to boost infrastructure development.
She stated that government revenue had reduced due to drop in the price of oil at the global market.
“Its a difficult time but we will get out of it. We will survive and get better. Nigeria is tough but we are very resilient,” Adeosun said.
Speaking on the FirstGem product, Adeosun said that women were very critical to the country’s development.
She said that women needed to be financially independent as they represent 52 per cent of the country’s population, adding that, 70 per cent SMEs operators were women.
The minister, who commended the bank for introducing the product noted that FirstGem would help women to show track record of success that would make banks to offer them funds to grow their businesses.
Adeosun stated that women must learn to save and stick with their budget in order to prepare for tough times, noting that, women must not spend all their monies on consumables.
“Women have to open their eyes, your children are not your pension because it doesn’t work any more,” she added.
Also speaking, the wife of the Vice President, Mrs Dolapo Osinbajo, who was the special guest of honour, commended the bank for the product aimed at empowering women.
Osinbajo urged women to take advantage of the product and empower themselves, noting that, recession had opened up a lot of opportunities that were yet to be tapped.
Chairman, Board of Directors, First Bank of Nigeria Ltd., Mrs Ibukun Awosika, said that the product was  introduced to support and make women more financially responsible to be good entrepreneurs.
She added that the given country was going through tough times and women needed to wake up in order to support their families.
“We want to ensure that women stand on their own when the need arises, its time for the women to wake up and must not be a liability.
We want to use the product to challenge the mind of women to save and have the capacity to stand on their own,” Awosika said.
FBN Chief Executive Officer, Mr Adesola Adeduntan, said the significant role of women in economic development was not debatable
Adeduntan said that FirstGem was initiated in order to empower more women to contribute their quota to economic development.
“When women thrive the whole society benefits because there will be sustainable growth,” he added.

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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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.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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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.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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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

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