Business
World Bank Offers Support For Nigeria’s Economic Growth
The World Bank last Friday expressed its willingness to provide technical support to Nigeria in critical areas to facilitate the country’s economic growth and development.
The bank’s Vice President for African region, Mr Hafez Ghanem said this in a statement issued by Special Adviser to the Minister of Budget and National Planning in Abuja, Mr James Akpandem.
Ghanem spoke when he visited the Minister of Budget and National Planning, Sen. Udoma Udo Udoma.
He said the bank would provide technical support for Nigeria in the areas of the Economic Recovery and Growth Plan (ERGP) Mid-term Review, Power Sector Reform, Public Private Partnerships (PPPs), and population management.
According to him, the bank will also provide technical support for ERGP delivery, performance tracking and reporting, capacity building for sector officials and economic modelling for policy analysis and forecasting.
Ghanem also pledged the bank’s commitment to increase its support for Nigeria’s Social Investment Programme.
The World Bank chief reiterated that he was in Nigeria to discuss with relevant Nigerian officials regarding the areas Nigeria would like to receive additional support from the bank.
He acknowledged that the present administration in Nigeria had shown commendable commitment in growing the economy.
Ghanem pledged that he would ensure Nigeria had an opportunity to speak about its economic progress at the annual meetings of the World Bank/International Monetary Fund (WB/IMF) scheduled for later in the year in Indonesia.
While receiving Ghanem, the Minister told him that the ERGP was Nigeria’s medium term plan (2017 – 2020) that articulates government’s vision for the country.
Udoma said the plan also layed the foundation for Nigeria’s long term economic growth.
He said the present administration had to set very aggressive targets in order to meet the serious challenges caused principally by the collapse in crude oil prices.
“Indeed, the collapse of crude oil prices exposed how dependent the economy is on commodity exports.
“ The ERGP was therefore developed to reform the economy so as to reduce its reliance on a single commodity and place it on the path of sustained, diversified and inclusive growth.
“With the introduction of the ERGP, the economic decline has been reversed; the economy has emerged from recession and is beginning to grow again,” he said.
The minister said that in spite of the positive economic news, there was much more to be done to achieve the targets set in the ERGP.
He said the government was focused on accelerating the implementation of the various initiatives in the ERGP and would soon commence a mid-term review of the plan.
He said Nigeria would appreciate technical assistance in the areas of Power Sector Reform and PPPs, ERGP as improvements in these areas were critical to achieving the rapid transformation of the economy.
He pointed out that although a large population could be an asset, a high population growth rate could pose a challenge for any country.
According to him, Nigeria’s rate of population growth needs to be moderated as one of the means of ensuring that the benefits of economic growth have the desired impact and improves welfare of all the people.
“In that connection, Nigeria can benefit from the experience of countries that have had success in managing their population growth.”
Udoma asked for assistance from the World Bank in arranging for Nigeria to have access to relevant information on the best and most successful methods of achieving success in this area.
The minister also expressed appreciation for the support the World Bank, the International Finance Corporation (IFC) and other development partners had been rendering toward development of the ERGP.
He appealed to the IFC to redeem the pledge to provide funding support for some of the projects identified during the ERGP Focus Labs.
‘It will be appreciated if the Vice President of World Bank can help designate a special session during the forthcoming IMF/World Bank meetings in Indonesia to enable Nigerian representatives speak to participants about the ERGP.
“ This will enable us attract more investments into Nigeria to further facilitate the achievements of the objectives and targets of the Plan’
The statement also said the Minister of State, Mrs Zainab Ahmed, appreciated the bank’s assistance in the area of security, social investment and the cash transfer programme.
Ahmed urged for more support , especially in the management of Nigeria’s growing population and inclusive growth.
She said if Nigeria succeeded in the Sustainable Development Goals (SDGs) programme, it would make a major contribution to the continent as it would meet the targets set for Africa.
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.
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.
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