Business
VC Lists Globalisation Challenges
The Vice Chancellor, Averitas University, Abuja, Prof Mike Kwanashie, has outlined the many challenges trailing globalisation in a developing country like Nigeria, especially as it affects the manufacturing sector.
Kwanashie who was the guest speaker at the 34th Annual General Meeting (AGM) of Manufacturers Association of Nigeria (MAN), Rivers/Bayelsa branch in Port Harcourt last weekend, said globalisation is responsible for the high cost of funds arising from depreciation of the naira against major currencies, coupled with high lending rates and extreme difficulties in accessing credit for working capital .Manufacturers also experience scarcity of foreign exchange which is the result of poorly managed exchange policy, as government policies are at the order of global financial institutions which have perpetuated the current situation.
He noted that the challenge of multiple taxes and levies by the three tiers of government is also affecting the industry causing declining profitability.
The University don noted the need for manufacturing activities that have potential linkage with small and medium enterprises to be actively promoted by the federal and state governments.
The newly elected chairman of the branch Senator Adawari Pepple told newsmen that his administration will improve on the good works of the past leadership, saying that he would bring MAN closer to the people through sensitisation, especially in Bayelsa where much work needs to be done.
Pepple, noted that there are many benefits that manufacturers would have as members of MAN, adding “I plan to make Bayelsa appreciate that it is only through industry and manufacturing the economic situation will improve.
He said starch and flour are processed from cassava in the state, adding that in the next two months, packaged Ofingo soup would be exported outside the country, as arrangment has been concluded on that.
In her contribution, the Relationship Officer commercial banking division, Access Bank, Port Harcourt, Ijeoma Ozurumba said the bank was participating in the trade exhibition to meet and possibly partner with manufactures on the federal governments intervention funds given through the Bank of Industrey (BOI).
Ozurumba said, “Access Bank partners with BOI to help them access the Central Bank intervention loan”, adding that her bank also out loans to business men and women, but the loans are structured and tracked.
The representative of Mercury Engineering Construction Company Ltd, Mr Okoye Joels who said the company just joined MAN commended the state government for being manufacturers friendly in the area of infrastructural development, security and tax harmonization, adding that the company no longer suffers from double taxation as was the case previously.
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
-
News4 days ago
Army Chief Gives Troops One Month Marching Order To Flush Out Bandits In Niger, Kwara
-
Nation4 days ago
Monarch Preaches Peace As He Unveils Palace
-
Niger Delta4 days ago
Eno Promotes ARISE Coordinator To Perm Sec
-
Business4 days ago
Multipurpose Terminal Hosts 6,606-Foot Capacity Vessel In Onne
-
Politics4 days ago
Speakers Conference Tasks FG, Governors On Wanton Killings
-
News4 days ago
Court Okays Arrest, Detention Of Six CBEX Promoters
-
Featured4 days ago
FG To Seize Retirees’ Property Over Unpaid Housing Loans
-
Niger Delta4 days ago
Diri Okays Ongoing Projects’ Progress