Business
NACCIMA Ex-DG Wants EAC To Tackle Revenue Leakages

An Economic expert, Dr John Isemede, has urged the new Economic Advisory Council (EAC) to urgently tackle leakages in the various sectors of the economy to increase the country’s revenue.
Isemede, ex-Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), gave the advice in an interview with The Tide source in Lagos yesterday.
He said that the country generated sufficient revenue to tackle its needs but most of the funds went into private pockets.
The former National Consultant on Organised Private Sector (OPS) matters to United Nations Industrial Development Organisation (UNIDO), also spoke on increment in Value Added Tax (VAT).
He said that increasing VAT from five per cent to 7.2 per cent would generate little to the economy if the leakages persisted.
According to him, how would one explain a situation in an agency of government where N20,000 is paid for services and N5,000 is receipted.
“What this means is that faceless Nigerians are enriching themselves to the detriment of the economy they are employed to salvage,” he said.
Reports say that on Monday, President Buhari constituted a new Economic Advisory Council to be headed by Prof. Doyin Salami.
Other members are Dr Mohammed Sagagi (Vice-Chairman); Prof Ode Ojowu; Dr Shehu Yahaya; Dr Iyabo Masha; Prof. Chukwuma Soludo; Mr Bismark Rewane; and Dr Mohammed Adaya Salisu (Secretary).
The announcement, which was contained in a statement by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said the council would replace the current Economic Management Team and will be reporting directly to the President.
“The Economic Advisory Council (EAC) will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues, working with the relevant cabinet members and heads of monetary and fiscal agencies,” Adesina said.
Isemede, a former United Bank for Africa Plc staff on International Trade, said that the government needed to look inward and check leakages in its agencies in order to generate sufficient revenue.
On foreign exchange restriction on 43 items by the CBN, the sales, export, agribusiness and marketing expert, said that the forex restriction on the items was in order.
He, however, said that the consequence of the ban had led to a shortfall in revenue from import duties, VAT and other levies to the government.
“The Ministry of Finance will find it difficult to draw up the national budget and finance it because another round of borrowing will lead to uncertainty in the economy”.
“The N30,000 new minimum wage to workers has to be fulfilled, hence the need by the government to shore up its revenue to meet the challenges.
“More revenue would come from the agric business, solid minerals, petroleum sector if the refineries work, paper mills, infrastructure like the national carriers, Ajaokuta steel complex, power, among others, are fixed and harnessed,” he said.
The former member, Nigeria’s Trade Policy Review Committee in 2011, advised all tiers of government to create jobs.
Isemede noted that a country with an estimated population of 200 million to foreign reserves of 43 billion dollars was not too good.
“We must close the gap between the Monetary (CBN) and the Fiscal side of the equation, because we cannot run a country where we can produce wheat and we are importing wheat with over N650 billion and rice with over N360 billion annually.
“The Ajaokuta Steel Complex; the refineries, paper mills, should be revived to generate additional revenues,” he said.
Isemede said that no government would sign all sorts of agreements, open its borders and encourage importation without a balance of trade with others.
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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