Business
Experts Set Agenda For Buhari’s New Economic Team

Economic experts have highlighted problematic areas the newly-constituted economic advisory team of the president should focus on to address the economic challenges confronting the country.
The experts spoke in reaction to the recently-constituted Economic Advisory Council (EAC) by President Muhammadu Buhari.
Buhari had, last Monday, announced the constitution of an eighth-member EAC, with Prof. Adedoyin Salami as Chairman.
The council, which replaces the current Economic Management Team (EMT), led by Vice President Yemi Osinbajo, will be reporting directly to the President.
An economic analyst, Dr Patricia Auta, said there was need for the council to look at how manufacturing, financial services, maritime and aviation sectors could transform the economy, create millions of jobs and pull millions of Nigerians out of poverty.
“The banks in Nigeria have not performed optimally, particularly in the areas of delivering on cash to the real sector and consumers. They seem to be engaging more in short term lending, including treasury bills.
“The result is that the economy is bleeding out. A banking policy that delivers resources to the economy is needed.
“Also, there is the need to streamline the CBN. The bank appears overburdened, especially with its concentration on development finance.
“There may be need to set up another body to handle development finance activities, so that CBN can concentrate on its core mandate of monetary policy administration and banking supervision,” she said.
Auta also called for the support of polices that promote the consumption of made-in-Nigeria goods which, she said, was good for the sustainability of local industries in the country.
Another expert, Mr Tunde Folorunso, urged the EAC members to review the Economic Recovery and Growth Plan (ERGP) to improve implementation.
He said that the ERGP would have been able to get Nigeria out of recession, but it had so far failed to spur rapid growth and economic development.
“Government’s policies on tax appear to be poorly thought-out. There’s the need to get government to reconsider increasing VAT from 5 percent to 7.5 percent as it will have an adverse effect on the economy.
“Also, the recent clampdown by the FIRS on alleged tax defaulters’ bank accounts is unlawful and must be checked.
“Members of the EAC have their work cut out for them. They cannot massage the government’s ego. They must point out the flaws in the current economic plan and give honest advice to the president,” he said.
Also, another economist, Dr Tom Adedoyin, said that the country could not grow without first tackling the problem of insufficient power supply and poor transportation.
He hoped that the EAC would come up with ideas that would help the government address those problems which, he said, had riddled the country for decades.
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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