Business
CBN Tasks Financial Institutions On Technology

The Central Bank of Nigeria (CBN) has urged financial institutions and organi-sations to embrace technology to remain competitive.
Deputy Governor, CBN, Mr Adebisi Shonubi, stated this at Greenwich Registrars and Data Solutions Ltd seminar held in Lagos with the theme: Big Data in Nigeria.
Shonubi represented by Director, Information Technology Department, Hajiya Rakiya Mohammed, said many organisations had gone out of business due to their inability to adapt to current trends in technology.
He stated that organi-sations must harness the power of data and wind of change in their environment to remain competitive in product development and services.
To survive in this age, organisations need to have an idea and data that will enable them to play in their ecosystem,” Shonubi stated.
According to him, organi-sations must have a very clear vision to look at data as an asset to harness its benefits.
He also stressed the need for traditional institutions to seek ways of leveraging technology and provide better services to customers through the deployment of alternative engagement channels and platforms.
Shonubi said companies must redesign and harness data and generate insights that enabled quantifiable difference to customers, revenues and profits in order to remain relevant in the industry.
Also speaking, Acting Managing Director, Greenwich Registrars & Data Solutions, Obiageli Chiki-Ijegbulem, stated that one of the most important developments of the 21st century was the rise of data driven service delivery.
Chiki-Ijegbulem said, “most traditional organi-sations that have not crossed the digital divide are at a disadvantage because they incubate a cohesive ecosystem that inhibits the establishment of a fully integrated digital culture.”
“This conundrum stems from an enshrined mundane work culture, weak disposition to change management and quality of the human capital.
“Factually, the significance of big data does not revolve around the quantity of data you have, but what you do with it.
“You can take data from almost any source, analyse it to generate intelligence that will help your business in areas like customer life cycle management, new product development and smart decision-making.
“Ideally, mature organisations build protocols and employ tools for data security, these tools in themselves depend on big data to track and neutralise evolving threats,” she said.
The Executive Director, IT & Operations, Access Bank Plc, Mr Ade Bajomo said Nigeria had the opportunity to solve Africans problems by leveraging the best technology ecosystem.
According to him, this can be achieved if companies digitalise their strategies in such a way that they become more competitive to serve the customers in the most efficient manner.
“We need to drive and participate in this transformation to boost our organisations.
“Based on this pattern, we want to move into predictive, which is digital transformation.
“The fourth industrial revolution is powered by data and 90 per cent of all the data created in the world was generated in the last two years,” Bajomo said.
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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