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Russia-Africa Trade Volume Hits N20bn In Three Years

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The African Export-Import Bank (Afreximbank) says trade between Africa and Russia has doubled to about $20 billion as against $10 billion in the past in three years.
A statement by, Afreximbank’s Director and Global Head of Communications and Events Management, Mr Obi Emekekwue, quoted the bank’s President, Prof. Benedict Oramah as saying this at the ongoing Russia-Africa Economic Forum in Sochi, Russian Federation, yesterday.
Oramah said that Africa had achieved this figure through the bank’s engagement with the Russian Export Centre to promote trade between the two sides.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
The two-day Russia-Africa Economic Forum is being co-organised by the Russian Federation through the Roscongress Foundation and the Russian Export Center, and Afreximbank.
It is aimed at providing a platform for African and Russian businesses to connect in order to promote increased trade between Africa and Russia.
The Russian Export Centre is a shareholder in Afreximbank.
Oramah told the first-ever Russia-Africa Summit attended by about 50 African countries and other participants that the trade volume would double in the next two years.
He said Afreximbank would achieve this by offering guarantees and other programmes to address certain risk perceptions and increase trade.
According to him, the bank is also working with the Russian Export Centre to create a trade information portal which will provide information to businesses to facilitate trade between the two sides.
He welcomed the holding of the Russia-Africa Economic Forum, saying that the event was an opportunity for Africa to find new partner in dealing with some of the challenges confronting Africa.
Russian President Vladimir Putin said that Africa was becoming increasingly attractive to Russian businesses as many of the countries had become centres of economic growth.
He announced that Russia had recently written off $20 billion of debt owed by African countries, saying that funds from those debts were being used to set up special programmes to support Africa’s economic development.
Putin added that the Russian Federation would work with Africa to support the implementation of the African Continental Free Trade Area agreement, in particular by supporting collaboration with the Eurasian Economic Union.
Abdel Fattah Al-Sisi, President of Egypt and current Chairman of the African Union, was also quoted by the bank as saying  that Africa was embarking on a new phase of economic development by making strong efforts at regional and continental integration.
Al-Sisi said that Africa would welcome cooperation with partners willing to increase their investments and financial commitments in the continent.
According to President Al-Sisi, such cooperation must be based on mutual interest and the protection of African property in order to ensure sustainable economic development.

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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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.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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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.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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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

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