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Economist Wants Strict Implementation Of Fiscal Responsibility Act

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Dr Aminu Usman of the Department of Economics , Kaduna State University, has urged the Federal Government to ensure strict implementation of the Fiscal Responsibility Act, to enthrone financial discipline in the country.
Usman gave the advice at the Annual General Meeting of the 1988 Economics class of the Ahmadu Bello University (ABU), Zaria, in Abuja.
In his lecture entitled “Winning Back the Strength of the Naira: Prospect and Challenges”, Usman advised the government and other stakeholders to realise and appreciate the urgent need to keep the currency strong and save it from further depreciation and bastardisation.
The don also advised the government to, as a matter of urgency, constitute a non-partisan highly professional Economic Management Team.
“The government should select a team that will be committed and dedicated to the Nigeria project, to assist in designing appropriate economic policies for the country.
“Export promotion incentives hitherto withdrawn, due to corruption and other vices, should be restored.
“It should cause certain tariffs and bans to be imposed on certain category of items in order to protect local industry.”
Usman said that to discourage over reliance on imports, the government should offer incentives to manufacturing firms to promote innovation, local content development, forex earning potentials and employment generation.
He also said that the government should give agriculture, education and the minerals sector priority attention, so as to diversify and address the problem bedevilling the economy.
“CBN must be on top of policy issues and should address the recurring policy inconsistencies that characterised foreign exchange management.
“It should have in place a positive and complementary relationship between the fiscal and monetary policies.
“Government ought to pursue a vigorous campaign for the consumption of Made in Nigeria goods, to help conserve our foreign reserves and ease the pressure on the naira.
“Buying local materials has the added advantage of alerting the entrepreneurial community of the existence of a gap in the market to be filled.
“To achieve that, government should evolve proper orientation strategies to ensure patriotism and nationalism through agencies like the National Orientation Agency (NOA),” the don said.
In addition, he urged the government to develop the fashion, entertainment and ICT industries to export their products, or export, even if to the African continent.
“The ubiquitous fashion houses could be grouped for standardisation of their products and create an export-focused fashion industry.
“The government should encourage diaspora Nigerians to make remittances home and support Nigerians schooling abroad to take up appointments there in order to increase the inflow of foreign exchange to the country,” he said.
Also speaking, the lead discussant, Mr Aro Rasaq, the Managing Director of Infrastructure Bank, urged the Federal Government to formulate monetary policies to strengthen the Naira.
Rasaq also advised that Nigeria should concentrate on products that it has comparative advantage on, to boost its foreign reserves, especially agricultural produce.
He further underscored the importance of diversifying the economy away from oil, saying “we don’t need to be solely an oil exporting country to be prosperous.”
The Tide source reports that the meeting was the third in series of lectures organised by the set to align itself with the ?ABU Alumni Association.

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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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