Business
2016 Budget:FG Sure Of Meeting Revenue Targets

United Nations High Commissioner For Refugees (UNHCR), Head of Field Unit in Makurdi, Mr Sam Agwa (left), with the UNHCR representative to Nigeria and ECOWAS, Mrs Angele Dikongue, during an inspection visit to the UNHCR 200 Room-Shelter Support Project for internally displaced persons in Guma Local Government Area of Benue, recently.
The Minister of State for
Budget and National Planning, Hajiya Zainab Ahmed, yesterday said that the Federal Government would achieve its revenue projections to finance the 2016 budget.
Ahmed gave the assurance in Kaduna at a Town Hall Meeting, organised by the Ministry of Information and Culture to commemorate one-year in office of the President Muhammadu Buhari led-administration.
“We know there is a lot of pessimism about the very ambitious revenue projection in the 2016 budget, planned on oil bench-mark of 38 dollar per barrel.
“However, with the current oil price of 46 dollars per barrel, the Federal Government is very much optimistic that the revenue target will be largely achieved, “she said.
The minister said that the ministry had put in place several measures to ensure cost efficiency in management of government resources.
“We have a unit that scrutinises government expenditure to make sure that there is no wastage.
“We equally have a very robust implementation plan that interacts with Ministries, Departments and Agencies (MDAs) on monthly basis to find out capital development projects that they need resources to implement.
“We allocate the resources only on the assurance that the projects will be actually undertaken.
“We also hope to intensify the implementation of the public financial management reform in various MDAs to boost revenue and cut wastage, “she added.
Ahmed said that the current administration’s zero budgeting was facing some challenges, adding that efforts are on to address problems and harness the full benefits of the system.
She said that the Federal Executive Council had approved 34 priority projects and programmes in six sectors which would be delivered unfailingly.
The minister also said that the administration had taken measures to ensure that Nigeria achieved stable and predictable foreign exchange regime in the next one year.
“We also have a target to ensure a single digit interest rate for lending to the productive sector of the economy.
“The ministry of agriculture is also leading a process to attain sufficiency in rice production by 2018, and equally revamp and expand agro-allied processing to boost production of cash crops.
“Similarly, a road map is being developed to increase private sector investment in tourism, entertainment and sports which would be rolled out in the next 12 months”.
Ahmed also said that the Ministry of Trade and Investment had made a commitment to move the country 20 places up on the ease of doing businesses index, to attract more foreign direct investment into the country.
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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