Business
Nigerian Economy’ll Bounce Back – Dangote
Africa’s richest man,
Alhaji Aliko Dangote has allayed concerns over the Nigerian economy brought on by declining oil revenue and political uncertainty over the elections, stating that the country is strong and will bounce back.
Speaking to The Tide source recently, the business mogul said every country faces challenges when markets go through periods of booms and busts, but there was no reason to be concerned about the Nigerian economy, as its fundamentals are strong.
He said the economy was simply passing through a temporary setback owing to low commodity prices, but expressed confidence that the country has the capacity to emerge stronger in few months time.
“As long as we manage our resources property, even with crude oil selling at $50 per barrel, Nigeria has the ability to pull through because the fundamentals are strong.
“So what we are going through should just be seen as a temporary setback”, he said.
Dangote who has seen N1.8 billion of his flagship company, Dangote Cement Plc, wiped out since falling oil prices precipitated massive losses in the Nigerian equities market and a devaluation of the Naira against green back said he had absolute confidence in the economy and would continue to invest in it as appreciable returns on investment were guaranteed in Africa’s biggest market.
In the mean time, Nigeria’s stocks rose for the eighth day recently in what Bloomberg described as the largest winning streak since July 2013 as investors brought into companies they deemed over sold following declines spurred by concerns that lower oil prices and elections may hurt the economy.
“Bargain hunters are taking advantage of the low oil price of a number of stocks”, Ikechukwu Ineanacho, who helps manage about N6 billion ($30 million) of equities and bonds at Chapel Hill Deuham Secrities Limited, said according to a phone conversation with The Tide Correspondent.
“They have sufferedfar beyond what the fundamentals would suggest, largely on the back of oil and foreign investors coming out of the market ahead of the elections”, he said.
The Nigerian Stock Exchange All Share Index rose from 0.2 per cent to 30,195.56 by the close of trading last Friday, extending its eight day gain to 9.5 per cent.
Stock prices fell to 7.2 times estimated earnings on February 12, the lowest in Africa and below the MSCI frontier Market Index multiple of 9.9.
But valuations rebounded to eight times predicated earnings for the next 12 months on Friday.
Quaranty Trust Bank, Plc, the biggest bank by markets value has climbed, the most in the last eight days raising 36 per cent.FBN Holdings Plc, which owns Nigeria’s largest lender by assets, First Bank of Nigeria Limited, was up 22 per cent, while Zenith Bank Plc increased by 20 per cent in the period.
GT Bank and Zenith are “some of our farourite shares” said Iheanacho. “They are among the banks that have the greatest prosperity to weather the storm.
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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