Business
Experts Laud FG Over Stance On Naira

R-L: Rivers State Governor, Chief Nyesom Ezenwo Wike, Commissioner for Health, Dr Theophilus Odagme, Chief Goddy Nwikpo and Dr Ikedife Uba of the Integrated Medical Industries, IMI, during the governor’s inspection visit to the company in Port Harcourt on Friday.
Some capital market
operators have commended the Federal Government for resisting the pressure to devalue the official rate of the naira.
They told newsmen in Lagos that rather than devalue the naira, government should address the wide margin of the exchange rate in the official and black market.
The market operators made the suggestion against the backdrop of recent calls for devaluation of the naira.
While the official naira exchange rate has remained stable at N197.50 to the dollar at the CBN, it once depreciated to as low as N390 to the dollar at the black market.
It is currently within the band of N320 and N330 to the dollar at the black market.
Capital market operators said that the government’s stance against devaluation of the naira had reduced activities of speculators at the market, especially the portfolio investors.
The operators said that whatever negative effects of the government’s position in the market would only be in the short-term, while the market would stabilise in the long-run.
The Managing Director, Trust Yield Securities Ltd., Lagos Alhaji Rasheed Yusuuf, said that government’s decision had reduced foreign investors’ participation in the market and curtailed speculative buying.
Yusuuf said the capital market lost huge amounts of money in 2015 due to massive sell off by foreign investors and some rich individuals leading to drastic drop in the price of equities.
“The market is gradually stabilising because portfolio investors are not investing the way they used to do in the past.
“The kind of foreign investors we need now are the ones that can help us to develop our infrastructure, not speculators that will offload at anytime”.
Yusuuf said the government and regulators needed to reorganise the capital market to have more local investors that would support local industries to achieve economic growth.
He attributed the nation’s economic challenges to wrong policies in the past, stressing that Nigerians should embrace locally made goods to create employment.
A former President of Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said that government’s stance not to devalue the naira had affected the amount of foreign funds in the market.
Unegbu said that foreign investors had developed ‘wait and see’ attitude due to currency risks and external pressure to devalue the naira.
He said that the market fundamentals were still very strong, adding that investment in the capital market should be for long-term and not for speculative activities.
Unegbu urged the Central Bank of Nigeria (CBN) to pursue the right policies and desist from any policy somersault.
He also advised the apex bank to consult widely before pronouncement on any policy.
the Managing Director, APT Securities and Funds Ltd., Lagos, Mallam Garba Kurfi,observed that daily transactions in the market had dropped due to government’s stance on devaluation.
Kurfi, however, advised that government should address the wide gap between naira exchange rates at the black and official markets to encourage foreign participation.
He said that foreign investors would continue to shun our market if government failed to devalue or create an alternate foreign exchange window for them to play in the market.
Kurfi also suggested to government to compel the Pension Fund Administrators (PFAs) to invest more in the capital market to bridge the gap created by the exit of foreign investors.
The National Coordinator, Independent Shareholders of Nigeria (ISAN), Mr Sunny Nwosu, described devaluation call as “Western conspiracy”.
“We run a mono-product economy because we don’t have anything to export to enjoy foreign exchange gain; devaluation of naira will not favour us,” Nwosu said.
Nwosu urged the government not to succumb to devaluation pressure, rather government should look at ways to encourage local participation.
He said that government should be more serious on the issue of diversification of the economy and that the nation’s agriculture potential should be harnessed to boost revenue generation.
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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