Business

Nigeria Needs N35trn For Vision 2020 -Aganga

Published

15 years ago

July 15, 2011

Nigeria will require N35 trillion in investments in the next four years to drive the Vision 20:2020 Agenda, Minister of Trade and Investments, Dr Olusegun Aganga, said on Wednesday on assumption of office.

Aganga said at a meeting with staff of the ministry in Abuja that N10 trillion of the amount was expected from the Federal Government, N9 trillion from state governments and N15 trillion from the private sector. He said that the economy would, therefore, rely on the private sector to lift the nation into the club of the top 20 countries in the world by 2020. He explained that the vision agenda informed the decision to re-focus and re-name the ministry to give proper attention to attracting investments rather than give prominence to commerce and industry.

“This will require a new way of thinking, some reforms and structural changes, finding creative solutions to our challenges and a renewed commitment and determination to succeed.

“Our mission is to transform and refocus the Ministry of trade and Investments and to ensure that it takes it rightful place as driver of the Nigerian economy.” According to him, the role of the ministry is critical to its success of President Goodluck Jonathan’s transformation agenda.

“We must ensure that we play our part in delivering sustained economic growth and jobs for the citizenry,” he added. Earlier, Samuel Ortom, Minister of State for Trade and Investments, had underscored the need to bridge the gap between the rich and the poor. He called on the staff of the ministry to cooperate with the ministers to ensure the actualisation of the goals of this administration.

Business

Crisis Response: EU-project Delivers New Vet. Clinic To Katsina Govt.

Published

26 minutes ago

February 27, 2026

The Tide

A Non – Governmental Organisation (NGO), Mercy Corps, has handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

Speaking during the handover ceremony, Wednesday, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support peace and development in the state.

While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for livelihood.

Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction on the timely and successful implementation of the project in Danmusa.

He stated that although Mercy Corps began its operations in the state in 2023, security challenges, had initially prevented the organisation from accessing some areas, including Danmusa.

Ikita said that the project would improve access to essential services, strengthen livelihoods and contribute to sustaining peace in the community.

“The project involves the upgrade of a veterinary clinic from a two room structure into a fully functional six office facility, embarked on to strengthen livestock healthcare services in the area.

“The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

“It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them.

Business

FG Pushes Cassava Bioethanol Drive To Boost Industrial Growth

Published

26 minutes ago

February 27, 2026

The Tide

The Federal Government has reaffirmed its commitment to developing Nigeria’s cassava bioethanol value chain as part of efforts to drive industrial expansion and economic stability.

Minister of Budget and Economic Planning, Atiku Bagudu, made this known during a capacity-building workshop for stakeholders on the Cassava Bioethanol Value Chain Development Project in the South-West zone., held in Abeokuta, Wednesday.

Bagudu said the workshop aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to transform Nigeria’s agricultural strengths into industrial and economic gains.

Represented by the Director of Economic Growth, Auwal Mohammed, the minister said the initiative is designed to move Nigeria beyond producing cassava solely for food consumption toward large-scale industrial and energy applications.

Despite being the world’s largest cassava producer, he noted that Nigeria has not fully harnessed the crop’s economic potential.

“As the world transitions towards a greener and more sustainable economy, bioethanol presents a significant opportunity for Nigeria,” he said.

Bagudu added that blending bioethanol with Premium Motor Spirit (PMS) could cut dependence on fuel imports and save billions of naira in foreign exchange.

He said the initiative would stimulate a bio-based economy, strengthen the naira, and integrate millions of smallholder farmers into an expanded industrial value chain.

According to him, the project is consistent with Nigeria’s National Bio-Economy Policy, which promotes a circular economy approach that maximises the full Cassava value chain.

In 2023, the Federal Government began sensitising stakeholders in the North-West on implementing the Cassava Bioethanol Value Chain Project.

Inaugurated in Kano by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Nebolisa Anako, represented by the Director of Finance and Accounts, in the ministry, Muhammad Kabir, the programme was aimed” at fostering sustainable growth, job creation, poverty reduction, and improved access to food and energy through a bio-based economy.

Business

President Tinubu Extends Raw Shea Nuts Export Ban To 2027

Published

30 minutes ago

February 27, 2026

The Tide

President Bola Ahmed Tinubu has approved a fresh one-year extension of the ban on the export of raw shea nuts to the year 2027.

Spokesman to the president, Bayo Onanuga, disclosed this in an official statement, Wednesday.

The renewed directive, which takes effect from February 26, 2026, to February 25, 2027, is a testament the Federal Government’s determination to strengthen domestic value addition and reposition Nigeria’s shea industry for higher export earnings through processed products.

The decision is also aimed at stimulating local manufacturing, creating jobs, and improving incomes across shea-producing communities.

The President said the extension reflects its commitment to transforming Nigeria’s agricultural commodities into higher-value export products. It noted that the policy is designed to promote inclusive economic growth and strengthen local manufacturing capacity.

“The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda”.

The statement said “The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.”

The statement added that the directive forms part of broader efforts to shift Nigeria away from the export of raw commodities toward a more industrial and export-driven economy.

To ensure effective implementation of the extended ban, President Tinubu has authorised the Federal Ministry of Industry, Trade and Investment, in collaboration with the Presidential Food Security Coordination Unit, to coordinate a unified national framework for the development of the shea value chain.

According to the statement, the President approved the adoption of an export regulatory framework developed by the Nigerian Commodity Exchange to standardise and streamline shea exports.

All existing waivers that previously allowed the direct export of raw shea nuts have been withdrawn with immediate effect.

Any surplus production must be channelled strictly through the approved exchange framework to ensure transparency, traceability, and fair market pricing.

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