Business

I’ m Here To Create Jobs – Okonjo-Iweala

Published

14 years ago

August 24, 2011

Former Managing Director of the World Bank, Dr Ngozi Okonjo-Iweala who was sworn-in last week by President Goodluck Jonathan as the Minister of Finance declared that her main priority as she resumed duties was to create jobs which was a key component of the president’s transformation agenda.

She made the declaration after she took oath of office, even as President Jonathan said that Dr Okonjo-Iweala and other ministers who were formerly based abroad before being invited to join the cabinet will not be paid salaries and allowances in foreign currencies.

Meanwhile, the President has also constituted the National Economic Management Team, NEMT, which will be inaugurated today with Dr Okonjo-Iweala as the Co-ordinator of the team.

Dr. Ngozi Okonjo Iweala taking oath of office as Minister of Finance during the Federal Executive Council meeting Wednesday in Abuja.

Okonjo-Iweala who fielded questions from State House correspondents after the weekly Federal Executive Council, FEC, was not comfortable with a question from reporters on the ongoing reforms of the banking sector by the Central Bank of Nigeria, CBN, stating that the CBN doesn’t have any reform, apart from President Jonathan’s reforms.

“There is no reform package by the CBN and no reform package by the Ministry of Finance. There is a reform package for Nigeria which is being led by President Goodluck Jonathan. We are here to make sure that his priorities are met. CBN is dealing with monetary, currencies and exchange rates policies and the Finance sector is fiscal policy. The two have to come together in order to make a whole so there is no division”, she said.

“But let me say this first the whole thrust of what the president wants for now is the creation of jobs so everything that we do in terms of pushing the economy forward has to be geared around how we can have a true job growth of the economy. So we are going to be working on that”, she added.

According to her, “those micro economic structure reforms and investments in key sectors that need to be done in order that we create job for our youths would be the critical thrust but we can expand on that later”.

On the issues of the debt, she said, “first we have to look at the fiscal issues in the country studying possibilities of fiscal consolidation and that includes looking at our debt level. As you know, I am somebody that believes we should have a prudent approach to our debt. But we will be able to tell you more later when we have started the process of looking at the budget”.

As she assumed duties yesterday at the Ministry of Finance secretariat, Dr. Okonjo-Iweala, set for herself and the ministry staff, a three-point agenda of “efficiency, effectiveness and delivery.”

Exuding confidence, she said the various challenges of the Nigerian economy could be successfully tackled with determination and readiness of spirited Nigerians to ensure the success of the needed reforms.

She urged all staff of the ministry to work hard, explaining that she could be a “very demanding” person.

The former World Bank Managing Director told the top management that the execution of government’s policies would be based on hard work and that she was determined to ensure that Federal Ministry of Finance was at the lead in that regard. It is essential that all team members work together to deliver on the agenda”, she said, adding that she did not have all the solutions alone.

She described her appointment into the cabinet as an honour that humbled her immensely and that “nobody is too big to serve his or her country. My decision to serve my country is because of my love for my country. I love Nigeria with a passion”.

According to her, “Nigeria can do better than it is doing currently only if all those saddled with the responsibility of implementing the policies play together as a team”.

In a brief remark, the Minister of State for Finance, Alhaji Yerima Lawan Ngama identified a successful execution of the Vision 20:2020 as critical to the realisation of the Goodluck Jonathan administration’s transformation agenda. Meanwhile, President Goodluck Jonathan has announced that contrary to reports, he has no pact with any of the cabinet members sourced from the diaspora, including the immediate past World Bank second highest officer, to earn wages in US dollar.

Said he: “The question the media ask and I know, for Ngozi, it was quite embarrassing when you accepted to serve; it was in the media that you gave conditions to be paid in dollars. Let me formally announce to Nigerians that she accepted to serve just like any other minister and indeed others who came from the diaspora have not asked us for dollar salary. They are going to receive salary and allowances like others in the cabinet. They are coming to serve the country and are not coming because of their personal aggrandizement.

“For today’s ceremony, there is the need to make one or two statements. First let me welcome Dr. Ngozi Okonjo-Iweala on board, a very familiar terrain. She was here before most of us here, as a minister of finance and minister of foreign affairs briefly before leaving”.

He thanked the new minister for accepting to come and serve again, “because considering the position you were holding at the foremost world bank, it is difficult for you to come back to serve as minister in a country”.

“And I am saying this with all pride because when your name was made known and it entered the media, anywhere I go, heads of state and governments were wondering why you would even agree to come; and they were appreciative of me, especially the African presidents that I did well to pull you back home to help solve the African problem because they know your worth in the World Bank

“Let me also thank the World Bank, particularly Zoellick for allowing you to come, for co-operating with us and promising to support us. It is an opportunity for us to thank the world bank and also thank the president especially. People wonder why we want her back, we want her back not just to manage the Ministry of Finance but we are opportuned to have her as somebody who is quite vast in economic issues and we want her back to play a key role in the economic issues in the country.

“Of course, you also know that in the immediate past, she also introduced the idea of Economic Management Team during Obasanjo’s time and we followed up- the late President Yar’Adua and myself.” The President disclosed that NEMT is to be inaugurated this morning at Council Chambers of the State, even as he promised to expand the team as the need arises.

“This time around we are expanding the Economic Team because we believe the country is one. Yes, the states have their own economies but if there is no proper coordination in the management of the economy between the federal government and the states, we cannot go anywhere as a nation. And that is why the economic team, this time around, will have some governors as members.”

But specifically, he said: “Ngozi is brought in to coordinate all economic activities of the federal government and of course by extension, help the state. Let me also thank other ministers brought in from the diaspora, we know it is quite challenging to move from developed countries to Nigeria”. “For you, the expectation, not just from Nigeria, but the whole world, is quite high. People expect so much from you, some people feel you have the magic wand to wave and change everything. I believe with your level of experience and with the support we will give you, and of course cooperation of your colleagues, all of you collectively will help to change our own country. You will help to work to make sure that our transformation agenda move smoothly and get to the destination expected. “I am quite happy with the ministers on board because this time we are emphasizing the cluster arrangement even though the economic management team has not been formally inaugurated, I am aware that the core economic ministers have been meeting in the minister of petroleum resources office.

They have been holding meetings to see how the ministers can work together. So your job is easier because even before you take the oath of office, already people are doing the work and they are working together. So the spirit is already there for you people to work together; and I will give all the ministers the political support to what they are meant to do and I believe all of you will succeed”.

President Jonathan directed that as from next week, “probably after the Sallah celebrations, various ministries will give us comprehensive briefings on where we are and where we want to go”. Issues of financing our project for the next four years will be key and of course you will be in all the briefings because the issue of the briefings usually ends with money. There is only one minister that told me and I pray that it should be so that Mr. President after one year the government would not need to spend money in my sector, we would be able to generate enough funds to drive my sector; and I said, if we can get that kind of ministers in all the sectors, it would be lovely.”

He said “so we are quite hopeful that you (Okonjo-Iweala) have the team of ministers that are really ready to transform this country. I am quite pleased with the interactions I have been having with few of them for now both the ministers and the ministers of state, they have the spirit, the willingness to work hard to change our country. I think I would be one of the luckiest presidents that would have this kind of cabinet. So let me once again thank you and indeed all the ministers for accepting to serve our country.”

The 24-member National Economic Management Team, NEMT, constituted by the president will be inaugurated today. The President is the Chairman of the team with Vice President Mohammed Namadi Sambo as Vice Chairman, while Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy is the Coordinator of the Economic Management Team.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

2 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi

Business

Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG

Published

2 days ago

January 9, 2026

The Tide

Former Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Professor Banji Oyelaran-Oyeyinka, has urged the Nigerian government to urgently industrialise the agricultural sector as a pathway to food security, economic diversification, and sustainable job creation.

Professor Oyelaran-Oyeyinka made the call while speaking at the Oyo State Economic Summit held at the International Institute of Tropical Agriculture (IITA), Ibadan, during a lecture titled “Industrialising Agriculture for Economic Development and Food Security: Enhancing National Economies and Sub-National Entities.”

He cautioned that despite Nigeria’s vast arable land and its position as a leading global producer of crops such as cassava and yams, the country remains food-deficient and heavily dependent on costly food imports.

He highlighted that Nigeria spends over one trillion naira annually importing wheat, rice, sugar, and fish, a persistent trend that drains foreign exchange, undermines local farmers, weakens industrial competitiveness, and fuels unemployment.

The development economist argued that the solution lay in transforming agriculture from a subsistence activity into a modern, industrial enterprise capable of producing surplus, supporting manufacturing, and driving broad-based economic growth.

He explained that industrialising agriculture does not mean replacing rural communities with factories, but rather empowering farmers with technology, skills, infrastructure, and market access to raise productivity and incomes.

According to Professor Oyelaran-Oyeyinka, Nigeria’s low agricultural productivity reflected deeper structural challenges, including weak education systems, limited skills, and inadequate investment in technology and infrastructure.

He noted that countries that successfully transitioned from low-income to middle-income status did so by modernising agriculture alongside industrial development, creating strong linkages between farms, processing industries, and markets.

Oyelaran-Oyeyinka highlighted stark yield disparities between Africa and Asia, noting that cereal yields across African countries remain less than a third of those achieved in East Asia.

This gap, he said, explains why African economies struggle to compete globally and why industrialisation efforts have stalled.

Professor Oyelaran-Oyeyinka outlined key pillars of agricultural industrialisation, including mechanisation, value addition, integrated supply chains, access to finance, improved seed systems, and targeted investment in human and technological capabilities.

He stressed that farms must be treated as “factories without roofs,” capable of feeding into agro-processing, manufacturing, and export industries.

The visiting professor at The Open University in Milton Keynes said the economic benefits of such a transformation would be far-reaching, including reduced dependence on oil, large-scale job creation, significant foreign exchange savings, and stronger national food security.

Drawing lessons from Vietnam, he described how deliberate agricultural modernisation helped transform the Southeast Asian country from a food importer into one of the world’s leading exporters of rice, coffee, cashew, and seafood.

Vietnam’s agribusiness exports, he said, now generate tens of billions of dollars annually and underpin the country’s wider industrial success.

He attributed Vietnam’s success to consistent policies, heavy investment in agro-processing, strong farmer–industry linkages, and the use of special economic zones to drive value addition and export competitiveness.

Oyelaran-Oyeyinka noted that similar models are emerging in Nigeria, including in Oyo State, but warned that they require reliable infrastructure, policy stability, and empowered governance to succeed.

The professor called on state governments to prioritise power, roads, and logistics, strengthen agricultural extension services, and create efficient special agro-industrial processing zones that attract major domestic and international investors.

He also urged the private sector to view agriculture as a profitable business frontier rather than a social obligation, noting that Nigeria’s future prosperity depended less on oil and more on harnessing the productive potential of its land and people.

“We are a nation that can feed itself and others, yet we remain food-insecure and overly dependent on imports. This paradox is holding back our economy.”

“Industrialising agriculture does not erase our rural roots; it transforms them into engines of productivity, wealth creation and national development.”

“Subsistence agriculture is both a cause and a consequence of technological backwardness, and no country has reached middle-income status without first modernising its agriculture.”

“A farm must be treated as a factory without a roof, connected to processing, logistics, finance and markets. Vietnam shows that agricultural transformation is not accidental; it is the result of deliberate policies that link farmers to industry and global markets.”

“The seeds of Nigeria’s prosperity are not buried in oil wells; they are sown in the fertile soils of our ecological zones,” he said.

Lady Usendi

Business

Cashew Industry Can Generate $10bn Annually- Association

Published

2 days ago

January 9, 2026

The Tide

The President of the National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, has said Nigeria could earn $10 billion annually from cashew production, with $3 billion coming from cashew sales alone.

Ajanaku made this known during a press conference organised ahead of the 4th National Cashew Day, scheduled to hold from Jan. 22 to Jan. 24 in Abuja, with the the theme: “Unlocking the Full Potential of Nigeria’s Cashew Industry”.

He said that poor export documentation and weak repatriation of proceeds were causing major losses to the Nigerian economy.

“A substantial volume of cashew exported from Nigeria leaves the country without proper export proceeds forms, as exporters allegedly avoid bringing earnings back into the country,” he said.

He said during the last export season alone, Nigeria reportedly exported over 400,000 tonnes of cashew valued at about $700 million.

Ajanaku noted that deliberate investments in production and processing could unlock far greater potentials.

“If Nigeria produces just two million tonnes of cashew annually, which is achievable in less than five years, and sells at an average of $1,500 per tonne, the country would earn about $3 billion yearly,” he said.

He added that beyond raw cashew exports, enormous value lies in processing and by-products such as Cashew Nut Shell Fluid (CNSF) and cashew cake, which are largely wasted locally.

“In Vietnam, cashew cake alone sells for about 95 cents per kilogram, while in Nigeria processors pay to dispose of it as waste,” he noted.

Ajanaku explained that full local processing of cashew and its by-products could generate not less than $10 billion annually for Nigeria while creating thousands of jobs across the value chain.

He stressed that Nigeria has the production capacity, while countries like Vietnam possess advanced processing technology.

The NCAN President further disclosed that the association is strengthening partnerships with key government institutions, including the Ministry of Finance, the Federal Ministry of Agriculture and Food Security, NEXIM Bank, and other agencies to reposition the sector.

He added that a landmark Memorandum of Understanding has been signed between Nigeria and Vietnam to facilitate technology transfer and deepen cooperation in cashew processing.

He expressed optimism that with sustained government support and effective regulation, the cashew industry could become a major driver of economic growth, foreign exchange earnings, and industrial development in Nigeria.

“Producing states should be given priority. For example, Kogi State, which has the highest cashew production in the country, has no factory. A lot of potentials can come from Kogi State for the country,” he said.

Also speaking, NCAN National Secretary, Augustine Edieme, said strategic plans are being made to showcase Nigeria’s potentials during the 4th National Cashew Day, which he described as a key opportunity to attract bigger investments and investors into the industry.

“We are not just talking about the cashew seeds. We need to crack the fruit shell and discover the value in cashew shells. Industrialisation of the cashew industry is key to driving the Nigerian economy,” he said.

The representative of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sunday Ojonugwa, pledged that FACAN would optimally support the cashew association to ensure the sector reaches its full potential.

Lady Usendi