Business
Experts To Develop Commercial Models For Cassava
Experts working on the project to develop commercial models for cassava seed system in Nigeria will meet at International Institute of Tropical Agriculture (IITA), Ibadan, tomorrow to map out strategies for development.
A statement by the IITA Communication Specialist, Mrs Adaobi Umeokoro, said that the experts would meet to strategise on how the potential of emerging cassava technologies could harnessed to create wealth for all.
The statement said that the experts were planning to develop a sustainable mechanism through which smallholder farmers could get timely and affordable access to high-quality planting materials such as improved cassava varieties.
It said that they would consider how to make cassava, an important staple crop for millions of families in sub-Saharan Africa, more profitable for those whose livelihoods and sustenance depended on it.
“ Building a Sustainable, Integrated Seed System for Cassava in Nigeria (BASICS) project will hold its first annual review and planning meeting.
“It promises to strategise on the best available options for making planting materials of superior variety and quality readily available and accessible to Nigerian farmers at the appropriate time, place, and price,” it said.
The statement quoted the Project Director, Dr Hemant Nitturkar, as saying that although Nigeria was the largest cassava producer in the world, its average yield of about 14 tonnes/ha was less than half of what could be produced in a realistic way.
“Given the potential of this crop and the vast number of Nigerians depending on it, there is an urgent need for improvement at all levels of the cassava value chain.
“Increased adoption of improved varieties and usage of quality materials have the potential to improve the productivity of cassava, thus positively impacting on food security and livelihoods in Nigeria.
“It can earn valuable foreign exchange for the country through increased exports and import substitution; BASICS is catalysing the build-up of a sustainable seed value chain in Nigeria,” he reportedly said.
The statement said that Nitturkar stressed that BASICS would sensitise farmers to the need to use high-quality seeds of improved varieties to achieve higher net profits from cassava cultivation.
“BASICS is piloting two business models for seed multiplication and distribution. The first is a decentralised Village Seed Entrepreneur (VSE) model, where over 130 VSEs will be developed in Benue, Abia, Imo, Akwa-Ibom, and Cross River states.
“The second is the Processor Led Model (PLM), where cassava processors will multiply good quality improved cassava varieties for supply to outgrowers to plant under a buy-back arrangement for the roots produced.
“The project has developed an online platform called Cassava Seed Tracker (CST) to facilitate easy registration of seed producers and real time monitoring of field inspections and certification by National Agricultural Seed Council (NASC).
“CST is also designed to link seed producers with needy farmers and many more features will be added to this platform over time.’’
The statement said that Nitturkar emphasised that the project would also address one of the key bottlenecks of cassava seed system, which was slow and low seed multiplication ratio.
“It is piloting the use of an innovative rapid seed multiplication technology called Semi Autotrophic Hydroponics (SAH), which has been successfully used in commercial potato seed multiplication in Argentina.
“SAH is expected to significantly help the cassava seed system by enhancing the capacity of pre-BASICS and BASICs seed producers to make available adequate quantities of certified planting materials of improved varieties for further multiplication by certified seed producers.
“The technologies and models being piloted in this initiative are tailored towards creating a win-win scenario for farmers, processors and seed entrepreneurs in Nigeria.
“The processors benefit from an assured supply of better quality cassava roots for processing.
“Youths and women, among other seed entrepreneurs, benefit from an expanding cassava seed market as an economic opportunity and the nation benefits from the resulting enhanced productivity across the cassava value chain,” Nitturkar said in the statement.
The project director said in the statement that BASICS, a four-year project (2016-2019), was funded by the Bill & Melinda Gates Foundation.
“The project partners include the NASC, National Root Crops Research Institute (NRCRI), Context Global Development, Food and Environment Research Agency of the UK (FERA), among others,” Nitturkar was quoted as saying.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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