Business

FG Pledges Bold Reforms To Revive, Sustain Economy

Published

9 years ago

May 10, 2017

The Federal Government has promised to implement daring reforms that would revive and sustain economic growth and development in the country.
The Minister of Finance, Mrs Kemi Adeosun, made the promise in Abuja yesterday at the launch of the International Monetary Fund’s Regional Economic Outlook report on Sub-Saharan Africa.
According to IMF report, Nigeria’s real GDP is expected to grow at 0.8 per cent in 2017 and 1.9 per cent by 2018.
The reports further said inflation would remain elevated at 17.5 per cent and fiscal deficit to deteriorate to 5 per cent of GDP in 2017.
It also said GDP was projected to go from 19 per cent in 2016 to 20.1 per cent in 2017 and 20.4 per cent in 2018.
According to it, imports is expected to reduce from 13.8 per cent of GDP in 2017 to 12.4 per cent in 2018 and trade balance to improve by 1.5 per cent of GDP.
IMF, however, said the growth projection was hinged on adequate implementation of policy actions such as the Federal Government’s Economic Recovery and Growth Plan (ERGP).
Adeosun said that government was pursuing necessary reforms in areas of economic diversification, structural transformation, fiscal consolidation, public finance management and macro stability.
“Nigeria was one of the countries hardest hit by the commodity price decline.
“We have tried to mitigate these pressures through series of interventions, such as growing of the non-oil sector base through increased efficiency of tax and customs collections.
“We have also reduced cost of doing business, increased support for agriculture, infrastructure and manufacturing as well as reflating the economy through fiscal support to sub-nationals among several other measures.
“The security situation has improved considerably and investors’ confidence is on the increase. It is heartwarming to say that Nigeria will be out of recession soon,’’ she said.
Adeosun further said that the lessons derivable from the report was that, it was time sub-saharan countries take seriously the issue of exporting raw commodities with little or no value added.
She tasked all 45 sub-saharan countries to implement reforms that would boost local production, help create jobs and achieve sustainable growth.
Also, the Director, Monetary Policy Department, Central Bank of Nigeria, Mr Moses Tule, said a comprehensive and coordinated implementation of the Economic Recovery and Growth Plan were vital to the growth of the economy.
He, however advised against delayed policy response, uncoordinated implementation of ERGP and other economic reforms, in order not to hurt the growth projected for Nigeria in the Regional Economic Outlook report.
“Resolution of the Niger Delta crisis is expected to make headroom for higher oil exports, thus improving the fiscal space.
Also, the current forex reforms are expected to further improve, following improved terms of trade with higher oil exports and increased substitution with local production.
“The successful issuance of the last Eurobond is fast restoring confidence in our economy as evident in the recent Sovereign Bond Issuance offshore,’’ he said.
Also, the Director of the IMF’s African Department, Mr Abebe Selassie, said the delay in implementing much needed adjustment policies was responsible for creating uncertainty in economies.
He also said the overall weak outlook for the region partly reflected insufficient policy adjustment, holding back investments and generating risks, particularly in oil exporting countries like Angola and Nigeria.
Selassie, who cited the region’s modest growth recovery from 1.4 percent in 2016 to 2.6 percent in 2017, noted that this would barely put sub-Saharan Africa back on a path of rising per capita income.
“The uptick will be largely driven by one-off factor in the three largest countries; that is a recovery in oil production in Nigeria, higher public spending in Angola and fading of drought effects in South Africa.
“ But for other countries, the outlook remains shrouded in substantial uncertainties, including possible further appreciation of the U.S. dollar and tightening of global financing conditions, especially for countries where fundamentals have deteriorated.
“ On top of that, the outlook is further clouded by security issues that have contributed to an increase in food insecurity and even famine in parts of sub-Saharan Africa.
Selassie stressed the urgent need to ensure macroeconomic stability, complemented with structural reforms to support rebalancing and policies to strengthen social protection for the most vulnerable in the region.
He, however, reiterated that sub-Saharan Africa remained a region with tremendous potential for growth in the medium term, provided strong domestic policy measures were implemented.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

18 hours 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

19 hours 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

19 hours 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