Business
Bayelsa Govt Set To Boost Agriculture
Bayelsa State Governor, Senator Douye Diri, has restated the commitment of his administration to achieve food security through mechanized agricultural production.
Governor Diri stated this in Yenagoa, the state capital, at the flag-off of this year’s Farming Season.
The governor who was represented by his deputy, Senator Lawrence Ewhrudjakpo, noted that although Bayelsa State has comparative advantage in almost all areas of agriculture, the present administration was focusing on four key areas of rice, cassava, fishery and plantain production.
A statement made available to The Tide by the Media Aide to the Deputy Governor, Mr. Doubara Atasi, says that the governor called on farmers and other development partners to join hands with the state to revolutionize agriculture and transform the economic fortunes of the state.
The governor reiterated that the fulcrum of his prosperity agenda lies on the four cardinal points of agriculture, entrepreneurship, skill acquisition and youth empowerment, assuring that government would not rest until it achieves food sustainability and self reliance in several areas of the economy.
He maintained that government has started the DiriBoost Empowerment Scheme in addition to securing a Central Bank of Nigeria (CBN), loan facility to boost agricultural and small-scale entrepreneurial activities.
The statement added that Governor Diri also called on youths of the state to take advantage of government’s huge investment in the agric sector to be self reliant rather than being dependent on public office holders for their survival.
The state chief executive maintained that Bayelsans should see farming as a dignified profession,just as he noted that government was willing to support farmers in order to make the state self sufficient in food production.
“Our people have been using crude, difficult and very challenging methods to produce agriculturally. And so, they have not been able to produce enough food for us to eat and sell to make good money”, he said.
“The Prosperity Government does not believe in that method of production. We believe in mechanized agricultural production. But to succeed, we believe that all of us must put our hands on deck to achieve greater prosperity through agriculture.”
“As you are aware, a lot of farms have been established and clearing is ongoing in several communities for the purposes of ensuring that we have food sufficiency.You are also aware that the Federal Government and the State Government are partnering and we have obtained some loans through the gracious efforts of the CBN for which capacity is being deployed”, Governor Diri noted.
Also speaking, Commissioner for Agriculture and Natural Resources, Chief David Alagoa, described food as the essence of life and praised farmers for their resilience through the trying period of the novel Covid-19 pandemic.
He restated that government was taking steps, including engagement of development partners and farmers to transform the agricultural sector, empha-sising that the state’s Ministry of Agriculture would serve as a rallying point for the growth of the sector in the state.
Ariwera Ibibo-Howells, Yenagoa
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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