Business
Nigeria To Establish Fruit Juice Plant By 2012
Director-General, Raw Materials Research and Development Council (RMRDC), Prof. Peter Onwualu said on Wednesday in Abuja that Nigeria would establish a fruit juice concentrates plant before the end of 2012.
Onwualu told newsmen that the establishment of the plant would checkmate the importation of fruit juice-making concentrates from other nations.
He said that the Council was now concentrating on multiplying fruits plantlets through tissue culture and distributing same to farmers for planting, adding that discussions had started with technical partners.
“The project as it is, we believe that before the end of 2012, the first fruit juice concentrates plant would have been established.
“Our target is to see a stopping the importation of fruit juice concentrates as raw materials for that sector in the next couple of years and we are tackling this problem from the supply side.
“Ultimately as the project progresses, we’ll end up with making sure that we now have fruit juice concentrates production plants within Nigeria.
“Once you have a number of such plants, then we can ask the fruit juice manufactures to stop the importation.
“Having these plants means more employment for our people: this would now help to drive the demand for more fruits and so more people would go into plantations of fruits: it has a spiral effect in the economy.’’
Onwualu said that the Council was already organising training programmes for major fruit juice manufacturing companies in Nigeria as well as some interested government agencies.
Reports say that the fruit juice concentrates plants’ project is a project sponsored by the World Bank STEP-B projects.
Onwualu also said that the Council was promoting the establishment of a plastic recycling plant in Nigeria by two private sector operators.
He said that technical information on the quantity and availability of plastic wastes for the successful running of the plant was ready, while expressing hope that the project would take off soon.
He said: “We believe that in the near future, they would be able to establish a plastic recycling plant, either in the FCT or in Kogi State.
“Wherever it is established, it is our hope that this would become a very useful thing for the economy because that would mean that you would not be able to find waste plastics within the country.’’
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.