Business
FG To Resolve Food Exports Suspension To EU
The Federal Government says it is working to resolve the suspension of Nigeria’s dried beans exports to the European Union before the June deadline.
The Director-General of the National Biosafety Management Agency (NBMA), Mr Rufus Ebegba, said this in an interview with The Tide source yesterday in Abuja.
Ebegba said that relevant agencies of the federal government were working closely on the matter and would ensure that the anomaly was corrected before June.
It would be recalled that the EU announced an import suspension measure in June 2015, which affected dried beans from Nigeria.
Nigeria’s dried beans was said to contain high levels of pesticides which is dangerous to human health.
The EU’s suspension of Nigeria will lapse in June 2016, when the country is expected to provide “substantial guarantees that adequate official control systems have been put in place to ensure compliance with food law requirements’’.
Ebegba said he was aware that the Federal Ministry of Industry, Trade and Investment, and other relevant agencies, were working closely to resolve the issue before the deadline.
“The Federal Government is a very large family; however, everybody has to work together to ensure the Change Agenda of the present administration becomes a reality.
“I am optimistic that the country will enhance its productivity and correct the earlier mistakes that led to the ban,’’ he said.
Ebegba emphasised the need for collaboration between regulatory authorities and other stakeholders to put in place a quality control framework to enhance acceptability of the country’s agricultural exports in the international market.
He said it was the responsibility of the new agency, which is six months old, to educate Nigerians on modern biotechnology.
According to him, the NBMA will ensure safe practice of the Genetically Modified (GM) technology among farmers in the country.
“As a regulatory body, what we do is to ensure unbiased treatment and make sure that the new technology does not have any negative impact on humans and the environment.
“We are trying to convince Nigerians and farmers to embark on this new technology in order to boost our economy through agriculture.
“The agency through its sensitisation programmes organised seminars and workshops across the three geo-political zones even before the bill was passed into law to campaign for its passage and create awareness among farmers.
“We are working towards translating our handbills and pamphlets into the three major languages of Hausa, Igbo and Yoruba for easy understanding among rural farmers,’’ he said.
The NBMA also allayed the fears in some quarters that GM crops had adverse effects on human health.
Describing the fear about GM crops as unfounded, Ebegba advised Nigerians to embrace the technology which, he said, was safe and economically viable.
The director-general gave farmers the assurance that the NBMA would carry out risk assessments and analyses on GM seedlings to ensure that they were environmentally friendly and safe for consumption before they are released to them.
He also appealed to farmers to trust the decision of the NBMA and be rest assured that the agency would ensure safety in the practice of GM technology.
“The days of peasant farming are long gone; we are now looking to commercial farming that will help in generating more income for our farmers and the economy,’’ said Ebegba. =
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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