Business

‘Nigeria Needs To Address Constraints Of Exportable Commodities’

Published

9 years ago

July 31, 2017

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has said that to build a competitive global economy, the nation needs to address constraints of other exportable commodities.
He said this during the public consultation on the 2018-2020 Medium Term Expenditure Framework, (MTEF) and Fiscal Strategy Paper, (FSP) with Civil Society Organisations (CSOs), the media and organised private sector in Abuja, Thursday.
According to him, the key thrusts of the framework are consistent with the Economic Recovery and Growth Plan,(ERGP) which is aimed at moving the nation away from dependence on a single commodity to run on multiple engines.
He affirmed that the nation was on track to achieving full recovery and growth, adding that, it needs to look inwards to boost non oil revenues and observe fiscal prudence at all levels.
“It is important that we build a globally competitive economy because this dependence on crude oil for our foreign exchange is not sustainable and so we have to get other commodities to export.
“In order to export them, they have to be competitive.
“Therefore, we have to address all the constraints that are not making our goods competitive so that we can grow what we eat, produce what we consume and have enough for export.”
Udoma said the key assumptions and macro-framework of the 2018 budget were predicated on oil production of 2.3 million barrels per day (mbpd), oil price of 45 dollars per barrel and an exchange rate of N305 to one dollar.
He also said the inflation rate was pegged at 12.42 per cent and Gross Domestic Product (GDP) growth rate was 4.8 per cent.
It was projected in the MTEF that oil production would be 2.4 mbpd in 2019, 2.5 mbpd in 2020, while exchange rate was retained at N305 to one dollar for 2019 and 2020.
Inflation was projected to stay at 13.39 per cent in 2019 and 9.90 per cent in 2020.
Udoma said the medium term fiscal policies were directed at achieving macro-economic stability, accelerating growth, intensifying economic diversification and promoting inclusiveness.
“We are focusing on stabilising the macro-economic environment, align monetary, trade and fiscal policies, accelerate non-oil revenue generation, drastically cut costs and privatise selected public enterprises and assets.”
He also said the Federal Government would enhance oil revenues and accelerate non-oil revenues through policies by transitioning from the traditional Joint Venture (JV) cash call budget to the self funding mechanism.
Other objectives are improved tax and customs administration, tightening of tax exemptions (including duty waivers), possible review of Value Added Tax (VAT) rate and excise duty, commencing with luxury items.
He recalled that the acting President, Prof. Yemi Osinbajo recently signed an Executive Order giving amnesty for voluntary compliance with tax, adding that he believes that Nigerians would come forward to pay their taxes.
Udoma also said the Federal Government aims to address recurrent and capital spending imbalance with continuous allocation of at least 30 per cent of its budgeted expenditure on capital projects.
“It will also maintain deficit and debts within sustainable limits,” he said.
Director-General, Debt Management Office (DMO), Ms Patience Oniha, said the nation had to fund its budget through borrowing, adding that, it was not defaulting in its debt responsibilities, rather it was capable of paying what it owed.
She, however, said the nation was not borrowing outside the limits set for it by the Fiscal Responsibility Commission (FRC) as it was still within it, which means that the debt it had incurred was sustainable.
She also said if the nation could increase its revenue significantly to enable implementation of the budget then it could achieve the growth it was looking at.
Some of the CSOs applauded Federal Government’s efforts in involving them and other Nigerians in the preparation of the document, adding that it would enhance transparency and accountability in the process.
The MTEF/FSP is a three-year planning tool that defines government’s economic, social and development objectives and priorities.

Business

Private sector gets N2.2tr credit in 30 days — CBN

Published

3 days ago

July 27, 2026

The Tide

Private sector secured loans worth N2.22 trillion in 30 days ended June 30, the Central Bank of Nigeria (CBN) economic data for the month has shown.

Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.

Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.

The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.

The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.

Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.

The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.

The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.

The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.

The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.

Business

Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities

Published

3 days ago

July 27, 2026

The Tide

The Rivers 3 Host Communities Development Trust (RV3HCDT), in collaboration with the Partnership Initiatives in the Niger Delta (PIND), has launched stakeholder engagements across six host communities in Ikwerre Local Government Area as part of efforts to provide sustainable solar-powered electricity to communities that have remained without public power supply for over a decade.

The Chairman of the Board of Trustees of RV3HCDT, Dr. Kerian Wobodo, disclosed this during a two-day sensitisation and consultation tour of Ipo, Omademe, , Ozuaha, Ubima and Omerelu communities in Ikwerre Local Government Area over the week.

Wobodo led members of the Trust and representatives of PIND to engage traditional rulers and other stakeholders on the proposed project.

Addressing the gatherings, he said the engagements were designed to familiarise the host communities with the objectives of the project and win their understanding, cooperation and ownership before implementation.

The leader of the delegation, also stressed that Trust considered it imperative to carry the people along from the planning stage to ensure transparency, inclusiveness and sustainability, noting that meaningful development can only be achieved through active collaboration with host communities.

Officials of PIND, while making their presentations, outlined the operational framework of the proposed solar-powered electricity scheme, describing it as a clean, reliable and environmentally friendly energy solution capable of transforming socio-economic activities in the benefiting communities.

According to the PIND representatives, the project will expand electricity access to homes, schools, healthcare facilities, markets and small businesses, boosting economic activities, improving livelihoods and accelerating overall community development.

They observed that the six communities have endured years of inadequate electricity supply, a situation they said has slowed economic growth, hampered educational advancement and limited access to essential social services.

The meetings featured interactive sessions during which community members sought clarifications on project implementation, maintenance, sustainability, community participation and the protection of the proposed facilities.

Members of the delegation addressed the concerns and assured stakeholders that all issues raised would receive adequate attention.

Youth representatives underscored the need to involve young people throughout the implementation process, calling for employment opportunities for qualified youths, skills acquisition programmes, ICT training, entrepreneurship development, capacity building and other empowerment to complement the electrification project.

Responding, the delegation, leader reaffirmed that local content participation, youth inclusion, peacebuilding, security collaboration and human capacity development would remain integral components of the initiative, adding that the project is designed to deliver long-term socio-economic benefits to the host communities.

The consultation tour ended at Omerelu Community, where the Paramount Ruler, His Royal Highness Eze (Engr.) Ben O. Ugo, Elumuoha VIII, alongside members of the Council of Chiefs, elders, Ohas, youth and women representatives, commended the Rivers 3 Host Communities Development Trust and PIND for the initiative.

They described the proposed solar-powered electrification project as timely and transformative and pledged their communities’ full commitment and support towards its successful implementation.

By: King Onunwor

Business

NDDC Intensifies Women Empowerment Initiative Across Niger Delta

Published

3 days ago

July 27, 2026

The Tide

The Niger Delta Development Commission (NDDC) has reaffirmed its commitment to empowering women and the girl-child across the Niger Delta through expanded entrepreneurship, skills acquisition and sustainable livelihood programmes aimed at boosting economic independence and regional development.

The Managing Director of the Commission, Dr Samuel Ogbuku, made this known during the 2026 International Women’s Day celebration held in Calabar, Cross River State, recently.

Represented by the Assistant Director, Youths, Sports, Culture and Women Affairs, Dr Esther Philip Ogbuku said the Commission had continued to implement impactful programmes that equip women with practical skills, promote entrepreneurship and improve their socio-economic well-being.

He assured that the NDDC would sustain initiatives that encourage wealth creation, self-reliance and community development.

He said the Commission’s interventions are in line with its statutory mandate and the Renewed Hope Agenda of President Bola Ahmed Tinubu, expressing confidence that the training would provide participants with the knowledge and skills needed to establish sustainable businesses and improve their productivity.

Also speaking, the Cross River State Representative on the NDDC Board, Mr Orok Duke, said women and the girl-child possess enormous potential to excel in all fields of human endeavour, stressing that they remain vital partners in the socio-economic transformation of the Niger Delta.

Represented by his Special Assistant on Administration, Mr Bassey-Ita Duke, he reaffirmed the Commission’s commitment to promoting gender equality and creating opportunities that would enable women to attain their full potentials.

According to him, the Board, under the chairmanship of Mr Chiedu Ebie, and the management led by Dr Ogbuku, recognise agriculture as a key driver of economic growth, food security and sustainable livelihoods, adding that the Commission has continued to invest in animal husbandry, fisheries and crop production to improve household incomes across the region.

In a keynote lecture entitled, “Best Practices for Packaging Certified Products for Export,” a resource person from the Nigerian Export Promotion Council (NEPC), Mrs Christiana Ekeng, urged entrepreneurs to ensure that all non-oil products intended for export obtain the required certification before shipment.

Ekeng explained that certification enhances product credibility, facilitates access to international markets and ensures compliance with global export standards, while proper packaging helps preserve product quality throughout the distribution chain.

She identified the three stages of packaging as primary, secondary and tertiary, explaining that products must be properly packaged and arranged in cartons to minimise damage and meet export .

requirements

The Consultant to the Ukpai Empowerment Foundation, Dr Boma Nathan, commended the NDDC for sustaining programmes that promote women’s economic empowerment, describing the Commission’s intervention as a significant boost to inclusive development in the Niger Delta.

Nathan urged beneficiaries to take advantage of the opportunities provided by the Commission, noting that empowering women enables them to discover their potential, pursue their aspirations, improve their livelihoods and contribute meaningfully to the economic growth and development of their communities.

By: King Onunwor