Business
Agro-Entrepreneur Wants FG To Ban Starch Importation
An agro-entrepreneur, Mr Goke Adeyemi, has urged the Federal Government to ban the importation of starch as way encouraging starch production from cassava in the country.
Adeyemi, who is the Chairman of the Harvest Feed and Agro Processing Limited (HFAP), made the call in an interview with newsmen in Abuja.
He underscored the need for the government to protect local starch producing industries from unfair competition from foreign products, saying some companies were importing starch to the detriment of the local industries.
“Nigeria is the leading cassava producer in the world, producing a third more than Brazil and almost doubling the production capacity of Thailand and Indonesia, which is opportunity for us to stop corn starch importation.
“We have enough raw materials to produce edible cassava starch for local use and exportation to earn foreign exchange but government needs to help local producers.
“Cassava has the potential to industrialise Nigeria more than any other product; if the potential is properly harnessed, it is a key instrument for job creation and catalyst for development,’’ he said.
The agro-entrepreneur commended FADAMA III Additional Financing (AF) Programme for its intervention in the country’s agricultural sector and described its partnership with his company as “wonderful”.
“We are into processing cassava into edible starch; we have a wonderful relationship with Osun State FADAMA, which involves the cultivation of a 300-hectare cassava farm.
“The FADAMA in Osun State is very organised; they are on top of their game and they supervise their farmers properly. They have also facilitated the interface between the off-takers and farmers very well, we have a seamless relationship,’’ he said.
Adeyemi, however, urged the National Office of FADAMA to increase the size of the farmers’ farmlands because the farms were too small to meet the off-takers’ demand.
“FADAMA should strive to develop commercial farmers; particularly those farmers who can cultivate 10 to 50 hectares of farmlands.
“The arrangement will be beneficial to industrial users like us in HFAP, rather than smallholder farmers that are cultivating less than five hectares.
“All the same, cassava farmers that are cultivating less than five hectares are also good for food market but FADAMA needs to do more to help both farmers and off-takers,’’ he said.
Adeyemi urged the FADAMA programme to encourage smallholder farmers to adopt the use of equipment such as tractors, harvesters, planters and ploughs, among others, in place of the traditional farm implements such as hoes and cutlasses.
“This is the only way to encourage the youth to become interested in agriculture and engage in mechanised farming. “We can go into partnership with the FADAMA programme in the area of agricultural equipment but this should not a short-term relationship, it must be a long-time relationship like five years, such that we can recoup our investments.
“We started our engagement with FADAMA sometime in July by off-taking cassava from their farmers, and we are able to solve transportation problem by off-taking directly from their farm, instead of waiting for them to bring their produce to us,’’ he said.
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.
