Business
Reps Seek Restriction On Import, Export Of Agric Commodities
The House of Representatives has urged the Federal Government to restrict the inflow and outflow of agricultural commodities in the country.
The House said the checks on import and export of the commodities were to protect the country’s economy.
This resolution was passed at the House plenary, yesterday, following the unanimous adoption of a motion titled ‘Need to Control the Import and Export of Agricultural Commodities in Nigeria,’ as moved by Hon. Ibrahim Olarewaju.
Based on the adoption, the House mandated its Committees on Ports and Harbour; Aviation; and Agricultural Production and Services to “investigate the matter, to recommend to the government the need to have the Nigerian Agricultural Quarantine Service back to the nation’s entry and exit points.”
The committees are to report back within four weeks for further legislative action.
Moving the motion, Olarewaju noted that exportation of agricultural commodities has become another source of revenue for Nigeria, besides oil, “and if properly harnessed could generate huge revenues and increase the nation’s Gross Domestic Products.”
According to the lawmaker, amid the premium agro-produce cultivated in Nigeria, a lot of the commodities are laying waste due to lack of export control at the entry and exit points.
He noted that implementation of the Africa Continental Free Trade Area will strengthen Nigeria’s export and import mechanism.
He also noted that to effectively control import and export at the ports of entry and exit, the Nigerian Agricultural Quarantine Service was established to serve as a single point of command and the first line of defence for all agricultural quarantine activities to ensure food security and enhance agro-export.
According to him, “The House is also concerned that the ban on exportation of dried beans to European countries was re-introduced in 2018, with its attendant loss of revenues to the country, which was a direct causation of the policy directive of the government in an attempt to efficiently control export, and ordered the Nigerian Agricultural Quarantine Service to leave the ports based on government circular limiting some government agencies from operating at the ports to be able to achieve 48hrs clearance, and this was further compounded by Executive Order 1 on the Ease of Doing Business”.
The lawmaker stressed the need to earn more revenue from the export of Nigeria’s farm products.
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.
He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.
Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said.
He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.
“Translate macro results to food on the table,” he said.
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