Business
‘Agriculture, Vital Part Of Rivers Economy’
The Eze Oha Evo III of Evo Kingdom, King Leslie Eke, has said agriculture is a vital part of Rivers State’s economy that provides employment opportunities, generates income, and contributes to food security.
Eke, who is the Eze Gbakagbaka of Evo Kingdom, said this recently when he spoke with newsmen at his palace in Woji Community, Obio Akpor Local Government Area.
He noted that the State is known for producing crops such as yam, cassava, cocoyam, maize, rice, and beans, with approximately 39 percent of its land area suitable for cultivation.
He listed some of the challenges in the system to include, high cost of farm implements such as fertilizers, seeds and other agricultural equipment which, according to him, has made things difficult for farmers.
Other challenges, he noted, are high cost of production and access to long term loans/grants that have so far hindered farmers’ ability to expand their farms.
Eke, who also is the Chairman of the Supreme Forum of Ikwerre Government Recognised Traditional Rulers, urged the government to take steps and remove some of its regulatory policies, if they want the farmers to do well.
“These challenges have significant implications on food security, poverty reduction, and economic growth in Rivers State. The state’s agricultural sector is not operating at its full potential, resulting in reduced food production, increased poverty, and limited economic opportunities”, he said.
He reiterated the need for government and private sector to invest more in agriculture to improve infrastructure, access to inputs and credit facilities.
According to him, such moves must be intentional while the government should also consider improved policy implementation.
“Policies must be implemented effectively, with minimal political interference. Farmers should have access to training and education to adopt modern farming practices. The Federal Government’s agriculture subsidy programmes should be inclusive, covering all regions and farmers.
“To revitalise the agricultural sector in Rivers State, a comprehensive approach is needed. This includes addressing the challenges mentioned above, investing in infrastructure, and promoting modern farming practices.
“By working together, stakeholders can improve food security, reduce poverty, and promote economic growth in the state”, he said.
He, however, noted that agricultural challenges in Rivers State are significant, but not insurmountable, adding, “if effective policies, increased investment, and stakeholder engagement can be considered by all relevant authorities in the field, the problems would be solved.”
The Tide learnt that the Rivers State Government recently received about 21,650 bags of grains from the Federal Government to tackle economic hardship.
By: King Onunwor
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
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.
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