Business

ONICCIMA Decries Rising Poverty Level

Published

9 years ago

July 5, 2017

The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has decried what it termed the poor state of the national economy and the rising poverty level in the country.
The President of ONICCIMA, Mr Uchenna Apakama, said this in his valedictory address during the chamber’s 29th Annual General Meeting in Onitsha.
Apakama said that a situation where 67.1 per cent of the population live below a dollar per day was worrisome.
According to him, power generation is still a nightmare, adding that electricity tariff is soaring with distribution companies across the country unable to provide customers pre-paid meters.
He said that the current economic recession in the country, coupled other macro-economic challenges, had continued to pose a threat to the Organized Private Sector (OPS).
“The monetary policy rate is still pegged at a higher rate of 14 per cent since July 2016, with lending rate of between 20 per cent and 30 per cent remaining unattractive to the OPS, while the rate of inflation is almost 18 per cent.”
According to him, 130 million Nigerians lack adequate sanitation, with 57 million lacking access to safe drinking water, leading to the death of some 45,000 children annually due to diarrhoea.
“Unemployment rate across the land is threateningly high, hovering at 42.24 per cent in 2016, with thousands of graduates joining the labour market every year.
“Corruption, insecurity and crime, including armed robbery, kidnapping, Boko Haram, and the herdsmen attacks are assuming pervasive with horrendous dimensions now than ever before.”
Apakama, therefore, urged governments at all levels to take proactive measures in order to reduce the high incidence of poverty in the land.
The outgoing president welcomed Federal Government initiative in establishing the ‘Ease of Doing Business Commission’ headed by Acting President Yemi Osinbajo.
He also commended the Central Bank of Nigeria (CBN) for issuing a licence for the establishment of the Development Bank of Nigeria (DBN), saying that it would bring succour to the industrial and other strategic sectors of the economy.
While also lauding the decision to establish the South-East Economic Integration, he urged the governors of the zone to show political will and commitment to the project.
Furthermore, Apakama, whose tenure ends in August, urged the Federal Government to address critical issues such as cases of human rights abuses, lack of equity and justice in appointments and the abuse of political power, among others.
Earlier, Mrs Alaba Lawson, the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended the efforts of ONICCIMA to grow the economy of the country.
Lawson, who was represented by Mr Humphery Ngonadi, urged the Federal Government to involve the OPS in the annual budget preparations and allocations.
She also urged the OPS to identify with the chamber in the South-East, rather than clustering around Abuja and Lagos chambers.
According to her, most of those who made Abuja and Lagos chambers to bubble are mainly from the South-East.
“It is important for ONICCIMA to continue to build upon the achievement of NACCIMA in developing the nation’s economy,” Lawson added.
Also speaking, the state Commissioner for Economic Planning, Mr Mark Okoye, urged ONICCIMA to enlist into the Anambra State government’s three-year development planning process for the state.
Okoye gave an assurance that the state government would continue to support the chamber’s activities and provide adequate security for businesses to thrive.
The Tide correspondent reports that the highlight of the occasion was the presentation of awards to some captains of industry who had distinguished themselves in the various businesses.

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

2 days ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

3 days ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

3 days ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.