News Agency of Nigeria
BPP urges NYSC to champion procurement reforms
Economy/Business

BPP urges NYSC to champion procurement reforms

By Lucy Ogalue

The Bureau of Public Procurement (BPP) has urged the National Youth Service Corps (NYSC) to take a leadership role in driving procurement reforms across government agencies.

The Director-General of BPP, Dr Adebowale Adedokun, made the call during a courtesy visit to the NYSC Director-General, Brig.-Gen. Olakunle Nafiu, at the NYSC headquarters in Abuja, according to a statement.

Adedokun said the scheme should serve as the standard umbrella for transparent procurement practices in government institutions.

The BPP director-general emphasised that procurement must be seen as an enabler of national growth and not just a set of transactions.

He highlighted ongoing reforms under the Federal Government’s Renewed Hope Agenda, adding that NYSC’s unique position as a national youth platform could strengthen compliance and foster a culture of accountability among future leaders.

Adedokun said the scheme was vital for nurturing the next generation of high-tech specialists, infrastructure developers, agricultural leaders, and professionals committed to ensuring value for money in public service.

He also reiterated the need to deepen collaboration between the BPP and NYSC to entrench sound procurement principles that would contribute to Nigeria’s development.

Responding, the NYSC director-general commended the BPP for its sustained support and recognition of the scheme’s peculiarities.

Nafiu described the partnership as a demonstration of patriotism and responsiveness.

He assured that the NYSC would continue to work closely with the BPP in advancing accountability and good governance through effective procurement processes.(NAN)

Edited by Mark Longyen

New tax reform laws to spur investment, economic equity – Expert
Economy/Business

New tax reform laws to spur investment, economic equity – Expert

By Perpetua Onuegbu

A tax expert, Uzoma Kelechi, says the recently enacted Tax Reform Act will enhance investment and promote fairness in Nigeria’s tax system.

Kelechi said this during a capacity-building workshop organised by the Tax Justice and Governance Platform, Federal Capital Territory (FCT), in collaboration with the Civil Society Legislative Advocacy Centre (CISLAC).

The event, which was held virtually with the theme “New Tax Laws and Informal Sector Taxation”, highlighted the transformative potential of the reforms.

Kelechi said that the previous tax system was complex, and burdened the ordinary citizens, while allowing significant segments of the informal and corporate sectors to remain untaxed.

“In the past, the tax system was narrow and regressive, placing a heavier burden on everyday Nigerians.

“The new tax laws introduced through recent Finance Acts and the 2025 Tax Reform Bills, represent a deliberate shift towards a progressive, pro-poor framework.”

She explained that the new legislation aimed to expand the tax net by ensuring that wealthier individuals, large corporations, and luxury consumption, contribute a fairer share.

“For citizens, this means a simpler, fairer, and more inclusive system that still provides the revenue needed to reduce reliance on oil, while protecting the most vulnerable.

“With the new law, the poor will breathe,” she said.

Kelechi also commended President Bola Tinubu for championing the tax reforms, stating that the changes would provide relief to low-income earners.

Also speaking at the event, CISLAC’s Programme Gender Officer, Dolapo Asaolu, said the workshop aimed to build the capacity of civil society members, particularly those from the FCT Chapter of the Tax Justice and Governance Platform.

“There’s a clear knowledge gap when it comes to the new tax laws.

“If we, as civil society organisations, are to effectively advocate and educate the public, we must first understand the laws ourselves.”

Asaolu noted that while the new laws focused on the formal sector, their long-term goal would ensure that all sectors, including the informal economy, contribute fairly.

“When everyone understands their tax obligations and pays their fair share, it promotes transparency, strengthens accountability, and boosts public revenue.

“This will ensure better budgeting and social service delivery.”

Mr Botti Isaac, Social Action/Host, FCT Tax Justice Platform, also emphasised the importance of linking the new tax laws to the informal sector.

“Our objective is to understand how the reforms impact those operating in the informal economy and develop advocacy strategies to improve implementation.”

The workshop concluded with a call for sustained education, transparency, and equitable enforcement of the tax laws, to ensure Nigerians benefit from it, especially those in the informal sector. (NAN)(www.nannews.ng)

Edited by Emmanuel Afonne

Insurance brokers council pledges support for fintech adoption, financial inclusion
Economy/Business

Insurance brokers council pledges support for fintech adoption, financial inclusion

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed its commitment to supporting initiatives that promote fintech adoption and financial inclusion in the country.

 

 

 

Mr Babatunde Oguntade, President of the council, said this during the second Business Journal Fintech and Financial Inclusion Roundtable on Friday in Lagos.

 

 

 

Oguntade was represented by Mrs Bukola Ifemade, former Chairman, Lagos Area Committee, Nigerian Council of Registered Insurance Brokers.

 

 

 

He said fintech presented vast opportunities for the growth of Nigeria’s financial sector, especially in expanding access to insurance services.

 

 

 

He described the theme of the conference, “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria”, as timely and relevant, given the rapidly changing financial landscape.

 

 

 

“As industry stakeholders, we are committed to working together to address the challenges and opportunities presented by fintech and financial inclusion.

 

 

 

“We believe that collaboration and innovation are key to unlocking new opportunities and addressing the challenges that lie ahead.

 

 

 

“The insurance industry plays a vital role in promoting financial stability and security, and we look forward to working with other stakeholders to drive growth, inclusion, and innovation.

 

 

 

“On the part of Insurance Brokers, our council is ready to collaborate and encourage all initiative toward encouraging fintech in insurance operations. We see it as an enabler of our practice,” he said.

 

 

 

Commenting on the recently signed Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), Oguntade described it as a significant milestone that would create a more conducive environment for industry players.

 

 

 

“This Act promises to promote a more conducive business environment for insurance professionals and the industry at large.

 

 

 

“With its emphasis on digitisation, compulsory coverage, and strict enforcement of claims settlement timelines, the NIIRA 2025 is poised to drive innovation, expand access to insurance services, and enhance consumer protection.

 

 

 

“However, as we leverage fintech to drive growth and inclusion, we must also prioritise data protection and cybersecurity,” he said.

 

 

 

He commended the Nigeria Data Protection Commission for enforcing compliance with the Nigeria Data Protection Act (NDPA) 2023.

 

 

 

He assured Nigerians of insurance brokers commitment to safeguarding customers’ sensitive information.

 

 

 

“We believe collaboration and innovation are key to unlocking new opportunities. On the part of insurance brokers, our council is ready to collaborate and encourage all initiatives that integrate fintech into insurance operations,” he said.

 

 

 

He urged stakeholders to work together to deepen financial stability and inclusion.

 

 

 

Speaking earlier, Dr Biodun Adedipe, Chief Consultant, B. Adedipe & Associates Ltd. advised policymakers to prioritise clarity, digital identity systems, and regulatory sandboxes to accelerate fintech growth and financial inclusion in Nigeria.

 

 

 

He noted that clear and consistent policies were necessary to provide certainty for investors and operators in the financial technology space.

 

 

 

According to him, the development of a robust national digital identity framework will serve as the backbone for inclusion, enabling seamless verification and access to financial services.

 

 

 

Adedipe also advised fintechs to build their operations on trust, transparency, and affordability to deepen financial inclusion and sustain public confidence.

 

 

 

“Banks are advised to embrace collaboration and adopt hybrid models to remain competitive in the evolving financial ecosystem.

 

 

 

“Likewise, investors are suppose to support financial literacy, empower women, and promote rural finance as pathways to inclusive growth,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Japan affirms Afreximbank’s A- rating, stable outlook
Economy/Business

Japan affirms Afreximbank’s A- rating, stable outlook

By Lucy Ogalue

The Japan Credit Rating Agency, Ltd. (JCR) has affirmed the African Export-Import Bank’s (Afreximbank) A- issuer credit rating with a stable outlook.

In a statement on Thursday, Afreximbank said the rating reflected JCR’s positive assessment of the Bank’s strong strategic positioning, resilient capital base, consistent profitability, prudent liquidity management, and robust risk framework.

JCR also acknowledged Afreximbank’s critical role in supporting trade finance and economic development across Africa and the Caribbean.

“The agency expects the rating to remain stable over the next 12 to 18 months in spite of external economic pressures.”

It quoted Afreximbank’s Senior Executive Vice President, Mr Denys Denya, saying the rating underscored the Bank’s credibility in global markets and its systemic importance to Africa.

“The JCR’s affirmation highlights our strong fundamentals and prudent risk management practices.

“It also enhances our ability to diversify funding sources, including tapping into Japan’s capital markets,” Denya said.

He reaffirmed the Bank’s commitment to its member states, clients, and partners, noting that sustained delivery in challenging times had helped maintain its strong credit standing.

“This rating is a testament to our resilience and strategic focus, enabling us to mobilise resources for trade and development across Africa and the Caribbean,” he added.

In 2024, Afreximbank successfully completed its inaugural Samurai bond issuance in Japan, raising JPY 81.3 billion (approximately 530 million dollars).

The transaction attracted a wide range of Japanese institutional investors, further demonstrating the Bank’s rising appeal in global capital markets. (NAN)

Edited by Abiemwense Moru

BPP urges emergence of procurement Lawyers to tackle corruption
Economy/Business

BPP urges emergence of procurement Lawyers to tackle corruption

By Lucy Ogalue

lThe Director-General, Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, has urged the emergence of procurement lawyers to address corruption and procurement deficits in Nigeria.

Adedokun, in a statement by his Head of Public Relations, Zira Nagga, on Friday made the call at the 65th Annual General Conference of the Nigerian Bar Association (NBA) in Enugu.

He said lawyers must take ownership of the standard bidding document if procurement loopholes were to be eliminated and public resources utilised more effectively for national development.

The director general recommended specialised training for lawyers on revised bidding documents, contract drafting, and procurement reforms to build capacity and curb corrupt practices in the system.

He emphasised that procurement remained a strategic enabler for national development, requiring transparent practices, anti-corruption measures, and stakeholder collaboration to deliver value to citizens.

On infrastructure, Adedokun projected that Nigeria required 100 billion dollars annually, and about three trillion dollars in 30 years, to close the country’s wide infrastructure gap.

He warned that without governance reforms, transparency, and institutional capacity, increased funding could result in waste, corruption, and policy inconsistencies.

Adedokun urged the NBA to champion procurement reforms, saying procurement lawyers will play a vital role in ensuring accountability and bridging the infrastructure deficit.

“Procurement is a strategic enabler for national development, ensuring efficient resource utilisation and delivering value to citizens.

“There is need for strong anti-corruption measures, transparent procurement, and stakeholder engagement to bridge Nigeria’s infrastructure deficit,” he said.(NAN)

Edited by Yakubu Uba

Nigeria, Benin, Cameroon move to deepen trade ties
Economy/Business

Nigeria, Benin, Cameroon move to deepen trade ties

By Vivian Emoni

Nigeria, Republic of Benin and Cameroon have reaffirmed commitment to strengthen trading mechanisms and boost economic growth across their borders.

Amb. Nura Rimi, Permanent Secretary, Ministry of Industry, Trade and Investment, stated this at a Technical Workshop on “Support to Trade Cooperation among Nigeria, Republic of Benin and Cameroon,’’ on Thursday in Abuja.

Rimi, represented by Mr Mohammed Abbas, Director overseeing the Office of the Permanent Secretary, said the three countries already enjoy close relationships and must build on that for regional prosperity.

He said Nigeria remained committed to scaling up intra-African trade, particularly through the full implementation of the African Continental Free Trade Area (AfCFTA).

“Trade among us presents a unique and strategic pathway to shared prosperity. With our partners in Benin Republic and Cameroon, we not only share borders, but cultures and people. Accordingly, with the African Development Bank (AfDB), we have convened this workshop to jointly reflect on opportunities to deepen and refine our trading mechanisms,’’ he said.

Rimi expressed optimism that the workshop would yield concrete initiatives capable of attracting investments and advancing regional trade.

Also speaking, Dr Abdul Kamara, Director-General of the Nigeria Country Department, AfDB, said the meeting aligned with continental priorities of trade integration, policy harmonisation and infrastructure development.

Kamara, represented by Mr Ometere Omoluabi-Davies, AfDB Regional Integration Coordinator, commended Nigeria and Benin for progress in trade negotiations and called on Benin to ratify the AfCFTA agreement to consolidate regional integration gains.

He noted Cameroon’s participation in the AfCFTA’s Guided Trade Initiative, describing it as a step toward unlocking cross-regional trade potential between West and Central Africa.

“To date, the Bank has invested more than 55 billion dollars in trade-enabling infrastructure. We remain committed to supporting initiatives that enhance women and youth participation in the African market,’’ Kamara said.

Dr Fousseni Mama, Director of Foreign Trade, Ministry of Industry and Trade, Republic of Benin, said the workshop was meant to translate AfCFTA commitments into practical benefits for citizens.

“We are expecting that the meeting will yield a tangible outcome that will boost trading mechanisms across the continent,’’ he said. (NAN)

Edited by Francis Onyeukwu

NEPC graduates 7 officers on ginger sustainability project
Economy/Business

NEPC graduates 7 officers on ginger sustainability project

By Vivian Emoni

The Nigerian Export Promotion Council (NEPC) has graduated seven of its staff trained under the Nigeria Ginger Sustainability Project (2021–2025).

It is aimed at strengthening resilience and competitiveness in the country’s ginger industry.

Dr Nonye Ayeni, Executive Director/Chief Executive Officer, NEPC, stated this on Wednesday in Abuja at the inauguration and graduation ceremony of Export Support Officers/Product Specialists (ESOs).

She said the programme was implemented by NEPC in collaboration with the Centre for the Promotion of Imports (CPI) from developing countries.

Ayeni explained that the project was launched in 2021 to establish a sustainable ginger industry capable of meeting international standards.

“This vision was driven by the understanding that Nigerian ginger is not just a commodity; it is a global product with unmatched flavour, pungency and medicinal properties, capable of competing in the most demanding markets.

“The project was structured to build the capacity of our ginger companies to consistently meet the requirements of the European Union and other international markets, and to strengthen the role of Export Support Officers as specialised advisers within the value chain,” she said.

She said 17 ginger companies and 10 ESOs were initially selected, out of which 14 companies and seven officers successfully completed the three-year programme.

According to her, the training combined theory and practice, delivered through lectures, workshops, assignments and field sessions.

Ayeni noted that the ESOs had become sectoral experts in ginger and would henceforth provide targeted technical, managerial and export-promotion guidance to ginger companies.

She added that the project facilitated international exposure for participants, including a Market Orientation Mission to the Netherlands and France in 2022, and preparations for the Food Ingredients Fair scheduled for Paris later in 2025.

“These initiatives not only opened new opportunities for exporters but also showcased Nigerian ginger as a premium product on the global stage,” she said.

The NEPC boss explained that the project also resulted in contract signings by Nigerian companies and would be sustained by the council going forward.

She said the curriculum used for ESOs would be adapted for other product sectors to drive export diversification under the Export 35 Redefined Initiative.

“This graduation is not the end of the journey, but the beginning of a new chapter.

“Our ESOs are now equipped to provide professional guidance that will help ginger exporters maintain quality, expand market share and secure long-term partnerships,” she added.

She commended CBI for its support and praised NEPC staff and the ESOs for their dedication to the project.

In his remarks, Mr Lawal Dalhat, Director, Policy and Strategy Department, NEPC, said the project was designed to build the capacity of Nigerian ginger companies to consistently meet international demand while strengthening institutional support systems for SMEs.

One of the graduands, Mr Adekunle Obatimehim, said the training underscored the importance of developing a holistic value chain from farm to export to achieve sustainable trade equity.

(NAN)

Edited by Jane-Frances Oraka

WAICA conference to focus on insurers’ climate role
Economy/Business

WAICA conference to focus on insurers’ climate role

By Taiye Olayemi

The Nigerian Insurers Association (NIA) says the 2025 Education Conference of the West African Insurance Companies Association (WAICA) will highlight insurers’ role in tackling climate change.

NIA is organising the programme on behalf of Nigeria’s insurance market.

Mrs Ebelechukwu Nwachukwu, Chairperson of the Local Organising Committee, in a statement on Tuesday, said the conference would promote regional cooperation.

She said the conference, scheduled for October in Lagos, would equip insurers with tools to manage the evolving climate landscape.

Nwachukwu added that the meeting will address climate-resilient insurance models, regulatory frameworks, digital claims processing innovations, green underwriting, regional collaboration, and public-private partnerships.

She noted other issues include premium discounts for low-carbon assets and government-backed reinsurance pools to strengthen the industry’s response to climate risks.

The conference will also discuss insurers’ role in safeguarding communities and economies, while aligning with international climate commitments, including the Paris Agreement.

The News Agency of Nigeria (NAN) reports that the meeting will bring together delegates from Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and other West African countries.

NAN also reports that the theme of the conference is ‘The West African Insurer in the Face of Climate Change’.

According to Nwachukwu, delegates will gain insights into best practices from Anglophone West Africa and engage with leaders shaping climate-aware insurance in the region.

“Confirmed speakers include Mr Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), who will deliver the keynote address.

“Also expected are Mr Bockarie Kaloko, Sierra Leone’s Deputy Minister of Finance; Mr Wole Oshin, Group Managing Director, Custodian Investment Plc; and Dr Abiba Zakariah, Ghana’s Acting Commissioner of Insurance.

“Other participants include regulators, government officials, industry professionals, and development agencies,” she said. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

NIIRA: AXA Mansard seeks disciplined execution
Economy/Business

NIIRA: AXA Mansard seeks disciplined execution

 

By Taiye Olayemi

AXA Mansard Insurance has urged operators to support the Nigerian Insurance Industry Reform Act (NIIRA) 2025 through disciplined execution.

 

The company made the appeal in a statement issued in Lagos on Tuesday by its Chief Client Officer, Rashidat Adebisi.

 

Adebisi said that restoring trust and deepening industry growth required credible implementation beyond policy announcements.

 

She noted that industry credibility would not be judged by balance sheet size alone but by the number of Nigerians adequately protected through insurance.

 

She described recapitalisation and the risk-based capital framework under NIIRA as a historic chance to reposition Nigeria’s insurance industry.

 

However, she cautioned that capitalisation or digitisation reforms without effective execution would neither enhance customer experience nor strengthen investor confidence.

 

Adebisi recalled the 2004 banking recapitalisation which cut the number of banks from 89 to 25, while tripling capitalisation and improving public confidence.

 

She urged the insurance industry to replicate such transformation for sustainable growth.

 

“The NIIRA presents our industry with an opportunity to support Nigeria’s one trillion dollars economy by addressing demand, supply, and operational challenges,” Adebisi stated.

 

She explained that the framework empowers insurers to enhance service delivery, improve customer confidence, and strengthen trust.

 

On the risk-based capital framework, Adebisi described it as “primarily a customer protection tool, and secondarily a regulatory tool”.

 

She said aligning capital buffers with underwriting risks would enforce better product design, pricing discipline, and prudent investment, assuring stronger policyholder protection.

 

Responding to consolidation concerns, Adebisi said mergers should be seen as renewal for a stronger industry, not as loss.

 

She explained that consolidation would enable insurers to invest in technology, speed up claims, widen distribution, and compete regionally.

 

Adebisi lamented Nigeria’s insurance penetration remained below one per cent of Gross Domestic Product (GDP).

 

She compared this with 17 per cent in South Africa, three per cent in Kenya, and two per cent in Ghana, noting Nigeria’s figure was still weak.

 

“If NIIRA is well executed, insurance can unlock long-term funds for infrastructure, provide MSME cover, and boost investor confidence,” she said.

 

She emphasised that MSMEs represent over 90 per cent of Nigerian businesses, making their protection essential for national growth.

 

“Regulators have provided the framework. It is now up to us, the operators, to rebuild trust, embrace digitisation, and deliver inclusive products,” she said.

 

Edited by Dorcas Jonah/Kamal Tayo Oropo

Tinubu approves 6-month temporary ban on export of sheanuts
Agriculture , Business

Tinubu approves 6-month temporary ban on export of sheanuts

Ban

By Salisu Sani-dris

President Bola Tinubu has approved a 6-month temporary ban on the export of raw sheanuts to curb informal trade, boost local processing, protect and grow Nigeria’s shea industry.

Vice-President Kashim Shettima announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa, Abuja.

The News Agency of Nigeria (NAN) reports that the ban, which is with immediate effect, is subject to review on expiration.

It is aimed at boosting Nigeria’s shea value chain to generate around 300 million dollars annually in the short term.

Shettima explained that the ban was a collective decision involving the sub-nationals and the Federal Government with clear directions for economic transformation in the overall interest of the nation.

He, therefore, called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.

The vice-president said the decision was not “an anti-trade policy” but a pro-value addition policy designed to secure raw materials for  processing factories.

He added that the decision would  enable industries run at full capacity thereby boosting rural income and jobs for our people.

” The decision will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives, ” he said.

Shettima said it was about industrialisation, rural transformation, gender empowerment and expanding Nigeria’s global trade footprint.

On opportunities for job creation and income generation, the vice-president said, “Nigeria produces nearly 40 per cent of the global shea product.

” Yet, we account for only 1% of the market share of 6.5 billion dollars.

“This is unacceptable. We are projected to earn about $300 million annually in the short term, and by 2027, there will be a 10-fold increase. This is our target.”

He stated that the government was not closing doors; but opening opportunities.

” Mr President is currently in Brazil, and both countries have agreed to prioritize access for Nigerian shea butter and oil into the Brazilian market.

”  This process will be completed within the next 3 months,” the vice-president added.

He highlighted the gender dimension of the policy, adding, “by protecting the shea industry, we are protecting livelihoods, dignity and opportunity for millions of our women.

“We are not closing doors, we are opening better ones.

“Today, we plant the seeds of an industry that will yield fruit for decades to come for our women, for our economy, and for Nigeria’s place in global trade.”

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said that Nigeria was the world’s largest producer of sheanuts, contributing nearly 40 per cent of the global supply.

He, however, said that Nigeria captured less than one per cent of the multi-billion-dollar global shea economy.

Kyari said, ” Nigeria produces an estimated 350,000 metric tonnes of shea annually across 30 states, with the potential to reach nearly 900,000 metric tonnes.

” Yet our share of the 6.5-billion-dollar global market is less than one per cent.

” The Rapid Assessment of the Shea Value Chain, conducted by the the Federal Ministry of Industry, Trade and Investment and in close collaboration with the Federal Ministry of Agriculture and Food Security, provided the evidence that shaped this Presidential directive.”

The minister said the assessment showed that over 90,000 metric tonnes of raw shea were lost each year in informal cross-border trade.

He added, ” Nigeria’s processors operate at only 35 to 50 per cent capacity despite a national installed capacity of 160,000 metric tonnes.”

Kyari said regional neighbours such as Ghana, Burkina Faso, Mali, and Togo had already imposed restrictions to protect their industries,.

According to him, Nigeria is vulnerably left “as the outlier and a hotspot for opportunistic and unregulated buying.

While underscoring the enormous potential of the shea trade for Nigeria, the minister said that the shea sector could generate more than $300 million  annually in the short term.

” And position Nigeria to capture a significant share of the projected $9-billion global market by 2030.

“Shea is one of the few commodities where our country holds both a comparative and absolute advantage.

” With over five million hectares of wild-growing shea trees, Nigeria has the natural endowment to dominate not only in production but also in value-added processing.

“Shea is also identified in our Zero Oil Plan as a strategic non-oil export. With a projected global market growth from 6.5 billion dollars today to nine billion dollars by 2030.

” Nigeria can position itself at the heart of this expansion,” Kyari stated.

He said that since 90 per cent of pickers and processors of shea were women, investments in this value chain would directly translate into women’s empowerment, rural job creation, and sustainable livelihoods.

This, he said, aligned with the Tinubu administration’s focus on women empowerment.

Kyari said, ” And the pledge by the Federal Ministry of Agriculture and Food Security “not only to support the rural population but also to create a pathway for national economic development.

” The reasons for this presidential directive are clear.

“Without corrective action, Nigeria risked becoming a raw depot for opportunistic and illicit buyers, undermining our processors’ capacities, disempowering rural women, and forfeiting billions in potential export revenues.

“The Federal Government rapid assessment, which engaged over 2,000 pickers and 65 processors, confirmed the urgent need for action.

”  Informal exports, estimated at 90,000 metric tonnes annually, are draining our domestic supply.”

According to the minister, with neighbours like Mali, Burkina Faso, and Togo already restricting raw exports, Nigeria risked being left as the region’s raw depot.

Kyari said, “The benefits of the temporary ban are equally compelling.

“It will secure domestic supply, enable processors to operate at full capacity, curb informal trade, and lay the foundation for Nigeria to transition from exporting raw kernels to exporting high-value derivatives such as butter, olein, and stearin.” (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

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