The Nation Newspaper

Category: Business

  • Israeli, Nigerian startups drive job creation

    Israeli, Nigerian startups drive job creation

    A surge in startup activity across Israel and Nigeria is generating substantial employment opportunities, with both nations leveraging technology innovation to address economic challenges and food security concerns.

    Israel’s high-tech sector has demonstrated remarkable resilience, according to Startup Nation Central’s report, which tracked $10.6 billion in funding and a 49 per cent rise in mergers and acquisitions. The ecosystem employs tens of thousands of professionals, with strength in cybersecurity and emerging agricultural technology sectors.

    According to reports, Israel’s agritech sector has shown robust growth in employment from 2019 to 2025, driven by innovation in precision agriculture, robotics, and water management amid global food security demands.

    By 2025, the industry employed over 15,000 professionals across more than 500 companies.

    The country’s agricultural technology sector has become a significant employment driver, now boasting over 500 companies employing more than 15,000 professionals as of 2026. The agritech industry generates over $2 billion in annual exports, with demand shifting from manual labor to specialized roles in AI, robotics, data analysis, and software engineering for smart farming systems.

    “The sector is projected to grow by 20–25 per cent annually through 2030, increasing demand for professionals in agronomy, data science, and international sales,” according to industry analysis.

    Specialised innovation hubs, such as the Beit Asher Food-Tech Quarter in the Galilee, are being established to create jobs in northern Israel and transform the place into an agritech and food-tech center.

    READ ALSO: The men who ruined a republic

    In Nigeria, the Federal Government has unveiled fresh incentives aimed at attracting large-scale investment into the country’s agricultural sector. Vice President Kashim Shettima announced the measures are designed to expand irrigation, improve farmers’ access to credit, accelerate mechanization, and create millions of rural jobs under President Bola Tinubu’s economic reform agenda.

    Speaking recently at the Food and Agriculture Organisation’s National and Subregional Hand-in-Hand Investment Forum in Abuja, Shettima described hunger as “the great equalizer that exposes humanity’s vulnerabilities and fragility,” stressing that food security is as much a matter of global stability as it is of survival.

    The new approach will include single-window platforms for land registration, strengthened credit facilities for farmers, large-scale mechanization projects, and expanded irrigation schemes.

    “Strategic investment in irrigation alone could triple yields, free us from seasonal dependency, and fortify our resilience against climate shocks,” Shettima said.

    The Vice President pointed to the 2021–2025 National Development Plan, which seeks to lift 35 million people out of poverty, create 21 million jobs in rural communities, and guarantee food and nutritional sufficiency across the country. “Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030. This, to us, is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued. The Renewed Hope Plan will consolidate ongoing reforms, deepen policy continuity, and align our medium-term strategies with the long-term horizon of Nigeria Agenda 2050. It’s a practical roadmap towards a $1 trillion economy by 2030,” he said.

    Dean of Universal Learn Direct Academia (ULDA), Engr. Babatunde Faleye said the organisation is working to improve vocational training for workers in construction and other industries.

    According to him, the training is to help them improve job skills and achieve early adaptation to the industries.

    He explained that the goal to make available skilled professionals to service increasing demand and creating more and better jobs.

  • ‘Farmers lost N5trillion to poor weather forecasts’

    ‘Farmers lost N5trillion to poor weather forecasts’

    The Foundation for Peace Professionals (PeacePro) hinted that Nigerian farmers lost about N5 trillion productive capital between 2024 and 2025 to poor and misleading weather forecasts by the Nigerian Meteorological Agency (NiMet) as well as policy-induced crashes.

    It declared that Nigeria’s agriculture sector is in a deep structural crisis.

    In a statement, the group’s Executive Director, Abdulrazaq Hamzat described the losses as direct agricultural capital destruction at the producer level, stressing that the estimate does not include secondary economic effects such as consumer inflation, GDP contraction, foreign exchange pressure, or security related costs.

     “Those impacts come later. What has already happened is the liquidation of farmer capital,” PeacePro said.

    He added that Nigeria did not successfully “control food prices between 202 and 2025. Instead, a combination of poorly timed policy interventions, price suppression mechanisms, weak market coordination, and unreliable weather forecasting by NiMet forced farmers to sell produce below cost, wiping out the capital required to sustain future production cycles.”

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

     “This was not a market correction. It was a policy shock that transferred value away from producers.

    The statement said that while Nigeria has an estimated of between 38 and 40 million people engaged in agriculture, clarifying that the most severe damage was concentrated among market facing producers, not subsistence farmers.

    It added that “although subsistence farmers were also adversely affected, particularly by poor and misleading weather forecasts issued by NiMet.

    “The most affected group includes 6–8 million producers, small and medium scale commercial farmers, storage poor price taking producers, farmers engaged in grains, tubers, vegetables, and legumes.

    The group maintained that the scale of destruction is comparable to a financial sector collapse, with one critical difference.

     “This crisis did not happen in banks or stock markets.

    It happened quietly, in farms and rural communities, cautioning that depleted farmer capital will inevitably lead to reduced planting in 2026, lower domestic food supply, higher future food prices, increased rural poverty and social instability, the statement added.

    PeacePro therefore urged Nigerian authorities to publicly acknowledge the scale of agricultural capital destruction and immediately shift policy away from short term price suppression toward producer protection, capital preservation, and market stability.

  • Sterling Bank accelerates renewable energy transition

    Sterling Bank accelerates renewable energy transition

    Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector.

    The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

    Managing Director, Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

    The   CEO,   who   was   represented   by   Dele   Faseemo,   Group   Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

    He noted that by focusing on these areas, the Bank can do more to   drive   progress and expand access to energy, which he described   as   essential   for   supporting   economic   growth   and   overall development.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

    In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.

    He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

    The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the   MD,   said  “REA  is  strategically  expanding  and  optimizing  channels  to accelerate the adoption and sustainable growth of renewable energy acrossthe   country   in   the   areas   of   value   chain   development,   regulation enhancement,   funding   windows,   alternative   resources   and   technical standardization.”

    Minister   of   Power,   Adebayo   Adelabu,   commended   Sterling   Bank   for convening the conversation on renewable energy.

    He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

    The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal   Ministry   of   Power   has   continued   to   expand   electricity   access   to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

    In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy   and   Mineral   Resources,   noted   that   the   current   administration   is implementing the most ambitious energy transformation ever undertaken.

    He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

    The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations   to   end   as   mere   conversations   or   points   documented   in   a communiqué.

    Instead, she encouraged everyone to leverage the strength of their   networks,   act   with   intention,   and   remain   focused   on   delivering meaningful impact.

    The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.

  • PenCom PFAs to launch data recapture self-service platform

    PenCom PFAs to launch data recapture self-service platform

    National Pension Commission (PenCom), in partnership with Pension Fund Administrators (PFAs) are set to launch a self-service online data recapture application known as the Data Recapture Self-Service Platform, this service enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting their PFAs.

    In a statement signed by the commission, PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process, the programme will be launched on 1 February 2026. “This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation”.

    “Rationale for the Data Recapture Exercise Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

    “PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders,” the commission stated.

    READ ALSO: The men who ruined a republic

    The statement explained that, the Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees.

    The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National Identification Number (NIN) as the unique identifier.

    “In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured. Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years”.

    The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal and create a secure user profile using a personal email address.

    “Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

    “Processing, Validation and Notifications Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

    “The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  Importance of Compliance for RSA Holders RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records.

    “This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN). Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services”.

    Alignment with PenCom’s Strategic Objectives. The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

  • Wema Bank unveils Valentine campaign

    Wema Bank unveils Valentine campaign

    Wema Bank has launched its 2026 Valentine’s Day campaign as part of activities marking the rollout of new features on its digital banking platform, ALAT.

    The campaign, themed “Evolution of Love, powered by Wema Bank,” is inspired by the recent upgrade of the ALAT app and is designed to recognise and celebrate the different forms love takes over time, extending beyond romantic relationships to include self-love, friendship and family bonds.

    According to the bank, the initiative is structured to engage customers across four broad categories: singles, friends, married couples and couples planning to wed in February. Participants are required to create a “Love Goal” on the ALAT app and share a one-minute video on social media describing how their love journey has evolved.

    Selected participants are expected to receive gifts ranging from cash rewards and lifestyle vouchers to short vacations, while one couple getting married in February is to enjoy a celebrity performance at their wedding.

    Speaking on the initiative, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the campaign reflects the institution’s customer-focused approach and its desire to connect with users beyond traditional banking services. He explained that the decision to broaden the scope of Valentine’s celebrations was informed by the diverse experiences of the bank’s customers.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

    Oseni noted that the campaign aims to promote self-worth and friendship among singles, strengthen bonds among families and married couples, and mark important milestones for couples preparing for marriage.

    He added that the overall objective is to ensure customers feel appreciated and included during the Valentine season.

    According to him, “Love is central to the delivery of true customer-centric service, and as a Bank that prides itself on being customer-centric, this is reflected in the thought, intentionality and commitment we put into all we do at Wema Bank. It has always been clear how much we care about our customers and this year, we decided to celebrate the journey of love across different categories that reflect the different experiences and realities of our customers, from friends and couples who have grown together over the years to lovers taking the bold step of marriage and even singles because self-love is crucial”.

     “This Valentine’s, we chose to acknowledge the beauty of every love journey, and we are inviting all new and existing customerswho have a story to share. For the friends and singles, our goal is to promote true friendship and self-love. For families and married couples, our goal is to strengthen bonds by reminding them of how far they have come. For those intending to get married, we are adding one more memorable touch to their wedding with a special artiste performance. Our ultimate goal is for every Wema Bank customer to feel loved this season and beyond,” Oseni concluded.

  • Expert urges on behavioural economics

    Expert urges on behavioural economics

    A technology expert, Adeoye Abodunrin, has urged President Bola Tinubu and other African leaders, policymakers and institutions to deliberately integrate behavioural economics insights into artificial intelligence (AI) strategies.

    He warned that technology-driven reforms without human-centred design risked deepening inequality across the continent.

    The Africa AI transformations coach and thought leader,  stressed that Africa’s AI future must be shaped not only by advanced algorithms and infrastructure, but by a deep understanding of human behaviour, decision-making and socio-cultural realities.

    “AI will only deliver inclusive growth in Africa if we design systems that understand how Africans think, decide, trust and adapt.”

    Without behavioural economics, AI policies may look impressive on paper but fail at the level that matters most, people,” he said.

    Abodunrin, in his maiden interaction with the ICT press community in Lagos at the weekend, said many AI strategies across the continent focus heavily on technology acquisition while overlooking behavioural incentives that influence adoption, productivity and trust in public systems.

    According to him, behavioural economics provides governments with critical tools to design AI-enabled policies that work in real African contexts, from digital identity systems and financial inclusion platforms to healthcare delivery, education, taxation and public service reform.

    READ ALSO: The men who ruined a republic

     “Africa does not suffer from a lack of ideas or talent. What we often miss is alignment, aligning technology with behaviour, culture and incentives. Behavioural intelligence is what turns AI from a shiny tool into a development engine,” he argued.

    Drawing on recent data from the Google & Ipsos “Our Life with AI: Helpfulness in the Hands of More People” report, Abodunrin said Nigeria is emerging as a global leader in AI adoption, with usage patterns that point to the technology’s rapid integration into learning, work, entrepreneurship and everyday problem-solving.

     “AI holds immense potential for Africa, but we cannot prioritise infrastructure and algorithms while ignoring the human behaviour that determines how these technologies are used, trusted and trusted by citizens. In the AI era, behavioural insight is not optional, it is fundamental to inclusive growth, innovation and social impact,” Abodunrin said.

    According to the report, 93per cent of Nigerians use AI tools to learn and understand complex topics, significantly above the global average of 74per cent; 88per cent of Nigerian adults have used an AI chatbot – far ahead of the global average of 62per cent, demonstrating deep integration of AI into daily life; and 91per cent of Nigerians use AI to assist with their work, while 80per cent leverage AI to explore new business ideas or career transitions – nearly double the global average (42per cent).

    Other highlights of the report showed that   91per cent believe AI is positively impacting learning and access to information, with 95per cent saying students and educators are likely to benefit; and 80per cent express excitement about AI’s possibilities, compared with a global average far lower, illustrating strong optimism and agency in technology adoption.

     “These figures show that Nigerians, especially young learners, professionals and entrepreneurs, are not only adopting AI at scale but using it purposefully for growth and opportunity,” Abodunrin noted.

    Abodunrin explained that while adoption figures are impressive, they also underscore the need for governments and institutions to design policies that align AI tools with social realities, such as trust, incentives, cultural norms and decision-making patterns unique to African contexts.

     “Behavioural economics helps us understand how people actually interact with AI systems, what motivates adoption, and how policies shape outcomes across diverse communities. Without these insights, AI strategies risk leaving behind the very people they aim to empower,” he said.

    He urged leaders to integrate behavioural frameworks into AI governance, regulatory design, public services and education initiatives to promote inclusive innovation and equitable access to digital opportunities across demographics.

    Abodunrin’s calls are coming at a pivotal moment when Nigeria and other African nations are experiencing rapid growth in digital technology usage and are poised to shape the future of innovation on the continent.

    He encouraged policymakers to embed behavioural science principles into AI policy formulation; invest in capacity building and AI literacy at all levels; ensure AI governance frameworks reflect ethical, cultural and human values, and support locally-relevant AI solutions that address real-world challenges.

    He said: “AI should amplify African strengths, not widen global divides. When behavioural economics informs AI strategy, we unlock not just smarter technology but smarter societies.”

  • ‘$46.11 billion external reserves to cover 14 months imports for economy’

    ‘$46.11 billion external reserves to cover 14 months imports for economy’

    Nigeria’s gross external reserves rose to $46.11 billion as of January 28, 2026, marking the highest level in eight years, with capacity to cover 14 months imports for the country.

    The reserves position represents an 18.6 per cent increase from $38.88 billion in January 2025. The improvement is attributed to increased oil exports, diaspora inflows, and foreign portfolio investments.

    Managing Director, Financial Derivatives Company Limited, Bismark Rewane, said stronger external reserves have helped to ease pressure on the naira, which appreciated by 0.65 per cent to N1,385/$.

    “This is the strongest level of the naira in the last two years when it was N1,329.65/$ in May, 2024. Improved reserve buffers have also lifted import cover to 14 months, helping reduce exchange-rate pass-through to inflation, lower input-cost volatility for small and medium-sized businesses, and support household purchasing power and consumer confidence ahead of the pre-election year,” he said.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

    Other factors driving reserves build up include improved FX inflows, higher oil receipts, increased remittances through official channels and renewed interest from foreign portfolio investors following FX market reforms instituted by the Olayemi Cardoso-led Central Bank of Nigeria (CBN).

    Overall, strong reserves position will continue to bolster exchange rate and promote financial sector stability.

    Other industry data shows that Nigeria’s external reserves were last at this level on August 27, 2018, when it stood at $45.9 billion.

    The reserve build-up signals stronger buffers for import cover and currency stability, reflecting steady inflows and improved foreign exchange management since the forex reforms began, as the country prepares for a general election.

    The CBN data also suggests a notable turnaround from the volatility experienced during the early phase of the new forex regime, with the reserves closing at about $45.5 billion in 2025, having opened the year at roughly $40.8 billion.

    Analysts have expressed optimism that the steady growth of Nigeria’s external reserve for several months will be sustained this year.

    They said that the various reforms by the government have brought stability and confidence, thereby causing improvement in the country’s external reserves.

    They, however, noted that while the reserves can be sustained in the short term, sustaining the momentum throughout the election year will depend on discipline on the part of the government.

    President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the  naira has remained stable across market for several months, ending years of volatility in the market.

    Additionally, Rewane, estimated the fair value of the naira at about N1,257 to the US dollar.

    Rewane posits that the local currency is undervalued by approximately 11 per cent when assessed using the purchasing power parity (PPP) model.

    He made the submission during his keynote address at the 2026 Economic Outlook organised by the Association of Corporate Treasurers of Nigeria (ACTN), where he anchored the session and offered a detailed analysis of the structural and cyclical factors influencing Nigeria’s exchange-rate movements.

    He noted that currencies typically converge towards their PPP-implied values over a five-year horizon.

    According to him, the appropriate exchange rate based on current PPP estimates stands at N1,256.79 to the dollar, reinforcing the view that the naira remains below its fair valuation level.

    Chief Executive Officer, Centre for the Promotion of Public Enterprise (CPPE), Dr Muda Yusuf, hinted at a positive outlook for Nigeria’s external reserves as he does not see anything derailing the forex and fiscal reforms that have brought about stability and improvement in external reserves.

    Yusuf said: ‘’Well, the outlook for me is positive because I don’t see anything derailing these reforms [forex reform, fuel subsidy etc]. It is these reforms that have brought about stability. And it’s this stability that has inspired confidence. It is the confidence that has allowed the improvement in the reserves. The reserves are not so much coming from oil, though. I don’t have the full breakdown. But my sense is that the reserves are coming from largely outside the oil – FDI, portfolio, diaspora flows, non-oil exports etc. Quite a lot is happening outside traditional sources of forex.

     ‘’So, those things are anchored on reforms. For as long as that is happening and I don’t see that changing, even with the so-called election year or whatever, I don’t see anything changing that in any drastic way.’’

    Other analysts said the growth in the external reserves can only be sustained in 2026 if the Central Bank of Nigeria (CBN) avoids excessive FX intervention, fiscal authorities are restrained from spending pressures and the FX reforms are not reversed.

    They said: ‘’Historically, election cycles in Nigeria tend to introduce policy uncertainty, FX demand pressure, and capital flow reversals. So, while reserves can be sustained in the short term, maintaining this momentum throughout an election year will depend on discipline.

    CBN had, in its 2026 Macroeconomic Outlook for Nigeria, projected that Nigeria’s external reserve would rise to $51.04 billion in 2026, supported by stronger oil earnings, foreign exchange (FX) market reforms, and improved external inflows.

    The apex bank said the outlook reflects higher oil revenues, increased bond issuance, sustained diaspora remittances, FX market reforms, and expanded domestic refining capacity.

    CBN stated, “The external reserves is projected at US$51.04 billion in 2026, compared with US$45.01 billion in 2025. The external reserves is expected to be boosted by reduced pressure in the FX market based on the anticipated rise in oil earnings, sovereign bond issuance, and diaspora remittance inflow.’’

    The apex bank linked the positive external reserve outlook to expanded domestic refining, notably the Dangote Refinery’s planned capacity increase to 700,000 bpd in 2025 and a longer-term target of 1.4 million bpd.

    According to the CBN, increased local refining would reduce Nigeria’s dependence on imported petroleum products, lowering demand for foreign exchange and easing pressure on external reserves.

  • Promasidor to boost dairy value chain

    Promasidor to boost dairy value chain

    Promasidor Nigeria has reaffirmed its commitment to strengthening Nigeria’s dairy value chain through its alignment with the national dairy development programme.

    The programme is delivering measurable results by deepening local milk production and improving access to affordable, high-quality dairy products for consumers nationwide.

    Chief Executive Officer of Promasidor Nigeria, a player in the fast-moving consumer goods (FMCG) industry, François Gillet, said the company’s investment in the Ikun Dairy Farm has significantly boosted local dairy output while creating a sustainable and inclusive framework that supports national economic development.

    According to Gillet, Promasidor established the Ikun Dairy Farm in 2019 in partnership with the Ekiti State government, with an initial operational investment of $5 million, followed by subsequent capital injections to expand operations.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

     “As a market leader in quality food and beverage products, the national dairy development programme is a critical part of our long-term strategy to localise raw material sourcing, strengthen Nigeria’s dairy ecosystem, and ensure consistent delivery of nutritious milk products to consumers,” Gillet said, in a statement, over the weekend.

    Currently, the farm plays host to over 750 high-yielding cattle, which makes the Ikun Dairy Farm the biggest dairy farm in Nigeria. Promasidor’s investment in the farm from inception to date has increased significantly, which points to its dedication to local production.

    Additionally, the Ikun Dairy Farm utilises advanced dairy management systems, including routine artificial insemination techniques, which are designed to achieve maximum heifer births, thereby supporting the organic and sustainable growth of the herd.

    Beyond milk production, the Ikun Dairy Farm has become a catalyst for socio-economic development in its host community.

    The farm provides employment for over 200 locals from the area, with more than 1,000 indirect jobs for people in the surrounding communities, thereby enhancing job and wealth creation and further boosting the state’s economy. This is supported by experienced veterinary doctors and dairy-trained practitioners.

    To further guarantee sustainability, Promasidor has invested in a robust feed security programme, cultivating over 500 hectares of maize and soya beans, to ensure consistent, high-quality nutrition for the herd.

    Promasidor, in March 1993, caused a disruption in the food and beverage industry when it first launched the Cowbell Milk sachet product into the Nigerian market, a move that was soon emulated by competitors.

    In line with its commitment to social impact, the organisation has extended the benefits of its dairy operations to schools nationwide through the “Ikun Milk Day” initiative.

    Under this programme, fresh milk sourced directly from the Ikun Dairy Farm is distributed weekly to the state government primary school children in the Ikun Community for their well-being and educational performance.

    As a responsible corporate citizen, Promasidor Nigeria said it remains committed to delivering long-term value to consumers, communities, and the national economy.

    Gillet said the company continues to invest in innovation and quality standards in accordance with global best practices across its diverse brand portfolio, which includes Cowbell, Loya, Miksi, Toptea, Onga, Twisco, and Kremela.

    It’s Ikun Dairy Farm, located in Ikun-Ekiti, in Moba Local Government Area of Ekiti State, spans over 500 hectares and stands as a flagship example of how strategic alignment with the national dairy development programme can drive food security, job creation, and sustainable industrial growth in Nigeria.

  • NAHCO, NACCIMA, others mull strategies to drive cargo exports

    NAHCO, NACCIMA, others mull strategies to drive cargo exports

    • Polaris Bank reaffirms commitment

    Stakeholders in the cargo exports have restated their commitment to supporting government’s $1 trillion agenda by increasing the volume of Nigerian exports.

    They spoke at a capacity building forum on export processing for Small and Medium Scale Enterprises (SMEs) organised by Nigerian Aviation Handling Company (NAHCO) Plc in Lagos.

    Group Executive Director, Business & Business Development, Nigerian Aviation Handling Company (NAHCO) Plc, Prince Saheed Lasisi, said NAHCO has keyed into and is contributing to Federal Government’s realization of the vision of $1 trillion economy by 2030.

    “A major focus of the government in achieving this goal is commodity exports. And to record the needed volume in commodity exports, the nation needs the small and medium enterprises (SMEs),” Lasisi said.

    He said NAHCO recognises the contribution SMEs make to national development and is charting the way forward in preparing them for foreign markets.

    He pointed out however that SMEs needed to build capacity in export processing because exporting agro products and commodities requires strong logistics and handling backbone and that NAHCO sits at the centre of the export value chain. He explained that the company serves as the link between exporters, airlines, and regulators.

    READ ALSO: The men who ruined a republic

    In this role, NAHCO will provide necessary guidance in cargo handling, including in areas of the quality of Product preservation, regulatory compliance, on-time flight connections, and acceptance requirements by international buyers.

    Lasisi, in his presentation, also detailed the specialised packaging required for perishable and sensitive items.

    He said: “We have provided, with FAAN’s approval, a proper packaging facility in the airport area. Our packaging area is in the NAHCO Export Packaging and Processing Centre (NEPPC), the only one of its kind in Nigeria, and we started operations in July last year. NAHCO also has an Export Desk that provides support for exporters”.

    Chairman, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Export Group, Kola Awe Esq, said NACCIMA has put in place initiatives designed to assist smaller businesses.

    He said: “We have created the NACCIMA Export Support Centre for MSMEs. The average exporter faces a lot of challenges. A lot of exporters are finding it difficult to scale their businesses because of so many challenges. Multinationals are faring better than MSMEs because they have the financial might to take on any issues they might face in exporting”.

    Highlighting the economic weight of small businesses, he said, “MSMEs contribute significantly to the Nigeria economy. There are an estimated 39.6 million MSMEs in Nigeria, though this number has slightly declined in recent years due to a challenging economic environment. This is why we need to provide support for MSMEs. MSMEs also have a strong presence in agriculture, retail, and manufacturing. The NACCIMA Export Support Centre for MSMEs is a practical export intervention initiative to support SMEs.”

    The Director General, NACCIMA, Engr. Sola Obadimu, had, while welcoming participants to the event stated that the collaboration between NAHCO and NACCIMA highlights the importance of private sector partnership in Nigerian agro products growth. “Today, MSMEs account for 80 to 90% of businesses and they employ more than 80% of the workforce. Yet, their contribution to exports remains mostly disproportionate. If more SMEs embrace export, we can change the narrative. Addressing the barriers that SMEs face requires cooperation from various stakeholders. Nigeria’s economy has a lot of potentials and the activities of NACCIMA would contribute to achieving our goals,” he declared.

    According Obadimu, while agriculture contributes to over 20% of Nigeria’s GDP, agro based exports still represent only a modest share of our local export earnings, likely due to procedural bottlenecks, lack of adequate export knowledge, weak export readiness, logistics challenges, and limited access to structured export support.

    Speaking at the programme, Polaris Bank’s Executive Director, Chris Ofikulu, underscored the national importance of export diversification and the central role of SMEs in building a resilient economy. He noted that reducing Nigeria’s dependence on oil revenues requires coordinated action across the public and private sectors to strengthen non-oil exports, particularly within agro-exports and commodity trade.

     “Expanding non-oil exports is not optional; it is a strategic imperative for building a resilient, inclusive and competitive Nigerian economy. SMEs, particularly in agro-exports and commodity trade, hold the key to unlocking our true comparative advantage. Polaris Bank remains committed to providing the finance, advisory support and partnerships required to help them scale confidently and compete globally,” Ofikulu said.

    The engagement also focused on addressing structural challenges confronting exporters, including infrastructure gaps, port inefficiencies, logistics constraints, standards and certification requirements, and policy consistency.

    Participants emphasized the need for stronger public-private collaboration among government agencies, trade bodies, financial institutions and logistics partners to simplify export procedures and improve market access for Nigerian SMEs.

    Also addressing stakeholders, Olaleye Arinola, Team Lead, Trade Services, Polaris Bank, highlighted the importance of removing trade and payment bottlenecks that limit exporter competitiveness and cash flow. He emphasized the Bank’s focus on building confidence and certainty into the export process through practical financial and advisory support.

     “Exports cannot grow if finance and payments remain obstacles. At Polaris Bank, our focus is on removing friction from international trade by ensuring SMEs get paid faster, safer and with greater certainty through efficient trade finance, secure cross-border payments and hands-on guidance across documentation, FX and compliance,” Arinola said.

    As part of its partnership with the business and trade community, Polaris Bank unveiled a Dedicated Help Desk for NACCIMA members, designed to provide direct access to trade finance and payment support, fast-track resolution of export-related enquiries, and personalized advisory services on FX documentation and regulatory compliance.

    Polaris Bank reaffirmed its commitment to working closely with NAHCO, NACCIMA and other stakeholders to strengthen exporter capacity, promote value addition across agro-exports and commodities, and unlock sustainable growth opportunities for Nigerian businesses in regional and global markets.

    In his remarks regarding the Nigerian government’s initiatives to boost national exports, President, Aviation Cargo Committee, Mr. Ikechi Uko, emphasized the necessity of air logistics. He observed, air freight is very important for growth of SMEs. According to him, “A lot of aircraft come into Nigeria full but they leave empty. The government is trying to organise air export business so that aircrafts\ can leave the country filled with Nigerian goods.”

    While sharing industry insights on managing MSMEs within the Nigerian landscape, the MD/CEO, Burcont Shipping Nigeria Limited, Dr. Akin Oladipupo, commended the organizers for the collaborative effort, stating, “I want to thank NACCIMA and NAHCO for giving us this great event and for making us come together to discuss about this industry. There are billions of naira in the farming and agricultural industry that are untapped. What is Nigeria really doing about our food exports into other countries?”

    He said a forum such as the NAHCO/NACCIMA forum would proffer solutions to this problem.

    Present at the event were important government agencies critical for agro export. They include the Nigeria Customs Service (NCS), Nigeria Agricultural Quarantine Service NAQS), National Agency for Food Administration and Control (NAFDAC), National Drug Law Enforcement Agency (NDLEA), the Nigerian Export Promotion Council (NEPC), Federal Produce Inspection Office (FPIS), Federal Competition & Consumer Protection Commission (FCCPC) and the Federal Airport Authority of Nigeria (FAAN).

    Also present were airlines and logistic partners including Turkish Cargo, Lufthanza, Qatar Airways, Kenya Airways, Rwand Air, DHL, Burcont Logistics and NAGAFF.

  • Amaanah Finance unveils non-interest banking to power MSMES growth

    Amaanah Finance unveils non-interest banking to power MSMES growth

    Amaanah Finance, a non-interest finance bank, is officially launching its operations today, Monday, offering Nigerians a new ethical approach to investing, financing, and wealth creation built on transparency, partnership, and real economic impact.

    Guided by the philosophy of building prosperity with principles, Amaanah Finance is designed for individuals and businesses who want their money to work responsibly while delivering competitive and transparent returns.

    The institution focuses on economic empowerment by providing Shari’ah compliant financial solutions that support individuals, MSMEs, startups, and large projects across Nigeria.

    At the core of Amaanah Finance’s model is the belief that finance should create shared prosperity. When customers open an Amaanah Investment Account, their funds are ethically invested in viable, high growth MSMEs that drive the Nigerian economy. Investors earn returns linked to real economic activity, while entrepreneurs gain access to capital structured as partnerships rather than debt.

    This approach reflects Amaanah Finance’s commitment to economic inclusion over financial inclusion. By prioritising access to productive capital and shared growth, the institution aims to deliver sustainable social impact in Nigeria and across Africa. Its vision is to become Africa’s most trusted and impact driven noninterest financial service provider.

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    Amaanah Finance offers a range of ethical investment, financing, advisory, and wealth management solutions structured to meet the needs of individuals and businesses without compromising values. All products are designed to be transparent, asset backed, and compliant with Shari’ah principles, ensuring clarity and fairness for every customer.

    Nigeria’s MSMEs account for over 90 per cent of businesses and employ more than 80 per cent of the workforce, yet they receive a disproportionately small share of formal financing. Amaanah Finance is positioned to help bridge this gap by providing interest free, partnership-based funding that supports business growth, job creation, and community development.

    As Amaanah Finance opens to the public, individuals seeking ethical investment opportunities and businesses in search of value aligned funding are invited to get started.

    As Nigeria advances its economic diversification agenda, Polaris Bank remains positioned as a trusted partner for SME exporters, providing the finance, knowledge and institutional support required to compete globally and contribute meaningfully to national development and long-term economic resilience.