Business

Why Food Exports From Nigeria ‘re Rejected At Int’l Market – NIFST

Published

2 years ago

October 17, 2023

The Nigerian Institute of Food Science and Technology (NIFST), has identified non-compliance with global food standards, poor packaging and poor adherence to food safety as part of the major reasons food exports from Nigeria are rejected at the International market.

NIFST which stated this at a press conference at the Michael Okpara University of Agriculture Umudike on Tuesday, also identified poor funding funding as a major challenge to Nigeria’s food export quest.

National President of NIFST, Professor Joseph Oneh Abu, who addressed a press conference ahead of the 47th Annual Conference of the NIFST, holding in Abia State, regretted that despite efforts to break the jinx, Nigeria’s food export is yet to elicit acceptability at the global market.

He further noted that poor branding of foods by exporters usually affect their marketability and competitiveness at the global market.

The NIFST boss noted that Nigeria has the capacity to dominate the global food export market but called for more conscious efforts to explore the huge opportunity in the sector.

He restated the preparedness of NISFT ” to harness the abundance of talent, knowledge and skills among food professionals in Nigeria towards foods sufficiency and good nutrition of the masses”.

Projecting the value global food industry to hit $10 trillion by 2027, the NIFST boss said that the organization was making frantic efforts to enable Nigeria get a fare chunk of the projection.

He regretted that Nigeria currently, imports more than three times, the value of its food exports.

Professor Abu, however, expressed optimism that experts in the sector would in the course of the conference, brainstorm on the ways to navigate the country out of the woods.

According to him the conferees are drawn from the academics, civil society, food industry, Government.

The NIFST boss commended the Federal Government for establishing the Nigerian Council of Food Science and Technology, NICFoST to regulate the practice of food science in Nigeria.

He urged Government not to delay in inaugurating the council at ones.
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He, however, appealed for adequate funding to enable NIFST execute its activities in the country council.

Professor Abu predicted bright future for Nigeria in food export is all the necessary stakeholders should play their card well.

VANGUARD

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

1 day ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

1 day ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.