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

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

2 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

3 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

6 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.