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Cashew industry capable of injecting $3.7 bn to Nigerian economy – Association

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The National Cashew Association of Nigeria (NCAN) has said it can inject $3.7 billion into the Nigerian economy if the industry receives adequate attention, especially from the government.

The National President, National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, said this during a media conference on Monday in Abuja.

The media conference was in commemoration of the 2025 Nigeria Cashew Day to hold on Friday.

Ajanaku said that the industry was in the process of producing more than two million metric tonnes of cashew per year if given the opportunity.

“Cashew presently employs over 5 million people in Nigeria, but can create more jobs if supported to increase its volume of production,” he said.

According to him, the upcoming Nigeria Cashew Day is an annual event that revolves around producing states in the country.

He explained that the event was a meeting point where stakeholders came together to celebrate the uniqueness of the fruit with great potential.

“So, we are looking at this conference to help the industry build better capacity, re-strategise and intentionally capitalise on our unique potential.

“For instance, if Nigeria is able to produce two million tonnes of cashew, if we sell only the raw cashew nut without adding value to it, we are looking at $2.4 billion,” Ajanaku noted.

He stressed that the economic value of cashew across the nations of the world today was valued at $7.8 billion, adding that it was projected that by next year, it would be about $11 billion.

The NCAN president noted that Africa was the largest producer of cashew and Nigeria had the potential to be the highest producer in Africa with adequate investment in the sector.

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“Essentially, we were once the highest producer of cashew in Africa before we dropped to the fourth position where we are today.

“Now, if you look at the price that is already in the market, it’s about $1,700 per tonne. What this means is that we are looking at about $3.7 billion that will be netted into the Nigerian economy.

“So, there is a lot of potential in cashew, both benefits along the value chain of the nuts and juice utilisation, therefore, I strongly believe that this conference will be able to highlight and let people know the value of cashew to the country.

“The government and the country are doing so much already and we want to encourage the export of raw cashew nuts in Nigeria,” he added.

Ajanaku noted that the association’s major target was to add value to what was being producing in the country internally, so that it would not be exporting its raw product out of the country.

“For you to farm a hectare of land of cashew, you need a minimum of five workers on that farm alone. So, if you have five people to work for you on one hectare of land, you can imagine, we are doing two million tonnes of cashew.

“If a hectare of land of cashew can give you about 700 kg or 650 kg today, if you divide this, you will see that we are creating a lot of jobs for our people.

“Now, if we start adding value to it after production, for instance for a factory that is processing 100 tonnes per day, it cannot have less than 800 workers in the factory.

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“Even if it is a robot factory, it cannot have less than 800 staff and that is for direct jobs.

“When you look at indirect jobs, people that will be transported to that place, the transporters to that place, the food vendors in that area, the recharge card vendors, we will have created a lot of business in that area.

“We are asking the federal government to please make cashew a priority, as there are a lot of potential in cashew.

“If we look at Vietnam that is not producing more cashews than we are producing and does not have the potential that we have in cashew, getting over four billion dollars, we can do better than them.

“We can do better, so we are urging the government to beam its searchlight on this cashew industry and see what the business in Nigeria can do to boost the economy and also create jobs,” Ajanaku added. (NAN)

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Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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