Business
FG taking practical steps to revamp economy, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said the Federal Government has taken practical steps to revamp the Nigerian economy over the past one year.
Cardoso said this on Friday in Abuja, at Bankers’ Committee Retreat, with the theme: “Contract and Commitment to National Development and Economic Growth”.
He said that the country was making steady progress in various economic sectors,while urging both the public and private sectors to synergise and consolidate on the modest achievements.
“As we gather here, we are acutely aware of the challenges that have tested our nation in recent years; poverty, rising inflation, infrastructure deficits, insecurity, and unemployment..
“It is not all bleak. In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story.
“However, while progress has been steady, it is evident that the road ahead remains long.
“The work before us requires focus, innovation, and unwavering resolve to reshape our collective
future,” he said.
He urged the Bankers” Committee to take bold steps by making meaningful contributions to the the economic growth and development of the country.
“This is why the theme of this retreat has been carefully chosen, to inspire deeper collaboration and renewed commitment as we strive to build a brighter future for ourselves and generations to come.
“Over the next few days, we will engage in meaningful discussions, share insights and experiences, and explore bold solutions to the pressing issues facing our nation,” he said. .
He tasked the committee be guided by certain considerations:
“What steps must we take to improve the business environment for all; large corporates, SMEs, and others?
“How can we better leverage public-private partnerships for infrastructure development?
“What are the most effective ways to close skill gaps in our workforce?,” Cardoso said.
He urged the committee members to also deliberate on how the country could foster an ecosystem that nurtures and supports innovation.
He said that they should also be concerned with how to reinforce social contract with the Nigerian people to build a more inclusive economy.
Also speaking, the Vice-President, Sen. Kashim Shettima, said the theme of the retreat established the link between growth and development.
Shettima was represented by Tope Fasua, Special Adviser on Economic Affairs, Office of the Vice-President.
According to him, whereas an economy may grow without developing given a certain finite period of time, yet there could be no real economic development without growth.
He said that the banks were pivotal to meaningful economic growth.
” Our banks are central to that growth in GDP output that every nation pursues on a minutely basis.
“This is in facilitating transactions, being receptacles for savings and investments, and in availing credits of all shapes and structures,’” he said.
He urged the banks to consolidate their role as catalysts for economic growth and development.
According to him, the development of banks should positively correlate with the development of the economy at large.
“The robust profitability that we have seen in that sector should reflect ,at least, marginally in the GDP growth numbers posted by the country at large.
” Indeed, we should be speaking about causality more than correlation. And we know that you are up to the task,” he said.
Shettima said that the Federal Government intended to shift from the usual suboptimisation that defined the Nigerian economy over the decades.
He said that the economy could be truly outstanding and can justify its prime position on the African continent and beyond.
” That is why some of the painful reforms are taking place at this time.
“Mr President, being the valiant leader that he is, has pressed on in favour of the long-term perspective, in spite of pushbacks.
” The key reforms pertain to the unification of the Naira rates in the official market and the closing of the gap with parallel markets, the
removal of fuel subsidies.
“There are also the reforms in the monetary policy areas, especially the treatment of ways and means advances, and the tax reforms.
“None of these reforms are easy to implement but we can see that in spite of all, they are beginning to yield results.
“We only ask that our people exercise a little more perseverance while the reforms take root,” he said.(NAN)
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.