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Economy

Rivers State Very Fertile for Business—Jim Ovia

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Jim Ovia

By Dipo Olowookere

Founder of Zenith Bank Plc, Mr Jim Ovia, has described Rivers State as an environment richly endowed and good for business.

Speaking this week in Lagos during the Showcase Session on Investment Opportunities in Rivers State, which was part of the Annual General Conference of the Nigerian Bar Association (NBA), the Visafone boss said his submission was based on his personal experience with doing business in Rivers State.

Mr Ovia, who is also the Chairman of the Nigerian Software Development Initiative, noted that no other state in Nigeria boasts of two seaports, two airports in addition to a youth population that is success driven with a per capita income of over $3,000, which he said were good indices for measuring prosperity and economic opportunities.

He said the economy of Rivers State compared favourably with countries like Rwanda, Kenya and Ghana and assured that the state was on a steady path of prosperity.

Former Governor of Cross River State, Mr Donald Duke, who was present at the Showcase session along with his wife, Mrs Onari Duke, was quite emphatic about the investment opportunities in Rivers State.

Mr Duke who said, “The taste of the pudding is in the eating,” also declared that from experience, he could tell that Rivers State was good for business.

Earlier, Governor of Rivers State, Mr Nyesom Wike, who described himself as the Chief Marketer of the state, in his welcome address, informed participants that the achievements recorded in his two years in office could not have been but for the presence of peace and security in Rivers State.

The Governor, represented by the Attorney General of Rivers State and Commissioner of Justice, Mr Emmanuel Aguma (SAN), used the opportunity to call on Rivers people to be proud of their identity and heritage and rise to defend the image of their state.

He noted in particular, that although a state like Lagos, has had the prevalence of kidnappings, ritual killings and cult crises from Badoo cultists, Lagosians have neither taken business out of Lagos nor demarketed Lagos State in any way.

“In this Lagos State, children have been kidnapped from schools. We don’t experience this in Rivers State. Yet nobody has taken business out of Lagos as a result. We hear of Badoo cult clashes in Lagos State. Yet, business is still thriving in Lagos. Lagosians have not called Lagos all manner of unprintable names. It is this same attitude we must adopt as Rivers people. We must refuse to demarket our State especially since no society is free of crime,” he said, adding that “the investment in security by the Rivers State government was second to none in the Nigerian federation and that the confidences of the business community and residents were always assured.”

In his remarks, the President of the Nigerian Bar Association (NBA), Mr Mahmoud Abubakar (SAN), commended Governor Wike for his support to the association and his development-focused governance to the people of Rivers State and called on investors to freely take advantage of the opportunities available in Rivers State to expand the frontiers of their businesses.

The highpoint of the session was the presentation on investment opportunities in Rivers State by Director General of the Rivers State Bureau for Public-Private Partnerships, Mr Nimi Walson-Jack, which covered agriculture, hospitality, tourism, housing and power.

Presentation also showcased existing opportunities for Public-Private Partnership.

The showcase session, which was a mix of legal practitioners and members of the business community from across Nigeria, was chaired by former President of the NBA, Mr Onueze Chukwujinka Okocha (SAN).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

Dangote Empowers Farmers With Tools to Improve Productivity, Livelihoods

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dangote Farmers improve productivity

By Modupe Gbadeyanka

To boost food security in Nigeria, Dangote Fertiliser Limited, a subsidiary of the Dangote Industries Limited, has empowered farmers in the country with the basic knowledge and tools needed to have bountiful harvests.

The company made this possible through a comprehensive training programme targeted at more than one million farmers across the country.

This is part of the organisation’s commitment to supporting small businesses, agriculture, and job creation in Nigeria.

“This programme, integral to our agricultural extension services, encompasses spot demonstrations, result demonstrations, field demonstrations, and soil sample collections.

“The training is designed to educate farmers on best practices in fertiliser application, aiming to enhance crop yields and promote sustainable farming techniques.

“By providing hands-on demonstrations and soil analysis, we strive to empower farmers with the knowledge and tools necessary to improve their productivity and livelihoods.

“This programme shows our dedication to fostering agricultural development and economic growth in Nigeria,” Ms Fatima Wali-Abdurrahman, the Senior Adviser to the president of Dangote Group, Mr Aliko Dangote, said at the 2025 Nasarawa Trade Fair Exhibition in Lafia recently.

Ms Wali-Abdurrahman, represented by the company’s National Assembly Liaison Lead, Mr Shuaibu Abdullahi, noted that partnership with the Nasarawa state chapter of the Nigeria Association of Small-Scale Industrialists (NASSI) will help create awareness and scale up small businesses.

“I am pleased to inform you that in alignment with theme of this year’s Trade Fair, the Aliko Dangote Foundation and the Bank of Industry (BoI) had entered a Memorandum of Understanding (MoU) and established a N5 billion fund dedicated to supporting micro, small, and medium enterprises (MSMEs) across Nigeria.

“This initiative aimed to create at least one million direct jobs by providing financial support to entrepreneurs engaged in manufacturing, agro-processing, and the merchandising of goods made wholly in Nigeria,” she disclosed.

According to her, the deal has benefitted cassava processors, aluminium artisans, poultry farmers, calabash carving groups, small traders, cattle rearing groups, vegetable sellers, market women and artisan groups, among others.

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Economy

China Plans Duty-Free Access to Nigeria, Others

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By Adedapo Adesanya

The Chinese government has announced plans to grant Nigeria and 52 other African nations full duty-free access to its vast consumer market, as part of its policy shift set to reshape Africa-China trade relations.

The new trade initiative, disclosed by President Xi Jinping in a letter to African foreign ministers, will extend zero-tariff treatment to 100 per cent of tariff lines for all African countries maintaining diplomatic ties with the Asian giant.

The move builds on a previous policy that benefited only 33 least-developed African nations and is part of China’s broader strategy to deepen economic cooperation with the continent amid intensifying trade tensions with the United States.

The results are already being felt as Chinese exports to Africa surged 12.4 per cent in the first five months of the year, reaching a record 963 billion Yuan ($134 billion), according to China’s Foreign Ministry.

The implementation of this policy could allow all Nigerian goods, from agricultural produce and manufactured items to solid minerals, enter the Chinese market without the burden of import duties. It could also help drive Nigeria’s exports higher and drive revenue for the country.

The announcement comes at a critical time, as over 30 African countries, including Nigeria, face the risk of being excluded from the United States’ African Growth and Opportunity Act, a preferential trade agreement that once allowed eligible nations to export goods to the US duty-free.

For Nigeria, the proposed duty-free access could significantly boost non-oil exports, especially in sectors like agriculture, textiles, solid minerals, and manufactured goods, areas where the country has long sought to diversify.

China is also trying to boost its partnership with other regions as it faces increased scrutiny and a tariff war with President Donald Trump of the United States, who has alleged unfair trade practices. This led to hikes in tariffs between both countries until they were paused recently to allow for more negotiations.

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Economy

Sterling Bank Launches N2bn Scholarship for Private University Students

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Sterling Bank

By Aduragbemi Omiyale

An initiative to provide funding support to young Nigerians studying at private universities in Nigeria has been introduced by Sterling Bank.

The financial institution is offering N2 billion under a scheme known as Beyond Education.

Sterling Bank explained that it came up with this programme to build the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.

It reflects the lender’s advocacy for organisations to shift from short-term philanthropy to long-term ecosystem development.

The Sterling Beyond Education programme will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health.

It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.

Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.

The pilot scheme is in partnership with Miva University, founded by renowned tech entrepreneur, Mr Sim Shagaya.

Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the digital economy.

The chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Progress is not a spectator sport. While others talk about Nigeria’s potential, we are actively investing in it.

“These scholarships are direct investments in the architects of our future. We are funding the education of future leaders who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”

“We’re moving beyond charity. This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future those brilliant young minds will build for our country,” he added.

Also commenting, the Growth Executive for Retail and Consumer Banking Directorate at Sterling Bank, Obinna Ukachukwu, said, “This is what inclusive investment looks like.

“This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”

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