Economy
RMRDC Gives Improved Cassava Stems to Imo Farmers
By Dipo Olowookere
The Management of the Raw Materials Research and Development Council (RMRDC) has pledged to donate improved cassava stem and some project vehicles such as Hilux vans and motorbikes to cassava farmers in Imo State.
This gesture is to facilitate production and development of the crop in the state.
Director General of RMRDC, Mr Hussaini Doko Ibrahim, made this pledge when monarchs from the state under the auspices of Royal Fathers in Agriculture (ROFINA) visited the council’s Headquarters I Abuja recently.
The traditional rulers visited the agency’s office to seek collaboration in cassava value chain development project in Imo state.
The team of the royal fathers was led by the President/CEO of ROFINA, Mr Eze Chidume Okoro and Chairman Board of Trustees of ROFINA, Mr Eze E. C. Okeke.
They said their visit to the council became necessary to enable the rural leaders restore the glory of cassava production and processing in the state and the nation.
Mr Chidume said, “Imo state had been known for its high yield of this crop, but the case is different today as they are now faced with some challenges that have resulted to low yield.”
He said further that the mission of ROFINA is to seek the collaboration of RMRDC to facilitate the Federal government programme on diversification; with special focus on cassava development in Imo State.
The group presented to the council their request on specific areas of need which included providing them with improved varieties of cassava stem with high starch content for establishment of industrial cassava starch processing plants, organizing training/capacity building programmes for farmers and cassava starch processors in the state among others.
Responding, the DG of RMRDC, represented by the Director Industrial Chemicals and Minerals Department (ICMD) Dr Moses Omojola, said that the RMRDC was ready and willing to partner with any organization, be it private or public, whose efforts are in line with propagating the council’s mandate.
He expressed delight at their visit, and briefed the guests on the mission of the council which he said was to promote the development and optimal utilization of the nation’s abundant raw materials resources for industrial growth.
Dr Omojola noted that a nation cannot develop independent of its human and natural resources. Being among the largest cassava producing nations of the world, he said Nigeria produces 50 million metric tons of cassava per annum, whereas 40 million metric tons is consumed and only a paltry 10 million metric tons is sold in the local market.
According to him, Nigeria is more of a consuming nation compared to China, Thailand and some other nations that generate foreign exchange from their cassava production. There is therefore the need for the nation to change this orientation.
He said that RMRDC is working in this direction. “Its agriculture boosting programme is geared towards promoting increased productivity of agricultural raw materials in Nigeria of which cassava is one of the crops so far promoted under this programme. The Council procures improved seeds and seedlings and distributes same to farmers and Growers Associations in areas ecologically suitable for their cultivation”.
He has therefore directed that Memorandum of Understanding (MoU) be drafted for signing by RMRDC and ROFINA to commence the collaboration.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
