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Funds, graft, taxes, others bane of entrepreneurship in Nigeria ­– Muyiwa

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BY: Nmerichukwu Igweamaka

Folorunso Muyiwa is the Chief Executive Officer of Divergent Enterprise, the parent company of Nigeria’s biggest pig farm, PorkMoney. In this interview, he talks about the country’s investment climate, economic diversification, among other issues. Excerpts.

The Federal Government of Nigeria maintains its determination to diverse the economy, do you think that is achievable?

It is definitely achievable. The diversification of the economy is probably the only option left for development. This is because the economy continues to rely so much on crude oil. The numbers speak for themselves. Oil accounts for 80 per cent of government’s revenue and 90 per cent of foreign exchange earnings. No country, especially one that is blessed with a lot of natural resources like Nigeria, can totally depend on one economic sector.

I believe that there are great opportunities for non-oil sectors to grow, and this growth has been visible since 2001. Of course, the changes cannot be very quick and the transformation will not happen overnight.

However, the Federal Government can develop different sectors by taking important steps necessary for growth to take place. We can no longer be a mono-economic country. 

Could that explain why you ventured into pig farming?

The idea of PorkMoney grew out of the desire to tap into a neglected sector of the livestock farming that has the potential to create value and change the agricultural ecosystem for good. Long ago before PorkMoney was launched in 2018, I visited a pig farm in Ogun State, one of the biggest in the country, and realised how fast the pigs grew and the viability of pig farming system in general. I knew this was something I needed to be a part of and I’m glad for the decision that I took. We are currently the leading pig farming enterprise in West Africa and our achievement speaks for itself. 

Did the idea of establishing PorkMoney emanate from that?

My visit to that farm was definitely a turning point for me. Before then, I was oblivious of the untapped goldmine that is pig farming. 

What challenges did you encounter?

Every business comes with a few challenges. One of the challenges we constantly face is the need to micro-manage casual workers from farm handlers, managers, production managers and other workers. Many of them compromise on set standards by cutting corners, especially in meat processing and livestock welfare.

Another challenge is the religious sentiments in this part of the world towards pigs and pork products. However, this was a more pronounced problem at inception and it is dissipating with time. 

Knowing the religious sensibilities of the country, did aversion to pork cross your mind?

Not at all. In as much as there is a religious proscription to the consumption of pork, we cannot ignore its usefulness and benefits to our health and nourishment and just how lucrative pig farming is. I mean, Nigeria is a major consumer of pork and 80 per cent of it is imported. This means that a lot of people enjoy this animal protein. All we are doing is localising its production. 

Is it possible to alter negative public perception about pig farming?

Definitely. One of our key responsibilities is to enlighten the general public about the great side to pig farming and inform them of the many benefits of pork consumption. Somehow, our environment and the kind of information we were exposed to as a people have influenced our idea of certain things. There are a lot of things we might need to unlearn as time goes on. So by using all our platforms – our social media, our website and even our adverts, we have ensured that we always show the good sides of pig farming because they are much. 

Did you consider the possible health challenges in pork breeding?

Of course, we do. However, we ensure that we take the appropriate steps to mitigate any possibility. We also take proper hygienic measures like vaccination, quarantine and biosecurity, which keep our weaners very healthy.

Are you saying there are no associated diseases?

Livestock farming comes with a risk of epidemics; but if managed properly, they can be prevented. The great thing about pigs is just how resilient they are, compared to any other livestock, to farm. They are simply incredibly disease-resilient. 

Vaccines and disease surveillance have always been the bane of animal husbandry. How do you take that observation?

Livestock are very prone to diseases; hence the need to constantly take precautionary measures such as administration of vaccines and disease surveillance activities across the farm to prevent outbreaks. Very recently, China witnessed its biggest animal disease that claimed livestock and cost the country billions of dollars because of its flawed surveillance.

So it’s important for other pork-producing countries to take adequate disease surveillance and testing programmes to detect these diseases early enough and prevent a fast spread.

So far, our farm partners under our management have taken adequate measures that have seen us not witness any outbreak since our launch in 2018. We expect that with our measures, this would continue to be the case.

What would you consider the most limiting factors to entrepreneurship in Nigeria, especially for youths?

Lack of capital is one of them. Aside that the Nigerian environment is not too conducive and encouraging for budding entrepreneurs, access to funds is one of the biggest challenges for youths in business. Another is the unfavourable tax policies, poor management, corruption, lack of training and experience, poor infrastructure and lack of specialised skills to scale one’s enterprise, none of which is insurmountable for a determined person. 

How would you rate Nigeria’s Small and Medium-sized Enterprises, compared to other countries like Malaysia?

The SME sector is the backbone of major developed economies and an important contributor to employment and economic growth. Malaysia is doing remarkably well when it comes to the business scene. About 98.5 per cent of business establishments in Malaysia are SMEs, which contribute 36.5 per cent to the country’s Gross Domestic Product and 65 per cent of the employment. This is impressive. Despite the significant contribution of SMEs to the Nigerian economy (48 per cent), challenges still persist that hinder the growth and development of the sector. Some of the overriding issues are access to funding, lack of skilled manpower, multiplicity of taxes, high cost of doing business, among others. This proves that there is still much to be done.

As an entrepreneur, how did you overcome initial apprehensions, especially funding, and what areas have you exerted your ideas so far?

When I was starting out in business, I had no capital, training or resources to start my journey. The brilliant ideas were there. All that was needed to execute them was finance, which was lacking, but I had to start small and grow multiple businesses over the years till I was able to afford the capital needed to start my current pursuit.

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Agriculture

Raw Shea Nut Export Ban: a win for Nigeria, West Africa – Stakeholders say

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Raw Shea nuts

In a landmark move to industrialize Nigeria’s agricultural sector and capture greater value from its natural resources, His Excellency President Bola Ahmed Tinubu has approved a six-month temporary ban on the export of raw shea nuts (Vitellaria paradoxa).

The directive, which takes immediate effect, was conveyed through the Office of the Vice President. His Excellency, Vice President Kashim Shettima, stated, “We are not closing doors, we are opening better ones. Today we plant the seeds of an industry that will yield fruit for decades to come; for our women, for our economy, and for Nigeria’s place in global trade.”

The decision follows a rapid assessment by the Presidential Food Systems Coordinating Unit (PFSCU). The assessment revealed that despite producing nearly 40% of the world’s shea nuts; an estimated 350,000 metric tonnes annually, Nigeria captures less than 1% of the global shea market, valued at $6.5 billion.

This strategic policy is designed to protect and grow Nigeria’s domestic shea industry by halting the annual loss of over 90,000 metric tonnes of raw shea to informal cross-border trade. The ban will secure raw materials for local processors, who currently operate at only 35-50% capacity—boost jobs and incomes in rural communities, and protect a value chain where 95% of pickers and processors are women.

The decision positions Nigeria alongside regional leaders in shea production, including Ghana, Togo, Mali, and Burkina Faso, which have already implemented similar restrictions to develop their local processing industries and retain value within their economies.

Eniola Akindele, Data and Impact Assessment Manager of the Presidential Food Systems Coordinating Unit (PFSCU), underscored the untapped potential in the Shea value chain ‘’Shea has the potential to become Nigeria’s untapped goldmine. Beyond its well-known use in cosmetics, shea is increasingly in demand as a substitute for cocoa in global chocolate and confectionery industries. With the right processing capacity and investment platforms, Nigeria can transform its currently underutilized shea value chain into a billion-dollar industry, one that creates jobs, empowers women, and significantly boosts our foreign exchange earnings.”

Key agricultural stakeholders have hailed the presidential directive as a transformative game-changer for the Nigerian economy.

Architect Kabir Ibrahim, National President of the Nigeria Agribusiness Group (NABG) and the All-Farmers Association of Nigeria (AFAN), stated: “This is a pivotal moment for Nigeria’s agricultural industrialization. For decades, we have exported raw shea nuts only to import the finished products at a much higher cost. This policy corrects that imbalance. It is a strategic imperative that will stimulate investment in local processing facilities, create thousands of jobs for our youth and women in rural communities, and significantly increase our national export earnings from a commodity we are blessed with in abundance. We commend His Excellency, President Tinubu, for this bold and visionary action, and we hope that this initiative is extended to other value chains as well.”

Across the West African corridor, value addition for shea nut has been a big topic. “Regional neighbours such as Ghana, Burkina Faso, Mali, and Togo have already imposed restrictions to protect their industries, leaving Nigeria as the outlier and a hotspot for opportunistic and unregulated buying” says the Minister for Agriculture and Food Security, Abubakar Kyari.

Another stakeholder who chose to remain anonymous emphasized the broader regional significance: “The synchronized action across West Africa is a powerful signal to the global market. Nigeria should not just be suppliers of raw materials; the country should be manufacturers and exporters of finished goods. This collective stance by shea-producing nations will give Africa much needed stronger negotiating power and ensure that the wealth generated from its natural resources benefits its people, communities and economies.”

After a very long time, it appears West African nations are taking a united and collective stand to ensure their resources are managed well for the betterment of the region.

Many of the stakeholders who expressed enthusiasm for the ban are hopeful that this is the beginning of a new trend where value addition is domesticated in Africa, thereby reversing the historic trend of exporting raw materials and importing processed goods.

Others, despite commending the administration’s commitment to value addition, have urged the Government to give more clarity as to the implementation and enforcement of the new policy, to prevent smuggling and other risks.

On the other hand, the government has announced that within the next three months, Nigerian shea butter and oil will have prioritized access into the Brazilian market; an opportunity, if well leveraged, that can bring huge gains to the industry.

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Agriculture

Niger State to End Direct Supply of Live Cows, Launch Meat Processing for Southwest Markets

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Governor Mohammed Umaru Bago of Niger State
Governor Mohammed Umaru Bago of Niger State

Governor Mohammed Umaru Bago has unveiled a major reform in Niger State’s livestock trade, announcing plans to halt the direct transportation of live cows and goats to markets in Lagos and Ogun states.

Under the new plan, livestock will be slaughtered and processed at Mokwa before being packaged and delivered as frozen products to the Southwest. According to the governor, this will improve hygiene, reduce waste, and ensure farmers capture more value from the livestock chain.

Speaking at the First Bank 2025 Agric and Export Expo in Lagos, Bago explained that value addition was key to reversing losses from exporting raw commodities. He revealed that Niger State had secured a $100 million offtake agreement with the Saudi Export and Import Bank to supply livestock to the Middle East, stressing that every part of the animal—from tripe to hooves—would now be fully utilized.

The governor also disclosed plans to partner with Lagos on LNG-powered cold-chain trucks for modern meat distribution. He emphasized that the initiative would raise meat quality, generate jobs in processing, and contribute to Nigeria’s economic diversification away from oil.

Bago urged banks to back such ventures, warning that nations that continue exporting raw products risk remaining “perpetually broke.”

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Agriculture

Enugu Govt to Establish Food and Nutrition Units

…Commends Tinubu for Ortuanya’s appointment as UNN’s VC

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Enugu State 20,000 Computers to Civil Servants
L-r: Dr. Godwin Anigbo, the head of Service; Dr. Malachy Agbo, commissioner for Information and communication, and Lloyd Ekweremadu, the commissioner for Youth and Sports.

The Enugu State Government has resolved to set up food and nutrition units in select ministries in the state in line with the national food policy.

This was even as the government announced that it would distribute 20,000 units of personal computers to 20,000 civil servants in furtherance of the digitization of process in the state’s public service.

These were made known by the Commissioner for Youth and Sports, Barr. Lloyd Ekweremadu; Commissioner for Information and Communication, Dr. Malachy Agbo; and the Head of Service, Dr. Godwin Anigbo, while briefing Government House correspondents at the end of the State Executive Council meeting at the weekend.

“The Exco approved the establishment of a Food and Nutrition Unit in select line ministries that will be working together. This an opportunity for us to recommit to the administration’s promise and mandate to eradicate poverty in Enugu State, but in this regard, ensuring food security.

“Part of those Ministeries, Departments and Agencies (MDAs) that are involved in food programme as approved by the Exco are: The Ministry of Human Development and Poverty Eradication, Ministry of Education, Ministry of Trade, Investment, and Industry, Ministry of Budget and Planing, Ministry of Information and Communication, and the Ministry of Agriculture and Agro Industrialisation. Those ministries are very key, particularly as they align with the governor’s vision of providing free meals at the Smart Green schools as they come on board,” Ekweremadu said.

Also briefing, the Head of Service said the provision of 20,000 units of computers would bring the digitization of the state’s public service into in full swing.

“This government is so interested in using technology to solve problems. When this digitization process takes full effect, we are going to have increased productivity in the public service, which will also help to track performance. Civil service is very critical in terms of implementation of systematic policies and critical reforms of this administration. The state government is committed,” he stated .

Meanwhile, the state government has equally expressed a heartfelt gratitude to President Bola Tinubu for the appointment of the first University of Nigeria, Nsukka, Vice Chancellor of Enugu North Zone extraction.

“The Enugu Exco extended a profound gratitude to President Bola Ahmed Tinubu for finding this illustrious son of Enugu, Prof. Simon Ortuanya, worthy to be appointed the VC of the UNN,” Agbo stated.

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