The outgoing President, Chartered Institute of Directors Nigeria (CIoD), Alhaji Tijjani Borodo has expressed optimism that Nigeria will likely lead Africa’s economic growth in the coming years.

Borodo made the assertion during the institute’s 41st Annual General Meeting (AGM) on Thursday in Lagos.

This, he stated, could be achieved by prioritising internal economic diversification, investing in human capital, and fostering technological innovation.

He noted that Nigeria’s economy in 2024 displayed a blend of growth opportunities and significant challenges.

Borodo said directors should monitor shifts in global trade, particularly with Asia, and be cautious of risks such as fluctuating commodity prices.

“Africa’s emerging markets present new opportunities, but Nigeria must diversify its economy, focusing on sectors such as agriculture and renewable energy to reduce its dependence on oil and secure long-term growth.

“By leveraging global trends and emphasising internal development, Nigerian firms can effectively navigate the evolving economic landscape,” he said.

Borodo noted that in spite of the persistent volatility in the global economic environment and the multifaceted challenges facing Nigeria in 2024, CIoD remained resilient and proactive in fulfilling its mandate.

He said the institute continued to demonstrate relevance and strategic leadership within Nigeria’s business and governance landscape, reinforcing its reputation as the nation’s premier voice on corporate governance and boardroom excellence.

“As we build on this foundation, our collective task remains clear: to deepen our relevance, expand our influence, and fortify our capacity to deliver value to our members and the broader Nigerian business ecosystem.

“The journey toward a globally aligned, sustainable, and future-ready Institute is well underway, and the gains recorded in 2024 signal that we are firmly on the right path,” he said.

The outgoing president, presenting key highlights of his stewardship, listed some of his achievements to include the formal transition to CIoD Nigeria, governing council strategy retreat and branch restructuring process.

Others, he stated, included relocation of its head office to Abuja, engagement with key ministries and agencies, CIoD house projects and launch of CIoD mentoring scheme, among others.

“The period under review, spanning our transition from Institute of Directors Nigeria to the CIoD has been both demanding and deeply rewarding.

“From reconstituting the governing council and launching sectoral groups to unveiling a new brand identity, and setting a new strategic plan and roadmap for CIoD, we have laid solid foundations for a more future-ready institute,” he said.

Borodo also lauded the CIoD council members and the secretariat for their insight, unwavering commitment, willingness to engage in robust but constructive discourse, and steadfast support.

He said their dedication to the ideals of good corporate governance was not just professional; but was genuinely inspiring.

“As I prepare to hand over the baton, I do so with immense confidence in the future of the CIoD Nigeria.

“The institute is not just strong; it is on a vibrant trajectory, truly poised for even greater impact and influence under the incoming leadership.

“The foundations we have laid together are solid, and the path forward is clear and I urge every one of you to continue nurturing the spirit of collaboration, innovation and ethical leadership,” he said.

CIoD total assets rose to N4.61 billion in 2024 up by 27 per cent from N3.64 billion in 2023.

The institute also recorded a surplus of N798.83 million up against N400.17 million in 2023, an increase of 100 percent.

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The Director-General (D-G), World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has commended the Nigeria Customs Service (NCS) for its remarkable strides in customs modernization and trade facilitation.

Okonjo-Iweala gave the commendation at the opening of the 145th/146th Sessions of the Customs Co-operation Council at the World Customs Organisation (WCO) Headquarters in Brussels.

The NCS spokesperson, Abdullahi Maiwada disclosed this in a statement issued on Thursday in Abuja.

Okonjo-Iweala, while delivering a keynote address at the opening of the Council Sessions, applauded the Comptroller-General of Customs, Adewale Adeniyi, for the service’s sustained efforts in aligning its operations with international trade standards.

She acknowledged the significant progress so far made by the NCS in deploying technology, strengthening border procedures, and improving compliance frameworks.

“The leadership of Adeniyi has positioned Nigeria as a model for customs modernisation across the continent.

“These efforts are critical to strengthening global trade and ensuring that customs administrations contribute meaningfully to economic development,’’ Okonjo-Iweala said.

Okonjo-Iweala also emphasised the importance of addressing complex customs issues such as rules of origin and valuation.

According to her, these technical areas are crucial to effective trade facilitation.

The statement also quoted the Comptroller-General as saying the “recognition is a strong encouragement for the service to sustain its reform momentum.

“It affirms that the reforms we have embarked upon, particularly in areas of automation, transparency, institutional capacity, and innovative leadership, are well aligned with global best practices.

“As we modernise our processes and embrace smarter solutions to enhance legitimate trade facilitation, we are also committed to rallying Customs administrations across Africa to fully support the objectives of AfCFTA,” Adeniyi said.

He also reaffirmed his commitment to the growing collaboration between the WCO and the WTO, particularly following the Memorandum of Understanding (MoU) signed in January.

The agreement establishes a framework for cooperation in key areas such as customs valuation, rules of origin, and trade facilitation.

By Torough David , Abuja

With a current production capacity of 62.69 million and holding the position of the largest producer of cassava in the world, Nigeria is missing out of the $180 billion global cassava processing market.

The country’s cassava value chain, although hampered by local consumption, has the potential to drive economic growth and attract foreign investments.

Stakeholders in the value chain say that with improved yield, provision of credits for farmers and accessibility of lands, the country could tap into the $180 billion processed market.

The conversion of fermented cassava into high-quality products—such as High-Quality Cassava Flour (HQCF), cassava starch, bioethanol, and sweeteners (glucose and sorbitol) — could aid in cushioning forex scarcity in Nigeria.

“Nigeria, as the world’s largest cassava producer, generates approximately 18 percent of global cassava output but captures merely 2 percent of the crop’s vast $180 billion global processing market,” said Olayinka David-West, dean of Lagos Business School, Pan-Atlantic University.

David-West reiterated that despite cassava’s substantial production scale—feeding millions daily through staple foods like Garri and fufu and sustaining the livelihoods of approximately 14 million smallholder farmers—over 90 percent of Nigeria’s cassava harvest remains relegated to low-value and food-grade uses.

“This significantly constrains farmer incomes and limits broader economic impact,” she added.

Escalating global demand for industrial cassava products offers Nigeria a significant market opportunity to expand beyond traditional uses, she says.

According to the International Trade Centre, global cassava derivative exports have grown over 20 percent annually in recent years, underscoring robust international demand for industrial cassava products.

Meanwhile, Olayinka Majekodunmi, partner at Boston Consulting Group, emphasised that cassava in its HQCF form serves as a strategic alternative to imported wheat flour, essential for Nigeria’s bakery and snack sectors.

This is imperative as Nigeria imports 98 percent of its wheat needs, amounting to an average of $2 billion annually.

“HQCF presents substantial import substitution potential, potentially unlocking a $600 million market. Currently, utilisation remains low at 5 percent, yet scaling to 20 percent is achievable, given existing facilities are underutilised by approximately 50 percent,” he said.

On the investment opportunities in cassava starch, he explained that it is commonly used in paper, textile and pharmaceutical industries.

“Domestic production significantly lags demand, which grows at approximately 5.2 percent annually, representing a substantial market gap. Capturing this gap could realistically secure an additional $485 million, bolstering local manufacturing capabilities.”

But to conveniently tap into this pool of wealth, stakeholders argue that production must first of all be ramped up.

How production can be bolstered

Although current cassava yields average 6 tons per hectare compared to a global benchmark of 25 tons per hectare. The Food and Agriculture Organisation (FAO) estimates that bridging this yield gap could boost production by an additional 11 million metric tons.

“Key investments are needed in superior, disease-resistant varieties, mechanization, agronomic training, and post-harvest handling improvements to reduce losses,” David-West said.

She said cassava processing costs in Nigeria remain high, often quadrupling in off-grid areas due to unreliable power supply.

Hence, most processing facilities operate 50 percent below capacity, further lowering efficiency.

According to her, this calls for strategic investments in modern processing technologies, renewable energy infrastructure, and agro-industrial clusters.

Echoing her words, Majekodunmi said access to affordable finance remains a major challenge. He urged the development of tailored financial instruments such as patient capital and concessional loans, coupled with securing long-term off-take agreements, which will mitigate risks.

Stakeholders believe that the country has what it takes to drive value addition in the sector, but it requires intentional efforts to bolster yield per hectare and production capacity.

Key industrial derivatives

Among cassava derivatives, four key products present immediate high-growth opportunities, collectively representing a market of approximately $2 billion:

High-Quality Cassava Flour

HQCF serves as a strategic alternative to imported wheat flour, essential for Nigeria’s bakery and snack sectors.

With Nigeria importing roughly 98 percent of its wheat consumption—valued at approximately $2 billion annually—HQCF presents substantial import substitution potential, potentially unlocking a $600 million market.

Currently, utilization remains low at 5 percent, yet scaling to 20 percent is achievable, given existing facilities are underutilized by approximately 50 percent.

Industrial starch: Widely used in sectors such as paper, textiles, pharmaceuticals, adhesives, and food additives, local cassava starch offers significant competitive advantages.

Domestic production significantly lags demand, which grows at approximately 5.2 percent annually, representing a substantial market gap.

Capturing this gap could realistically secure an additional $485 million, bolstering local manufacturing capabilities.

Sweeteners (Glucose and Sorbitol)

Nigeria’s rapidly growing sweetener market (18 percent annual growth) remains predominantly import-dependent (95 percent imported), driving up costs for manufacturers.

Cassava-based sweeteners offer a cost-effective alternative, priced considerably lower than imported sucrose.

Companies such as Coca-Cola have indicated strong interest in sourcing locally, underscoring this segment’s immediate scalability and representing a clear $500 million market opportunity.

Bioethanol

Nigeria imports about 26 percent of its ethanol for beverages, pharmaceuticals, and fuel blending, exposing the economy to price volatility.

Cassava-based bioethanol offers significant economic advantages, costing approximately $0.06 per liter less than imported ethanol.

Given Nigeria’s existing ethanol market valued at $420 million, substantial expansion opportunities exist for investors to scale local production.