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Nigerians React As Grassroots Farmers And Traders Cries-Out Frustrated Over Prolonged Cash Shortage Impacting Businesses (Details)

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3 years ago

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Several grassroots farmers and small traders are expressing frustration due to the prolonged cash shortage in the country, noting that it has significantly impacted their businesses….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

Individuals engaged in farming and trading, who shared their experiences with Nivo News, revealed that they have opted to avoid keeping their money in banks to prevent it from becoming inaccessible.

Associations representing small and medium-scale enterprises emphasized that the persistent cash shortage would undermine the government’s initiatives to promote financial inclusion, particularly at the grassroots level.

A farmer from the Igboho area of Oyo State, Mr. Dele Bamigboye, lamented, “Many buyers of my farm produce have not paid because they claim they cannot access money from banks. This is affecting my business, as I operate on a cash basis and currently cannot access my funds.”

Another trader in the Ogidi area of Ilorin, known as Mama Kudi, stated, “I am only selling to those who have cash to pay because I cannot access cash from Point of Sale (PoS) machines, and banks are limiting their cash distribution. I need cash for purchasing goods and conducting transactions, so I am not depositing money in the bank.”

Despite assurances from the Central Bank of Nigeria about sufficient cash in the economy, Nigerians continue to bemoan the scarcity of cash, with many ATMs lacking funds and banks restricting over-the-counter cash services.

Commenting on the adverse effects of the cash shortage on the drive for financial inclusion, Dr. Femi Egbesola, President of the Association of Small Business Owners in Nigeria, expressed concern. He remarked, “The confidence of individuals trying to structure their businesses and deposit money in banks is eroded, especially during this festive period. Micro-businesses heavily rely on cash for daily transactions.”

Solomon Aderoju, Vice President of the Nigerian Association of Small and Medium Enterprises in the South-West Region, highlighted that the cash crunch would impact the confidence of grassroots individuals in the banking sector. He explained, “Financial inclusion aims to encourage opening bank accounts to avoid keeping money at home. With the current situation, confidence is lost, and people will be reluctant to entrust their money to banks.”

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BEYOND REMITTANCES: Tinubu Tells Diaspora To Stop Just Sending Money Back Home!.

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12 minutes ago

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August 14, 2026

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President Bola Ahmed Tinubu has called on Nigerians living abroad to look beyond regular family remittances and actively invest in productive economic ventures back home.....KINDLY READ THE FULL STORY HERE▶

The President made this call while opening the inaugural Nigeria Diaspora Economic Conference (NIDEC) held at the Apollo Convention Centre in Toronto, Canada. Represented by his Chief of Staff, Hon. Femi Gbajabiamila, President Tinubu commended the Chairman and CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, and her team for successfully launching the historic summit under the theme “Thrive Abroad, Invest in Nigeria.”

Nigerians in Diaspora Commission+ 1

Key Highlights from the President’s Address

  • Economic Leverage & Influence: President Tinubu noted that building collective economic power gives the diaspora a stronger voice at policy tables, which can eventually influence matters such as diaspora voting rights.

  • Signs of Economic Recovery: Highlighting macro-economic improvements over the past three years, the President pointed to several positive indicators:

    • A real GDP growth rate of 3.89% in the first quarter of 2026.

    • Manufacturing sector expansion standing at 3.29%.

    • Inflation easing down to 15.91%.

    • Foreign reserves closing out the previous year at $45.4 billion.

  • Global Endorsements & Domestic Reforms: He noted that international institutions like the International Monetary Fund (IMF)—which projects a 4.1% growth rate for Nigeria in 2026—and the World Bank have acknowledged the country’s steady macroeconomic stabilization. On the domestic front, he highlighted a simplified new tax architecture and cited the Bank of Industry’s record disbursement of 636 billion Naira in 2025 to support local businesses.

Strategic Areas for Diaspora Participation

  • Moving Past the Ceiling: While acknowledging that remittances remain invaluable for covering household expenses, school fees, and medical bills, the President stressed that remittances should act as a baseline (“the floor”) rather than the ultimate limit of diaspora contribution.

  • Target Sectors: He encouraged investors to channel funds into high-impact fields, including:

    • Agro-processing and agricultural value chains

    • Technology and export manufacturing

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    • Healthcare, education, and housing

    • Energy, mining, and creative industries

  • Organized Investing: Urging investors to avoid isolated, personality-driven transactions, Tinubu advised the diaspora to pool resources into professionally managed investment clubs, venture networks, and sector-specific funds that practice strict due diligence and demand audited accounts.

Government Support and Commitments

The President assured participants that the administration is committed to providing a transparent, predictable business environment with robust safeguards against fraud. He pointed to practical financial tools—such as the Non-Resident Nigerian Ordinary Account, the Investment Account, and the Non-Resident Bank Verification Number (BVN)—designed to make participating in Nigeria’s financial ecosystem much easier.

Concluding his address, President Tinubu acknowledged the unique challenges and invisible ceilings many talented Nigerians face abroad, noting that no such limits exist for those building legacies at home. He also appealed for national unity ahead of the upcoming 2027 general election cycle, emphasizing that national stability must always supersede partisan interests.

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OPPOSITION EARTHQUAKE: G-100 Confirms High-Stakes Secret Meetings With Six Major Parties!.

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18 minutes ago

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August 14, 2026

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The political group G-100 has announced that it recently consulted with the House of Representatives minority caucus and leaders from six opposition parties, including the African Democratic Congress (ADC), the Nigeria Democratic Congress (NDC), and the Allied Peoples Movement (APM).....KINDLY READ THE FULL STORY HERE▶

In a statement released on Friday by convener Salihu Lukman, the group noted that the upcoming Summit of Opposition Political Parties has been rescheduled from August 18 to August 31 to accommodate the National Peace Summit. Lukman described the ongoing stakeholder engagements as encouraging and substantive, emphasizing a shared commitment among opposition groups to strengthen collaboration ahead of future political developments.

“Following discussions with the parties and the Minority Caucus, there was a broad consensus that the G100 Summit would benefit from being held after the National Peace Summit, allowing sufficient time for further internal consultations and preparation.

“Over the past several days, the G100 has held extensive engagements with the leadership and principal stakeholders of the six participating opposition parties, as well as members of the Minority Caucus of the House of Representatives. These consultations have been frank, substantive and encouraging.

“We have been particularly encouraged by the seriousness with which the parties have approached these conversations and by the energy behind the deliberations. There is a clear recognition across the different parties that this is an important moment for Nigeria’s democracy and that the opposition must begin to engage one another with greater purpose and structure,” the statement read in part.

It added that the G100 would use the intervening period to continue consultations with the participating parties and other relevant stakeholders.

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POLITICAL EARTHQUAKE: ADC Chieftain Declares Only Atiku Can Oust Tinubu In 2027!.

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22 minutes ago

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August 14, 2026

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African Democratic Congress (ADC) chieftain Fabiyi Oladimeji stated during a recent interview on Trust TV that Atiku Abubakar is uniquely positioned to challenge President Bola Tinubu in the upcoming general elections.....KINDLY READ THE FULL STORY HERE▶

Reacting to the formation of the G-100—a coalition of prominent political stakeholders seeking to unite opposition parties—Fabiyi expressed that any successful effort to unseat the incumbent requires setting aside sentiment and focusing on genuine democratic objectives. While discussing the political landscape and the prospects of various contenders, he emphasized the importance of continued dialogue among opposition groups as they work toward their coalition goals.

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