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Livestock Farming can Change Nigeria’s Agricultural Ecosystem for Good – Muyiwa
Folorunso Muyiwa. is the Chief Executive Officer Of Divergent Enterprise, with an objective to create wealth for its financial partners through pig farming. He recently shared his views on livestock farming in the country.
How achievable is the current Federal Government plans to diverse the economy
It is definitely achievable. The diversification of the economy is probably the only option left for development and growth. This is because the economy continues to be over-reliant on oil, the numbers speak for themselves. Oil accounts for 80% of government’s revenue and 90% of foreign exchange earnings. No country can totally depend on only one economic sector. Especially one that is blessed with a lot of natural resources like Nigeria. 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 that quick and the transformation will not happen overnight. However, the federal government can develop different sectors by taking the 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 for Porkmoney grew out of the desire to tap into an over neglected sector of livestock farming (Pigs) that has the potential to create value and change the agricultural ecosystem for good. Long ago before Porkmoney was launched in 2018, I had 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 the 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 made. We are currently the leading Pig farming enterprise in West Africa and our results speaks for itself.
Did you derive the idea of establishing PorkMoney from that enterprise
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 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 gradually 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’s a religious proscription to the consumption of pork, we cannot ignore its usefulness and benefits to our health and nourishment and just how lucrative the pig farming industry is. I mean, Nigeria is a major consumer of pork and 80% 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 and educate 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, has 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, from our social media, our website and even our adverts, we have ensured that we always show the good side to pig farming because they’re a lot.
Did you think about 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 keeps our weaners very healthy.
Are you saying there are no associated diseases
Livestock farming comes with a risk of outburst of diseases but if managed properly, can be prevented. And the great things about pigs is just how resilient they are as compared to any other livestock for farming. They are simply incredibly disease resilient.
Vaccines and disease surveillance have always been the bane of animal husbandry, how do you react to that observation
Livestock are very prone to diseases, hence the need to constantly take precautionary measures such as the administration of vaccines and disease surveillance activities across the farm to prevent disease outbreaks. Very recently China, witnessed it’s biggest animal disease that claimed the lives of the livestock and cost the country to lose billions of dollars because of its flawed surveillance. So it’s important for other pork producing countries to take adequate disease surveillance and testing programs in order for these diseases can be detected early enough and prevent a fast spread. And 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 as the most limiting factors to entrepreneurship, especially for youths
Lack of capital has to be one of them. Aside from the fact that the Nigerian environment is not too conducive and encouraging for budding entrepreneurs, raising capital and access to funds, has to be one of the biggest challenges for youth in business. Another is the unfavourable tax policies, poor management, corruption, lack of training and experience, poor infrastructure, and a lack of specialised skills to scale one’s enterprise, none of which is insurmountable for the determined person.
How would you rate Nigeria’s scale of Small Medium Enterprises, compared to Malaysia and other countries
The SME sector is the backbone of major developed economies, as well as important contributors to employment, economic and export growth. Malaysia is doing remarkably well when it comes to the business scene. About 98.5% Business establishments In Malaysia are SME’s which contributes to 36.5% of their GDP and 65% of the country’s employment. This is impressive. But despite the significant contribution of SMEs to the Nigerian economy(48%), 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, the 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. This was lacking but I had start small and grow multiple businesses over the years till I was able to afford the capital needed to start my current pursuit.
Quickteller successfully hosted the maiden edition of InsomniaQ recently in Lagos, delivering a 12-hour non-stop celebration of African music, culture, and creativity.
A statement from the firm on Sunday stated that the event attracted a diverse audience of music lovers, culture enthusiasts, and festive diaspora returnees, marking a strong debut for what organisers described as a potential signature December event.
InsomniaQ featured a dynamic mix of live performances and DJ sets, showcasing Africa’s rich musical diversity and creative depth. From soulful sounds to high-energy performances, the festival offered a thoughtfully curated journey designed to follow the natural rhythm of its audience’s circadian cycle, sustaining energy, connection, and excitement throughout the night.
Beyond the performances, InsomniaQ emerged as a platform for shared cultural expression, creating space for celebration, discovery, and community. The experience reinforced Lagos’ position as the heartbeat of Africa’s December entertainment season and highlighted the growing appetite for premium, culturally grounded experiences.
Commenting on the success of the event, the Executive Vice President, Group Marketing and Communications, Interswitch Group, Cherry Eromosele, described InsomniaQ as an organic extension of Quickteller’s place in everyday moments of connection, culture, and celebration.
“InsomniaQ was created as a space to celebrate African creativity in its full expression, the music, the energy, and the people who make our culture so powerful.
“Seeing that vision come to life, with thousands of people connecting through sound, movement, and shared experience, has been truly rewarding. This debut edition reinforces our belief in creating platforms that bring people together and spotlights the richness of African talent in meaningful ways,” Eromosele said.
The success of InsomniaQ, according to the organisers, reflects a broader commitment within the Interswitch ecosystem to support experiences that extend beyond transactions into everyday life. By championing platforms that blend culture, innovation, and community, Interswitch continues to shape how people connect, celebrate, and experience Africa’s evolving creative economy.
With its strong debut, InsomniaQ has set the tone for future editions and established itself as a new fixture in Africa’s December calendar, celebrating culture, driving connection, and creating memorable experiences.
News
How Moniepoint’s Founders, Tosin Eniolorunda and Felix Ike are Redefining African Tech and Finance
In an era where global tech giants dominate headlines, two Nigerian entrepreneurs are quietly revolutionizing financial services across Africa, proving that world-class innovation can emerge from homegrown talent and local institutions.
Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, have built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it.
Their journey from the lecture halls of Obafemi Awolowo University and the University of Lagos to the TIME100 Most Influential Companies list stands as a powerful testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.
Tosin Eniolorunda’s path exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself. This decision proved prescient.
Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses.
These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.
Felix Ike’s contribution complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure.
As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa. His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.
Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas. The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive.
The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.
The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies. Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.
Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will automatically serve as the Tax Identification Number (Tax ID) for all Nigerian citizens, while registered businesses will use their Corporate Affairs Commission (CAC) registration numbers.
FIRS
The disclosure was made during a public awareness campaign on the new tax laws posted on X (formerly Twitter) on Monday.
According to the Service, the Nigeria Tax Administration Act (NTAA), which comes into force in January 2026, mandates the use of Tax IDs for certain financial and commercial transactions, including bank account ownership.
FIRS explained that the measure is part of efforts to unify all previously issued Tax Identification Numbers (TINs) by both the federal and state revenue services into a single identifier.
“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card; the Tax ID is a unique number linked directly to your identity,” the Service stated.
The agency noted that the requirement has been in place since the Finance Act of 2019 but has now been strengthened under the NTAA to ensure compliance and ease of administration.
Officials emphasized that the reform would simplify tax processes, reduce duplication, and improve transparency in Nigeria’s tax system.
The Service added that the integration of NIN and CAC numbers into the tax framework would also enhance data accuracy, curb tax evasion, and streamline the monitoring of taxable activities across the country.
Tax experts have described the development as a significant step toward modernizing Nigeria’s revenue administration, noting that it aligns with global best practices where national identity systems are linked to tax compliance.
The FIRS urged Nigerians to ensure that their NINs and CAC registration details are up-to-date, stressing that the identifiers would be required for transactions such as property purchases, contract awards, and access to certain financial services once the NTAA takes effect
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