Economy
Nigerian Firm Tops Seeds Index Ranking
A company based in Nigeria known as Value Seeds Limited has topped the rankings in new research on seed companies operating in Western and Central Africa.
However, the overall picture is one of international and African seed companies falling short in delivering quality seed and new varieties to smallholder farmers.
This limits the potential to address food security, nutrition and climate resilience, according to a new study by the Amsterdam-based Access to Seeds Foundation.
While there is a growing number of seed companies active in the region, both home grown and international, less than half of the 23 companies researched conduct plant breeding in Western and Central Africa. This limits the release of new varieties adapted to the region, and explains the high number of varieties that are older than five years offered in company portfolios.
The Access to Seeds Index 2019 – Western and Central Africa ranks Value Seeds number one. Like most of the other companies from the region, it operates exclusively in its home country of Nigeria. It stands out for its maize and rice ‘value kits’, all-in-one input packages tailored for smallholders.
Also, it provides capacity building activities that specifically target women and next-generation farmers. Other Nigerian companies also dominate the top half, such as Maslaha Seeds, Premier Seed, and Da-Allgreen Seeds, showing the relative strength of the seed industry from Nigeria.
Ranked second is Technisem from France, which has the widest presence in the region, covering 17 countries and offering training in 13 of them. The company sets an example by establishing Novalliance, which taps into local potential of homegrown African seed companies. Among the top-ten index companies that belong to this group are Tropicasem from Senegal, Semagri from Cameroon, and Nankosem from Burkina Faso. Their combined breeding efforts result in the most up-to-date portfolio in the region, with a high number of newly released varieties.
“What both Value Seeds and Technisem represent is the importance of partnerships to improve access to seeds in the region,” said Ido Verhagen, Executive Director at Access to Seeds Index. “In the case of Value Seeds, its partnership with the Alliance for a Green Revolution in Africa (AGRA) paid off, as its grant-based support enabled the company to improve its products and intensify its outreach to smallholder famers.”
For the most part, open-pollinated varieties still dominate across the region, in contrast with Eastern Africa and South Asia. The exception is maize, for which hybrid varieties are more commonly available. In addition, research shows that for almost half (48%) of the crops, the most recent variety is older than five years, with only a fifth (21%) having a variety less than three years. The lack of newly developed varieties seriously impacts the resilience to a changing climate and emerging disease and pests, which reduces yields.
Compared to a dozen of companies active in Nigeria and Senegal, only one company is active in each of Central African Republic, Equatorial Guinea and Guinea-Bissau.
“Our study shows the potential of homegrown seed companies. However, most operate only in their home markets, which causes geographic imbalances in seed sector development,” said Mr Verhagen.
“This also means that capacity building activities offered by companies only reach farmers in a handful of countries. This limits the adoption of new technologies by farmers in overlooked countries”, he added.
“The relevance of access to seeds and plant breeding should not be underestimated,” said Verhagen. “The number of undernourished people in the world reached an estimated 821 million in 2017 – it’s rising. Climate change and weather extremes have been identified as a major reason for the increase. The seed industry has a vital role to play in helping farmers to adapt to climatic challenges while simultaneously raising production levels.”
According to the FAO, the number of undernourished people has been on the rise in Western Africa and Sub-Saharan Africa as a whole in recent years. Western Africa has seen undernourishment rise to 15.1% of the population in 2017 from 10.4% in 2010.
The Access to Seeds Index 2019 is one of the first Sustainable Development Goals (SDGs) benchmarks published by the World Benchmarking Alliance.
The alliance was launched in September 2018 during the UN General Assembly in New York. The Access to Seeds Index was established with support from the Bill & Melinda Gates Foundation and the Government of the Netherlands.
The Access to Seeds Index for Western and Central Africa focuses on 23 leading seed companies in this region. This was preceded by rankings of the industry in both Eastern and Southern Africa and South and Southeast Asia, along with a ranking of Global Seed Companies.
By Modupe Gbadeyanka
A subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Insurance, has continued to showcase institutional excellence, becoming one of Nigeria’s top-performing insurers.
At the 2025 Risk Analyst Insurance Brokers Performance Review Awards, the underwriting firm won the Life Insurance category for its operational discipline, prompt claims settlement, and partnership-driven approach that fosters long-term confidence with clients and brokers.
The organisers were impressed with the company’s performance in life insurance, which reflects the broader institutional direction of Stanbic IBTC Holdings, which is building resilient, trusted, and high-performing financial institutions that contribute to Nigeria’s economic growth and the development of the insurance sector.
“At Stanbic IBTC Insurance, trust is built through reliable performance, timely claims settlement, and service that supports customers when it matters most. This recognition reflects the quality of service we provide for our clients and partners.
“We are honoured to receive this accolade and will continue to raise standards across the industry,” the chief executive of Stanbic IBTC Insurance, Akinjide Orimolade, stated.
Also commenting, the chief executive of Stanbic IBTC Holdings, Mr Chuma Nwokocha, said, “We are proud of this achievement, which highlights the strength of our insurance business and the broader Stanbic IBTC Group’s focus on building strong, enduring institutions.
“Stanbic IBTC Insurance continues to set benchmarks in professionalism, client service, and operational excellence; reinforcing our role as a trusted partner to individuals and businesses across Nigeria.”
Every year, Risk Analyst Insurance Brokers Limited, which organises the event, carries out an annual assessment of insurance underwriters by evaluating partners based on key criteria, including claims settlement efficiency, service delivery, responsiveness, and broker–underwriter collaboration.
The initiative aims to promote accountability, raise service standards, and strengthen trust across Nigeria’s insurance ecosystem.
The 2025 performance of Stanbic IBTC Insurance highlights its role as a dependable and credible underwriting partner in the market.
By Adedapo Adesanya
Nigeria’s commercial nerve centre, Lagos State, has announced plans to establish West Africa’s premier International Financial Centre to unlock international investment, innovation, and sustainable growth.
TheCityUK, in partnership with the UK Government, Lagos State Government, Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR, on Monday unveiled a landmark report, Establishing an International Financial Centre in Lagos (LIFC), Nigeria, outlining a strategic roadmap to achieve the goal.
The establishment of a Lagos International Financial Centre aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052 to deliver long-term economic prosperity, deepen financial markets, and attract productive global investment.
According to a statement, the project is hinged on a public-private partnership bringing visionary leadership from the government together with private sector companies seeking to tap into Nigeria’s young, dynamic market to deliver economic growth.
The unveiling was done at the State House Marina with guests including Lagos State Governor, Mr Babajide Sanwo-Olu, British Deputy High Commissioner Mr Jonny Baxter, and EnterpriseNGR Board Chairman and CEO, Mr Aigboje Aig-Imoukhuede and Mr Obi Ibekwe.
Lagos International Financial Centre Council will support Nigeria’s ambition to become an upper-middle-income country by 2050, driving inclusive growth, reducing poverty, and creating high-value jobs, especially for Nigeria’s talented youth, as per the report, adding that it will benefit from the strong UK-Nigerian co-operation, building on best practices and global benchmarks to align the LIFC with international standards.
The report proposes creating an independent International Financial Centre in Lagos to enhance regulatory clarity, simplify tax and policy frameworks, and boost investor confidence. It recommends an initial focus on Green and Sustainable Finance, FinTech and Innovation, and Commodities and Capital Markets, supported by strong governance, legal reforms, stakeholder collaboration, and targeted talent development.
Speaking on this, Governor Sanwo-Olu said, “Lagos is fully committed to the birth of the International Financial Centre. We know that it is a veritable means of supporting seamless trading and to enhance competitiveness of financial markets.
“As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. We need to create an ecosystem that will help to facilitate investment flows, enhance market liquidity, and promote financial literacy.
“The LIFC initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development. It will support seamless trading, attract foreign investment and enhance the competitiveness of financial markets.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner, commented, “The launch of the Lagos International Financial Centre report reflects the deepening of the UK-Nigeria partnership, combining Lagos’s comparative strengths with UK expertise. Anchored in clear, evidence‑based analysis and launched at a pivotal moment in Nigeria’s reform journey, the LIFC has the potential to unlock major domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth across the country, not just in Lagos State.”
Mrs Nicola Watkinson, Managing Director, International, TheCityUK, said, “Nigeria is a high-growth, dynamic and large market and the Lagos International Financial Centre could be vital to its future. By building a modern, integrated business and regulatory environment and financial ecosystem, the LIFC will support the attraction of global and domestic capital, deepen domestic markets, facilitate innovation in FinTech and green finance, and create high‑value jobs for Nigeria’s youth.
“Supporting the development of Lagos as an international financial centre is a clear example of how the UK and Nigeria are deepening their strategic partnership.”
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stressed that Nigeria was now consolidating its macroeconomic reforms to sustain economic stability in an increasingly volatile global environment.
The Minister spoke at a high-level panel on Fiscal Policy in a Shock – Prone World at the ongoing Al Ula conference for Emerging Market Economies in Riyadh, Saudi Arabia.
“Nigeria’s macroeconomic and fiscal reforms are working. Momentum must be maintained, and the benefits channelled towards long-term growth and resilience,” he stated.
He said the government is also leveraging digital tools to improve revenue assurance, while deepening fiscal and monetary coordination and promoting realistic budgeting practices to ensure durable fiscal discipline.
He noted that despite accounting for a significant share of global growth, population and natural resources, emerging economies remain under-represented in global financial decision-making.
Mr Edun also highlighted the growing strategic importance of Gulf nations in the evolving global economic landscape.
He said countries in the Gulf are increasingly shaping global trade routes, investment flows and sources of capital, making them critical partners for emerging economies such as Nigeria.
The finance minister stressed Nigeria’s commitment to building stronger partnerships that promote a more inclusive and equitable global financial system.
He said Nigeria was positioning itself to engage constructively with global partners to support reforms that unlock growth, stability and shared prosperity.
Mr Edun’s call comes amid mounting global economic pressures. Many emerging economies are grappling with high debt levels, elevated inflation, volatile capital flows and tightening global financial conditions.
Rising interest rates in advanced economies have increased debt-servicing costs, while currency volatility has strained fiscal and external balances across Africa and other developing regions.
Global trade is also facing increased fragmentation due to geopolitical tensions, supply chain disruptions and protectionist tendencies.
These trends have disproportionately affected emerging markets that depend heavily on trade, foreign investment and access to international finance.
For Nigeria, the push for a global economic reset aligns with ongoing domestic reforms aimed at stabilising the macroeconomic environment.
The country has embarked on exchange rate reforms, fiscal consolidation and efforts to attract long-term investment to support growth and job creation.
Mr Edun has repeatedly argued that without reforms to the global financial system, domestic policy efforts in emerging economies risk being undermined by external shocks.
At the Al Ula conference, he reiterated that a more balanced global system would enhance resilience, improve access to finance and support sustainable development.
He said Nigeria would continue to engage in global policy conversations to ensure that emerging economies are not only rule-takers but active shapers of the new global economic order.
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