Economy
Agriculture Economic Empowerment Tool—Youths
By Modupe Gbadeyanka
The agro-allied industrialization of the African continent cannot materialize without the involvement of the youths because they have the right drive and energy, participants at a Tuesday session of the 2016 African Economic Conference that focused on youth entrepreneurship in agriculture said.
“I say and I hope you join me to say that agribusiness is not the future. It is the now,” said Oyin Asaaju, a young Nigerian who is excited about agribusiness.
Indeed, participants in the International Institute for Tropical Agriculture (IITA) youth agripreneurs scheme have affirmed agriculture as an economic empowerment tool.
They exhibited some of their products, most of which were made from cassava, a staple crop, at the session to the delight of participants and visitors. They further voiced their views at two different debate sessions where they shared their views on “Agriculture: A sector of economic opportunities for African youths.”
“Agri-business is not the future. It is the now,” said Assaju, who explained how the IITA agriculture apprenticeship scheme, ENABLE (Empowering Novel Agri-Business-Led Employment) Youth, had changed her perception about agriculture, describing the sector as a viable earner.
Two years ago, Asaaju kept late nights serving drinks at a bar. Now her late nights are about thought-provoking assignments that must result in food solutions.
“I would like to thank the African Development Bank for the support. Like many other youths, when I graduated from the university, I couldn’t find an idle job, so I took on the job of a waitress. I was learning some skills. More than anything else, I wanted to engage in something more challenging. The job wasn’t giving me that. I learnt about the youth agripreneur programme when I had to serve food and drinks to a group of young people at a party at IITA. I have had the opportunity of joining the group. These young people happen to be the notable IITA youth agripreneurs that you see in the hall today, who today are my colleagues,” she said to the rousing applause from participants.
So far Assaju and her team have been trained in value addition, business development and soft skills. She is now able to convert farm produce into finished products, and has had the opportunity of representing the group at two international conferences, in South Africa and the United States.
“These have helped build my capacity professionally. In February this year, I was transferred with some colleagues to the IITA station in Onne, Rivers State. Rivers is an oil-producing state, but we have taken agri-business there – not to compete, but because we must go back to the basics. In a space of 10 months, we have been able to establish demonstration plots in cassava, rice and plantain. We are into the production of catfish and plantain suckers. So far we have been able to involve 40 rural youths in our activities,” she noted.
She said her team is currently unable to meet its market demands for cassava and catfish, which she considers a good platform for investment.
She declared: “We, the youths, have decided to lead this agri-business movement, not only to create job opportunities, but also to restore the strength of Nigeria as the giant of Africa and to have Africa be the bread basket of the world.”
Just like Assaju, other youths in the agri-business apprenticeship scheme – Mercy Wakawa and Zacchaeus Isuwa – were emphatic in their testimonies.
Youth engagement in agri-business through the IITA has shown that the generation does have a role to play in changing the face of farming in Africa, they said.
The annual African Economic Conference is organized by the African Development Bank (AfDB), the UN Economic Commission of Africa (ECA) and the United Nations Development Programme (UNDP).
ENABLE Youth is a programme for young African people (18-35 years old) wanting to start a business in the agricultural sector, borne out of the African Development Bank’s Dakar High Level Conference on Agricultural Transformation in Africa and with the support of the International Institute of Tropical Agriculture, which is headquartered in Abuja, Nigeria. The programme works to promote, enhance, and modernize agricultural entrepreneurship in Africa. In order to do this, the African Development Bank offers its support in capacity strengthening, promoting professionals working in agriculture, and financing projects of young people in the sector.
ENABLE Youth is working to help launch 300,000 agribusinesses and create 8 million jobs in some 30 African countries over the next five years. Above all, it is counting on young people to develop Africa’s agricultural future, an African agriculture that relies on innovation, technologies, and modernization of techniques and practices, as well as on the development of the value chain in the sector.
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has noted that the N15.52 trillion allocation to debt servicing in the 2026 budget remains a significant fiscal burden.
LCCI Director-General, Mrs Chinyere Almona, said this on Tuesday in Lagos via a statement in reaction to the nation’s 2026 budget of N58.18 trillion, hinging the success of the 2026 budget on execution discipline, capital efficiency, and sustained support for productive sectors.
She noted that the budget was a timely shift from macroeconomic stabilisation to growth acceleration, reflecting growing confidence in the economy.
She lauded its emphasis on production-oriented spending, with capital expenditure of N26.08 trillion, representing 45 per cent of total outlays, and significantly outweighing non-debt recurrent expenditure of N15.25 trillion.
According to Mrs Almona, this composition supports infrastructure development, industrial expansion, and productivity growth.
However, she explained that the N15.52 trillion allocation to debt servicing underscored the need for stricter borrowing discipline, enhanced revenue efficiency, and expanded public-private partnerships to safeguard investments that promote growth.
She added that a further review of the 2026 budget revealed relatively optimistic macroeconomic assumptions that may pose fiscal risks.
“The oil price benchmark of $64.85 per barrel, although lower than the $75.00 benchmark in the 2025 budget, appears optimistic when compared with the 2025 average price of about $69.60 per barrel and current prices around $60 per barrel.
“This raises downside risks to oil revenue, especially since 35.6 per cent of the total projected revenue is expected to come from oil receipts.
“Similarly, the oil production benchmark of 1.84 million barrels per day is significantly higher than the current level of approximately 1.49 million barrels per day.
“Achieving this may be challenging without substantial improvements in security, infrastructure integrity, and sector investment,” she said.
Mrs Almona said the exchange rate assumption of N1,512 to the Dollar, compared with N1,500 in the 2025 budget and about N1,446 per Dollar at the end of November, suggests expectations of a mild depreciation.
She said while this may support Naira-denominated revenue, it also increases the cost of imports, debt servicing, and inflation management, with broader macroeconomic implications.
The LCCI DG added that the inflation projection of 16.5 per cent in 2026, up from 15.8 per cent in the 2025 budget and a current rate of about 14.45 per cent, appeared optimistic, particularly in a pre-election year.
She also expressed concern about Nigeria’s historically weak budget implementation capacity, likely to be further strained by the combined operation of multiple budget cycles within a single year.
Looking ahead, Mrs Almona identified agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key drivers of growth in 2026.
She said that unlocking these sectors would require decisive execution—scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, and aligning education and skills development with private-sector needs.
The LCCI head stressed the need to resolve issues surrounding the Naira for crude, increase the supply of oil to local refineries to boost local refining capacity and conserve the substantial foreign exchange used for fuel imports.
“Overall, the 2026 Budget presents a credible opportunity for Nigeria to transition from recovery to expansion.
“Its success will depend less on the size of allocations and more on execution discipline, capital efficiency, and sustained support for productive sectors.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
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