Economy
Crown Flour Mill’s Flagship Programme Achieves Target
By Adedapo Adesanya
Crown Flour Mill (CFM) Limited, the wheat milling subsidiary of Olam Agri, has unveiled an impressive first-year report of its Seeds for the Future programme, stating that it produced 10Kg of pre-multiplication wheat seed varieties that suit the unique local topography and climate.
The report was unveiled during the third edition of the agribusiness stakeholders’ consultative forum, the Olam Agri Greenland Webinar Series.
Developing and cultivating wheat seed varieties that suit Nigeria’s unique topographic and climatic conditions, in addition to a wider engagement of smallholder farmers and adoption of modern agronomic practices, have been the bane of wheat production self-sufficiency in Nigeria.
CFM sought to address these challenges through the Seeds for the Future initiative, its signature N300 million wheat value chain development project that was launched in 2021.
Speaking on the project’s report, Mr Ashish Pande, the Country Head for Olam Agri Nigeria, said, “We have made quite an impressive stride on the Seeds for the Future programme going by the first-year report. It is a journey. We will continue to inject human, financial, and technical resources into the programme to ensure we meet our targets and derive the best results in the years ahead.”
According to Mr Pande, “There are challenges currently in the global food value chain. What this means is that we must look inward to ensure a consistent supply of food to feed our population by channelling investment into agriculture. At CFM and Olam Agri, we are committed to investing at the production level of the wheat value chain, in line with the Federal Government’s food security and agriculture development agenda.”
Unveiling the project report, Mr Filippo Bassi, a professional seed breeder from the International Center for Agricultural Research in the Dry Areas (ICARDA) and consultant on the project, revealed, “The 10 Kg pre-multiplication wheat seed varieties produced so far will be planted next season in 1,000m2 plots at the Azumbu farm research station in Jigawa. However, to ensure larger quantities of seeds as backup, a subset will be planted also during the rainy season in August.”
On his part, Dr Kachalla Kyari Mala, the Principal Research Officer at the Lake Chad Research Institute (LCRI), who is the project lead researcher, said his team conducted a detailed survey into the agronomic practices of local smallholder farmers at the commencement of the project to understand the realities in the wheat value chain.
He stated that the approach of combining data from multiple stations across the West African region helped the team identify and resolve bottlenecks in the value chain.
“The outcome of the first-year trial and testing of the seed varieties gives some assurance that the investment of Olam Agri will accelerate seed production while pre-release yields actual improvement in productivity in the country’s wheat farming belt,” Dr Mala said.
Harping on factors necessary for achieving improved local wheat production self-sufficiency, Dr Zakari Turaki, the Director of Agricultural Research at LCRI, a panellist at the forum, mentioned strong partnerships and collaborative efforts between public institutions and private firms as key to raising the current level of the local wheat harvest.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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