Economy
Buhari Insists Nigeria is Self-Sufficient in Rice Production
By Adedapo Adesanya
President Muhammadu Buhari has claimed that his administration’s agricultural revolution has led to the creation of over 13 million direct and indirect jobs in the last seven and half years, insisting that Nigeria is self-sufficient in rice production, thanks to the Central Bank of Nigeria (CBN).
The Nigerian leader made these remarks last Friday in Washington D.C. at an interactive session entitled, A conversation with President Muhammadu Buhari of Nigeria, co-hosted by the United State Institute of Peace (USIP), the International Republican Institute, the National Endowment for Democracy, and the International Foundation for Electoral Systems.
He used the occasion to advise Western nations again not to be in a rush to eliminate the usage of fossil fuels in a bid to ensure a healthy climate.
Further, he said Nigeria’s economy had registered positive growth in the last two quarters despite the gloomy outlook in the global economy and the war in Ukraine.
President Buhari also cautioned Western nations on the frivolous issuance of travel advisories on Nigeria, urging the international media to be more objective in its reportage of the country.
He told the international community that despite the non-nonchalant actions and attitudes of some of the country’s friends and allies, Nigeria is nonetheless winning the war on terrorism, making significant progress in dealing with the threats to Nigeria’s and the sub-regions safety and survival.
The Nigerian leader also called on the United States to do more to improve the quality of governance in the West African sub-region, warning that the survival of democracy is being challenged in the aftermath of the democratic set-backs witnessed in Mali, Guinea, and Burkina Faso.
Expounding on steps taken by his administration to expand Nigeria’s economy since coming into power in 2015, the President said focused interventions in agriculture, driven by the Central Bank of Nigeria (CBN), transitioned the country from being a net importer of rice, Nigeria’s staple food, to becoming self-sufficient in its production.
‘‘This same scheme has financed the establishment and operations of our 50 integrated rice mills.
‘‘It has also financed over 4.5 million smallholder farmers, ensured the cultivation of almost 6 million hectares of farmland, and almost 700 large-scale agricultural projects have been funded.
‘‘This agricultural revolution has led to the creation of over 13 million direct and indirect jobs,” he said.
President Buhari also told the Washington D.C Community of global thought leaders and Democracy Advocacy Groups that the focus on the Agricultural Sector placed Nigeria in a better position to handle the systemic shock caused by both COVID-19 and the Russia-Ukraine war on global food supply chains and attendant price spikes.
He added that the revolution in the sector had improved the country’s capacity in the agro-allied sector, making it more efficient in enhancing and maximizing production yields and post-harvest losses.
‘‘The non-oil sector remains the future of our economy, and I hope successive governments will consolidate on the gains we have recorded under my leadership.
‘‘You will agree with me that the Russia-Ukraine war has compelled many economies to carry out reforms and re-adjust policies to cope with the challenges posed by the conflict.
‘‘In this regard, we are paying more attention now to energy transmission and distribution through targeted collaboration with global companies like Siemens to improve our efficiency in the Power Value Chain,’’ he said.
Business Post reports that despite Mr Buhari’s insistence that the country was self-sufficient in rice production, the price of the product at the local market has gone above the ceiling. The price of a 50kg bag of rice is sold between N45,000 and N48,000, depending on the brand. In 2015, before he assumed office, the price was between N8,000 and N11,000.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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