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 Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.
According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.
As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.
The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.
The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.
Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.
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