Economy
New N10b WACOT Rice Mill in Kebbi Targets 120,000 Metric Tonnes
**Creates 3,500 Jobs, Eyes 50,000 Farmers
By Modupe Gbadeyanka
No fewer than 50,000 farmers will have ready market for their produce courtesy the newly built rice processing mill with 120,000 metric tonnes capacity in Argungu, Kebbi State by WACOT Rice Limited, a member of the TGI Group.
The rice processing plant, located along the Argungu-Sokoto road, is the first rice mill to be conceptualized, executed and to be commissioned during the administration of President Muhammadu Buhari.
The rice mill is part of WACOT’s expansion plan, which targets a capacity increase with additional rice plants to overall 500,000 metric tonnes in the next years.
During a pre-commissioning visit to the establishment on Thursday, Governor of Kebbi State, Mr Abubakar Atiku Bagudu; Minister of Agriculture and Rural Development, Mr Audu Ogbeh; and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, commended the Board and Management of WACOT Rice Limited for keying into the ‘self-sufficiency in rice production’ goal of the federal government.
While conducting the special visitors round the N10 billion state of the art mill, the Group Managing Director of TGI Group, Mr Rahul Savara, noted that the factory will produce top quality rice, and that it will generate direct and indirect employment for 3,500 people.
Also, WACOT’s Managing Director, Mr Ujwalkanta Senapati, adds that “WACOT views farmers as partners with whom we work hand-in-hand to improve agricultural production.”
Mr Savara further revealed that the Mill is “the first rice plant in Nigeria with captive power co-generation facility and that it will generate one MW electricity from rice husks, thereby ensuring that all by-products and waste products are fully consumed and the environment is protected.
While commending the management of WACOT for locating the mill in his State and for completing it within a short period, the visibly elated Governor Bagudu said, “what WACOT has done shows thatNigeria has friends and a friend in need is a friend indeed”, adding, WACOT is investing in Kebbi because we have created the enabling environment for business to thrive”.
The Governor also declared that once the WACOT Mill starts full operation, a large part of the rice cultivated in the State will be processed within the state, instead of being taken elsewhere for milling. He also used the opportunity to reiterate the fact that Kebbi state is endowed with massive arable land, fit for production of rice, wheat, maize, sorghum, groundnut etc.
Also, speaking during the visit, Chief Ogbeh stated that the Federal Government will continue to encourage and support organisations such as WACOT, in its efforts to enhance and stabilise food production in the country. He commended WACOT for having faith in Kebbi State and Nigeria
While applauding the focus of the Kebbi State government on Agriculture, the Minister said that it is anticipated that more state governments will embrace this laudable path, in order to promote food sufficiency and economic development in the country. He added that for the country to have lasting security, there must be concerted effort by all tiers of government to tackle the twin issues of food security and unemployment, as youth unemployment could be a time bomb for the country.
The Minister concluded by saying that “a time is coming when the most important person in Kebbi State will not be a politician but a farmer”.
On his part, the CBN governor, Godwin Emefiele lauded WACOT Limited for the feat, adding that the mill will save the country substantial amount of foreign exchange that would have gone into rice importation. He also assured the farmers that government will continue to do everything to ensure that their products are sold.
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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