Economy
FG Says Agricultural Reforms Driving 50% Drop in Food Prices
By Adedapo Adesanya
The federal government has said its agricultural reforms were beginning to yield results, with prices of essential food commodities dropping by as much as 50 per cent nationwide.
The Minister of Agriculture and Food Security, Mr Abubakar Kyari, disclosed this during a quarterly citizens’ engagement session in Abuja on Friday, claiming that the President Bola Tinubu-led administration has made food security a key pillar of national stability and economic growth.
“Since assuming office, this administration has made food security a top priority, acknowledging the critical role it plays in maintaining national stability and sovereignty,” Mr Kyari said.
“To achieve this, we are focusing on boosting local production and reducing reliance on imports, with the ultimate goal of making affordable, nutritious food accessible to all Nigerians.” He said government interventions were beginning to reflect in market prices. “Our efforts are starting to pay off, with a notable impact on food prices.
“In fact, prices of essential food commodities have dropped by 50 per cent nationwide,” the Minister said.
Nigeria has in recent years faced a severe cost-of-living crisis, largely triggered by economic reforms introduced by the Tinubu administration, particularly the removal of petrol subsidies and the floating of the Naira. The policies significantly increased the cost of living, with food prices more than doubling in many parts of the country compared with levels before Tinubu assumed office. Food inflation rose sharply before moderating slightly following the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics last year.
Mr Kyari also said the government has introduced several programmes aimed at boosting agricultural production and supporting farmers.
He disclosed that more than 1.9 million bags of fertiliser have been distributed to nearly one million farmers in the past two years, alongside strengthened regulations to curb the circulation of fake fertilisers.
According to him, the government has also established a National Reference Laboratory and upgraded the National Fertiliser Management Platform to improve quality control and transparency in the fertiliser supply chain.
By Adedapo Adesanya
Brent crude gained 66 cents or 0.53 per cent to sell for $80.38 per barrel on Friday after Israel and Hezbollah agreed on a ceasefire in Lebanon, though Iran set conditions for using the vital Strait of Hormuz.
Also, the US West Texas Intermediate (WTI) crude was up 94 cents or 1.23 per cent to $77.54 per barrel, amid light trading volumes due to the US Juneteenth holiday.
In spite of Friday’s gains, Brent was down about 8 per cent week-over-week, reflecting a significant easing of supply concerns in the wake of the US-Iran deal to end the war.
Gulf producers were preparing to raise exports after Israel and Hezbollah agreed to a ceasefire, which began on Friday.
Israel and Hezbollah agreed to halt fighting in southern Lebanon after days of escalating clashes threatened to derail the fragile US-Iran peace process, reducing the risk that the first major test of the agreement would turn into its first major failure.
At least four tankers carrying crude, oil products and liquefied petroleum gas (LNG) entered the Strait of Hormuz on Friday, heading for Iraqi Gulf ports. However, despite the uptick in activity, Iran signalled tighter control over shipping.
Iran’s Persian Gulf Strait Authority said “no vessel is permitted to pass through the Strait of Hormuz without a valid passage permit issued by the PGSA”.
Concerns also remain as a planned meeting between Iranian and American officials in Switzerland on Friday was postponed, with arrangements underway for talks in the coming days.
Iran’s Foreign Ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides.
Analysts expect the deal to release more than 85 million barrels of oil stranded in the Middle East Gulf into global markets. The agreement also includes the lifting of US sanctions on Iranian oil, which would add more supply.
However, recovery in flows of supply that transits Hormuz and production after the US-Iran deal could take several months.
On the demand front, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2026 World Oil Outlook that world demand will rise to 113.3 million barrels per day in 2030 from 105.1 million barrels per day in 2025.
By Aduragbemi Omiyale
The gross foreign reserves of Nigeria reached a 17-year high of $51.04 billion, data from the Central Bank of Nigeria (CBN) shows.
Business Post gathered from the apex bank’s website that this new feat was achieved on Thursday, June 18, 2026.
A day earlier, which was Wednesday, June 17, 2026, the amount in the country’s external reserves stood at $50.96 billion, indicating accretion of 0.16 per cent.
This latest development is expected to strengthen the value of the Nigerian Naira in the foreign exchange (FX) market.
It was observed that since the beginning of this month, the amount in the forex reserves has been building up gradually after an initial scare.
It is believed that inflows from crude oil sales have been boosting the reserves, though prices are expected to trend downward as a result of the ceasefire deals between the United States and Iran on Friday.
The price of crude oil has cooled to around $80 per barrel. It should further moderate to its level before February 28, 2026, when the bombardment of Iran started, which led to the death of the country’s 86-year-old Supreme Leader, Ayatollah Ali Khamenei.
By Aduragbemi Omiyale
A €200 million financial partnership to support the development of small-scale investments of Nigerian enterprises contributing to the country’s green and digital economy has been signed by the Development Bank of Nigeria (DBN) and the development arm of the European Investment Bank (EIB) Group, EIB Global.
The funds would be disbursed to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, with a focus on agriculture, renewable energy, digitalisation and innovation.
The collaboration aligns with EIB Global’s strategy to support sustainable, inclusive, and resilient economic growth in Nigeria under the Global Gateway Initiative.
The investment programme will boost private sector development in Nigeria and support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps.
It will also strengthen Nigeria’s green transition by expanding financing opportunities for companies in the renewable energy and agribusiness sectors.
In agriculture, it will help improve productivity, develop local supply chains, and strengthen food security for a country that hosts the largest population in Africa.
On the energy side, improved financing for renewable energy businesses will support clean energy access, reduce carbon emissions, and help build climate resilience in underserved communities.
“This partnership with DBN will strengthen the competitiveness of Nigeria’s private sector, especially for SMEs in the green and digital sectors.
“In supporting green projects and women entrepreneurs, we are also fostering inclusive growth and climate action.
“This is a powerful example of EIB’s real impact on the ground,” EIB Vice-President, Mr Ambroise Fayolle, said at a signature ceremony on Thursday, June 18, 2026, at the Lagos office of the DBN.
Also commenting, the chief executive of DBN, Mr Tony Okpanachi, described the investment as a significant milestone in efforts to drive Nigeria’s economic growth and sustainability.
“The €200 million investment from EIB Global is a significant milestone in our mission to drive Nigeria’s economic growth and sustainability. By supporting local financial institutions and MSMEs in key sectors like agriculture, renewable energy, digitalisation, and innovation, we’re empowering entrepreneurs and fostering a culture of sustainable innovation,” he stated.
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