Economy
Nigeria Imports Shipload of Rice Weekly—First Bank Boss
** Feeding Nigeria’s 200m People Huge Business
By Modupe Gbadeyanka
Managing Director and CEO of First Bank of Nigeria, Dr Adesola Adeduntan, has disclosed that Nigeria imports nearly a shipload of rice every week despite the nation being one of the most agriculturally fertile countries in Africa.
The challenge, according to Mr Adeduntan, is that the land is used by subsistence farmers, and is yet to be fully commercialised.
In an interview with World Finance, the First Bank boss explained how the lender is helping farmers to form cooperatives in order to finance the right agricultural inputs and equipment.
He emphasised that the potential of a food-secure Nigeria is huge.
Mr Adeduntan told World Finance that “agriculture has always been a key component of our GDP. What hasn’t happened is to transition agriculture from subsistence farming to commercial farming. We import, I think, a shipload of rice almost every week. And for every shipload of rice imported to Nigeria, it’s costing us about 15,000 jobs.
“Importation of foodstuff into Nigeria is one of the biggest consumers of our hard-earned foreign currency. A country should, give or take, be able to feed itself. Especially a country that is as endowed as Nigeria.
“So that is actually the revolution that is ongoing now: so that we begin to have agricultural enterprises that have the required skill to be able to compete globally. As a country it’s an area we must get right.”
Speaking further, he said Nigeria today is a country of almost 200 million people, so the business of feeding her people alone is a big business.
“If we can grow our own food – over and above the security that that provides – the savings in terms of foreign currency could be very significant.
“Indeed, it will help us to generate foreign currency, because there’s a renewed focus on crops that we can export – and we use that to generate export proceeds.
“It also helps us to address the issue of youth unemployment. If you commercialise agriculture, and we can get more and more youth into that sector of the economy, then we address the issue of unemployment. So the benefit of getting agriculture right cannot be underestimated.”
When asked how his bank has supported the agric sector, he said, “Over and above making loans available, we have what we call the Outgrower Scheme, where farmers are basically arranged or organised into small groups, and we provide financing to them. And there’s an off-taker who takes their produce off them. So that way the risk of default is minimised.
“So we provide financing targeted at helping them to source the right seed, the right fertiliser, the right equipment.
“We’re also supporting the large-scale producers – especially those who are in the value-adding section of the agric chain.
“We partnered with the Federal Ministry of Finance to organise an Agric Expo, that brought together key players in the agriculture value chain, where we discussed how would the country sustain the current development that we are beginning to see in agriculture.
“Agriculture should be the biggest economy in Nigeria: with a population of about 200 million people, huge arable land; with the right policy, with the right type of financing, agriculture and the business of just feeding 200 million people will be a massive, massive business.
“So we are focusing our energy, and we are developing the right products, we are developing the right services, to ensure that we support the agricultural value chain.”
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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