Economy
Dangote Vows to End Rice Importation in Nigeria
By Dipo Olowookere
Rice is a staple food consumed by many Nigerians, but it is unfortunate that the country relies on importation of the commodity to meet local demands.
However, Africa’s richest man, Mr Aliko Dangote, is determined to ensure rice importation in Nigeria becomes a thing of the past.
This he is doing by aggressively investing in the rice sector and on Wednesday, Mr Dangote laid a foundation stone for the construction of a multi-billion Naira rice processing mill in Hadin, Jigawa State.
This is part of the business mogul’s Rice Outgrower Scheme in Jigawa State and the mill has the capacity to process 16 metric tons of paddy rice per hour when completed.
The plant will also in one year process paddy rice worth N14 billion bought directly from the famers in Jigawa at market rate.
Speaking at the ground breaking ceremony in Hadin, Kaugama local government area, Mr Dangote explained that the commencement of the construction of the integrated rice processing plant was the culmination of series of events which began with the signing of a $1 billion agreement with the federal government for the integrated rice production in Kebbi, Sokoto, Zamfara, Kano, Niger and Jigawa States.
“We have continued to pioneer new approaches to empowering our primary stakeholders and our farmers, through the Dangote outgrowers programme thereby creating thousands of jobs, increasing incomes, poverty reduction in rural communities by providing high quality agro-inputs, technical support and secured market for farmers.
“Also, creating access to finance, mechanization and irrigation services so as to enhance agricultural productivity,” he stated.
Recalling that the Dangote Rice limited started the outgrowers scheme in 2016 with thousands of hectares of land in Hadejia, Jigawa state, creating over 10,000 jobs (direct and indirect) to farmers, the business mogul said with the new ultra-modern mill enough paddy rice will be grown and harvested for processing.
According to him, the mill which will take only months for installation and commissioning is the first in the series of five other mills coming up in Kano, Sokoto, Zamfara, Kebbi and Niger States in the first phase, while in the second phase, other mills will be built in Nasarawa, Kogi, and other states.
“When these planned six mills come fully on stream, we will achieve a capacity of seven hundred thousand metric tons per annum of Parboiled rice, which will make Dangote Rice the largest rice producer in Africa and will make a bold step in making Nigeria self-sufficient in Rice production, stop importation Nduka save the nation foreign exchange,” Mr Dangote said.
The industrialist stated further that towards co-creating value for all stakeholders, the company has engaged about 20,000 out growers who are expected to produce an average of 180,000 tons of paddy rice on about 30,000 hectares of land. “We are focused on engaging in the region of 300,000 farmers in the next 12 months when our rice mills are all functional and we achieve steady state.”
“We will continue to launch massive agricultural projects across the country in rice and dairy farming. Our push for backward integration in providing our own raw materials on a massive scale has led to the planned investment of $4.6 billion over the next three years in sugar, rice and dairy production alone. That will eliminate the country’s reliance on imported materials, and the foreign exchange headaches that come with it,” he said.
In his opening remarks, the Dangote Group Executive Director, Mr Devakumar Edwin, explained that the Dangote Rice team has been involved in scaling up the outgrower operations to at least 5,000 hectares this season and this will very soon increase and grow to over 15,000 hectares cultivated per cycle or season to fully optimise operations.
He said the establishment of a multi-billion Naira state-of-the-art integrated rice processing facility to process at least 260 metric tons of rice paddy per day grown which is produced from thousands of local rice out growers within Jigawa State is a giant step forward and expresses his company’s confidence and faith in local farmers to continuously stand with Dangote to make this project a success.
Located on 25 hectares site in Hadin, Mr Edwin noted that the mill is earmarked to begin operations in the last quarter of 2018. “During the construction phase and when it becomes fully operational, hundreds of employment opportunities will be created, knowledge transference and skills developed among our teeming youthful population thereby boosting local economy.”
According to him, “the Jigawa famers are in for a good times as the 125,000 metric tons of paddy rice that this plant requires for processing will be brought from the farmers of Jigawa for an estimated purchase price of N14 billion per annum. This is a huge benefit for the farmers in Jigawa.
“This mill will be producing high quality parboiled rice that competes with the best in the world this is in-line with our continuous aim to touch the lives of millions who believe in the Dangote brand.”
“Jigawa State is endowed and blessed with vast fertile land, water resources, climate and progressive people, as well as one of the fastest growing agricultural destinations in Nigeria, was identified as an ideal location for us to set up our first facility in Nigeria. This obviously reinforces our commitment to supporting the efforts of the present administration in developing a robust agro-industry in Nigeria.
“We made commitment to Nigerians that we will produce 1 million metric ton of quality parboiled rice. Since then we have embarked on several initiatives towards achieving this objective with support and collaboration from state and federal government agencies, ministries and departments, non-governmental organisations, community based organisations, traditional and financial institutions, etc., we continue to pioneer new approaches to empowering our primary stakeholders and our farmers, through the Dangote outgrower program thereby creating thousands of jobs, increasing incomes, poverty reduction in rural communities by providing high quality agro-inputs, technical support and secured market for farmers.”
On his part, Governor of Jigawa State, Mr Abubakar Badaru, expressed delight at the stage of the Dangote Rice project in the state saying it was in line with the vision of the Invest Jigawa, an organ set up to accelerate investments in the state.
He said Jigawa is one of the States reputed to be on top on ease of doing business in Nigeria saying the Dangote Rice presence in the state is a pointer to the fact. He added that the state is also in the forefront of the diversification efforts of the federal government from oil to non-oil ventures especially agriculture.
The Governor promised that the state will be willing to do whatever it will take to ensure the Dangote rice operate smoothly to the satisfaction of all parties in the state.
By Aduragbemi Omiyale
When shareholders of Nigerian Breweries Plc gathered at the company’s 80th Annual General Meeting (AGM) in Lagos, on Wednesday, April 22, 2026, one thing they were sure was not on the agenda was the approval of a dividend for the 2025 financial year.
This was because the board did not propose the payment of a cash reward to investors for the fiscal year for some reasons, which were explained at the meeting.
The chairman of the organisation, Ms Juliet Anammah, told shareholders that the dividend payout was skipped to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding.
“While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she explained.
Ms Anammah noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” she said.
Despite the non-payment of cash reward for the year, shareholders applauded Nigerian Breweries for strong recovery and improved profitability in the 2025 financial year, driven by disciplined cost management and a significant reduction in finance expenses.
One of them, Mr Eke Emmanuel, who is the immediate past Secretary of the Independent Shareholders Association of Nigeria, praised the board and management for steering the company through a volatile macroeconomic environment while strengthening its financial position, noting that the company’s resilience, at a time when several businesses exited the country, reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Another shareholder, Mr Owolabi Opeyemi of the Noble Shareholders Association, confessed that, “We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years is commendable.”
By Adedapo Adesanya
Waltersmith Refining and Petrochemical Company Limited has announced plans to commence two further phases of expansion, which will include the construction of a 30,000-barrel-per-day condensate refinery and an industry park that will accommodate other gas-based firms.
The chairman of Waltersmith Petroman, Mr Abdulrazak Isa, revealed this during a visit of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Felix Omatsola Ogbe, and the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, to the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
Mr Isa said the firm would develop a gas line that would deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026, he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day to 10,000 barrels per day.
NCDMB invested equity in Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyse the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to the West African sub-region.
On his part, Mr Mohammed expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans, saying the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery. Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a runaway success.
The Director of Legal Services at NCDMB, Mr Naboth Onyesoh, who represented the organisation’s scribe, conveyed the board’s delight at the success of Waltersmith modular refinery, describing the company as a model in local content implementation, especially in direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to crude oil and gas resources.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
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