Economy
Adesina to ‘Feed Africa’ with World Food Prize Money
By Modupe Gbadeyanka
President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has promised to use his $250,000 World Food Prize money to assist young farmers in Africa.
Earlier this week, Mr Adesina was announced winner of the 2017 World Food Prize Laureate in the United States by the Governor of the State of Iowa, Mr Kim Reynolds, on behalf of the World Food Prize Foundation.
Accompanied by Olusegun Obasanjo, former President of Nigeria, and John Mahama, former President of Ghana, Mr Adesina took elegant steps to the podium to receive the award – the world’s highest recognition for food and agriculture, with his wife Grace and his two children, Rotimi and Segun, and a large and distinguished crowd cheering him on. Representatives of the Nigerian Government, Purdue University, his alma mater, friends, associates and Bank staff were among the well-wishers who came in out in large numbers to celebrate the African agriculture icon, known as “Africa’s Norman Borlaug.”
During his speech, in line with his avowed commitment to a new deal for youth empowerment, Mr Adesina pledged to devote the $250,000 prize money to a fund in support of young African farmers and agriculture entrepreneurs, or “agripreneurs.”
“And so, even though I don’t have the cash in my hand, I hereby commit my $250,000 as a cash prize for the World Food Prize award to set up a fund fully dedicated to providing financing for the youth of Africa in agriculture to feed Africa,” Mr Adesina said.
“We will arise and feed Africa. The day is coming very soon when all its children will be well-fed, when millions of small-holder farmers will be able to send their kids to school,” Mr Adesina said.
“Then you will hear a new song across Africa: ‘Thank God our lives are better at last.’”
President of the World Food Prize Foundation, Ambassador Kenneth Quinn, paid tribute to Mr Adesina, “whose breakthrough achievements have impacted millions of farmers and those living in rural poverty in Nigeria and throughout Africa, and whose leadership holds great promise for uplifting millions and millions more across that continent.”
In a speech at the colourful ceremony, the Vice-President of the United States of America, Mr Michael Pence, commended the Laureate in a speech read on his behalf by Mark Green, Administrator of the United States Agency for International Development (USAID).
“As our global food system is stretched, and the need to feed more people grows, agricultural transformation will require persistence from leaders like you in driving change and capitalizing on public- and private-sector expertise,” Mr Pence said.
The Vice-President described Mr Adesina’s devotion to the cause of fighting global hunger as admirable, and deeply needed, and on behalf of President Donald Trump, extended heartfelt congratulations.
“The United States is and remains committed to food security, and we will continue to work with leaders like you to find innovative ways to end global hunger,” he said.
The Purdue University Glee Club and multiple award-winning all-female Nigerian signing group, Adunni and Nefertiti, set the mood of the evening with musical performances, followed by the star act: Omawumi, a popular Nigerian vocalist, who had flown in from Lagos for the occasion.
The infectious rhythms of Adunni and Nefertiti and popular songs of Omawumi soon moved Mr Adesina and his wife to get up on the dance floor, where they were joined by Mr Obasanjo.
The evening was capped by an elegant award ceremony dinner in the Capitol Rotunda.
Under President Adesina’s leadership, the AfDB is accelerating agricultural development through its Feed Africa Strategy with planned investment of $24 billion over the next 10 years.
The World Food Prize also recognizes Mr Adesina’s work over the past two decades with the Rockefeller Foundation, at the Alliance for a Green Revolution in Africa (AGRA), and as Nigeria’s Minister of Agriculture of Agriculture and Rural Development.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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