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 Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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