Economy
Buhari Insists Nigeria is Self-Sufficient in Rice Production
By Adedapo Adesanya
President Muhammadu Buhari has claimed that his administration’s agricultural revolution has led to the creation of over 13 million direct and indirect jobs in the last seven and half years, insisting that Nigeria is self-sufficient in rice production, thanks to the Central Bank of Nigeria (CBN).
The Nigerian leader made these remarks last Friday in Washington D.C. at an interactive session entitled, A conversation with President Muhammadu Buhari of Nigeria, co-hosted by the United State Institute of Peace (USIP), the International Republican Institute, the National Endowment for Democracy, and the International Foundation for Electoral Systems.
He used the occasion to advise Western nations again not to be in a rush to eliminate the usage of fossil fuels in a bid to ensure a healthy climate.
Further, he said Nigeria’s economy had registered positive growth in the last two quarters despite the gloomy outlook in the global economy and the war in Ukraine.
President Buhari also cautioned Western nations on the frivolous issuance of travel advisories on Nigeria, urging the international media to be more objective in its reportage of the country.
He told the international community that despite the non-nonchalant actions and attitudes of some of the country’s friends and allies, Nigeria is nonetheless winning the war on terrorism, making significant progress in dealing with the threats to Nigeria’s and the sub-regions safety and survival.
The Nigerian leader also called on the United States to do more to improve the quality of governance in the West African sub-region, warning that the survival of democracy is being challenged in the aftermath of the democratic set-backs witnessed in Mali, Guinea, and Burkina Faso.
Expounding on steps taken by his administration to expand Nigeria’s economy since coming into power in 2015, the President said focused interventions in agriculture, driven by the Central Bank of Nigeria (CBN), transitioned the country from being a net importer of rice, Nigeria’s staple food, to becoming self-sufficient in its production.
‘‘This same scheme has financed the establishment and operations of our 50 integrated rice mills.
‘‘It has also financed over 4.5 million smallholder farmers, ensured the cultivation of almost 6 million hectares of farmland, and almost 700 large-scale agricultural projects have been funded.
‘‘This agricultural revolution has led to the creation of over 13 million direct and indirect jobs,” he said.
President Buhari also told the Washington D.C Community of global thought leaders and Democracy Advocacy Groups that the focus on the Agricultural Sector placed Nigeria in a better position to handle the systemic shock caused by both COVID-19 and the Russia-Ukraine war on global food supply chains and attendant price spikes.
He added that the revolution in the sector had improved the country’s capacity in the agro-allied sector, making it more efficient in enhancing and maximizing production yields and post-harvest losses.
‘‘The non-oil sector remains the future of our economy, and I hope successive governments will consolidate on the gains we have recorded under my leadership.
‘‘You will agree with me that the Russia-Ukraine war has compelled many economies to carry out reforms and re-adjust policies to cope with the challenges posed by the conflict.
‘‘In this regard, we are paying more attention now to energy transmission and distribution through targeted collaboration with global companies like Siemens to improve our efficiency in the Power Value Chain,’’ he said.
Business Post reports that despite Mr Buhari’s insistence that the country was self-sufficient in rice production, the price of the product at the local market has gone above the ceiling. The price of a 50kg bag of rice is sold between N45,000 and N48,000, depending on the brand. In 2015, before he assumed office, the price was between N8,000 and N11,000.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
