Economy
Dangote Employs Graduate Rice Farmers to Meet 1m Tonnes 2018 Target
As part of efforts to tackle unemployment in Nigeria and also hit the market with one million metric tonnes of its rice in 2018, Dangote Rice Limited has employed youth graduate for rice farming in Kogi State.
The multi-million Naira youth farming initiative will engage teeming unemployed Nigerian graduates in rice farming.
The Dangote Youth Rice Farm project, mainly an out-grower scheme for youths only was flagged off at the Lower Niger River Basin Authority, Kampe, Ejiba in Yagba West local government area of the state where youth have embarked on rice cultivation over 100 hectares of land.
The rice farm project, which was preceded by a special training for the youth farmers on the dynamics of the rice farming, will see the youths cultivating the rice paddy on a-100 hectares of land, which will then be bought over by the company for processing.
Under the scheme, the Dangote Rice Company provides the seedling, anti-pest-chemicals, and fertilizers while the Basing Authority provided the land for the young farmers.
The management of Dangote Rice led by the Group Executive Director, Mr Devakumar Edwin, flagged off the project while taking delivery of some rice paddy bags produced from the pilot project.
Mr Edwin explained that the project is a new dimension to the efforts by the pan-African conglomerate, the Dangote Group, at ensuring food security and creating job opportunities in Nigeria especially for the youths saying this Initiative is in line with the vision and commitment of Dangote Industries Limited to create a new generation of agri-preneur that will revolutionize the Nigerian agricultural sector.
“We believe skill, knowledge, enabling environment, collaboration and linkages along the value chain are driving forces for economic empowerment and social development in line with the Federal Government policies.
“This project will address the skills gap in local rice production among unemployed youths by providing technical, organisational and financial requirements,” he said.
He said it would also enhance domestic rice production to cover the large gap between demand and domestic production and to increase self-sufficiency of Nigeria and substitute imported rice by quality Nigerian rice brands.
Mr Edwin disclosed that most modern rice mills in Nigeria presently operate at not more than 20% capacity utilization due mainly to lack of good quality paddy and that Dangote Rice aimed to change this situation developing and adapting out-grower schemes.
According to him, the Dangote Rice Company plans to set up a 150,000 metric tons integrated rice mill and sale one million mt of parboiled rice by 2018.
The Dangote Group boss stated that the decision of the management to start the project was driven by two factors, one of which is the need for youth employment through empowerment to go into agriculture. “The youths are more vulnerable to crimes and other social vices when they have nothing to engage them and this in turn affect the nation negatively.
“The second factor is the need to strengthen the on-going efforts at producing rice for self-sufficiency so that we can save foreign exchange. By the time we will be doing one million metric tons of rice next year, no less than three million jobs would been created along the value chain.”
Mr Edwin said the Kogi pilot project will cover four season of two years and will be launched in four other states soon.
In his own remark, Managing Director of Dangote Rice, Mr Robert Coleman urged the youth farmers to concentrate on the project and pay attention to details so that they would come out with good paddy yield.
He congratulated the farmers for the decision to partner with Dangote Rice noting that they have a solid source of livelihood for themselves and members of their families if they give their all for the success of the scheme.
Coordinator of the youth farmers, Mr Umar Etudaye thanked the management of Dangote Rice for believing in them and engaging them for the project. He promised that they would deliver on the mandate given to them on the project.
He stated that the scheme is a practical step towards nation building because it’s the youths, who constitute 40 percent of the population, would build the nation and only the youths that are empowered and gainfully employed could do that.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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