By Adedapo Adesanya

The federal government has said its agricultural reforms were beginning to yield results, with prices of essential food commodities dropping by as much as 50 per cent nationwide.

The Minister of Agriculture and Food Security, Mr Abubakar Kyari, disclosed this during a quarterly citizens’ engagement session in Abuja on Friday, claiming that the President Bola Tinubu-led administration has made food security a key pillar of national stability and economic growth.

“Since assuming office, this administration has made food security a top priority, acknowledging the critical role it plays in maintaining national stability and sovereignty,” Mr Kyari said.

“To achieve this, we are focusing on boosting local production and reducing reliance on imports, with the ultimate goal of making affordable, nutritious food accessible to all Nigerians.” He said government interventions were beginning to reflect in market prices. “Our efforts are starting to pay off, with a notable impact on food prices.

“In fact, prices of essential food commodities have dropped by 50 per cent nationwide,” the Minister said.

Nigeria has in recent years faced a severe cost-of-living crisis, largely triggered by economic reforms introduced by the Tinubu administration, particularly the removal of petrol subsidies and the floating of the Naira. The policies significantly increased the cost of living, with food prices more than doubling in many parts of the country compared with levels before Tinubu assumed office. Food inflation rose sharply before moderating slightly following the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics last year.

Mr Kyari also said the government has introduced several programmes aimed at boosting agricultural production and supporting farmers.

He disclosed that more than 1.9 million bags of fertiliser have been distributed to nearly one million farmers in the past two years, alongside strengthened regulations to curb the circulation of fake fertilisers.

According to him, the government has also established a National Reference Laboratory and upgraded the National Fertiliser Management Platform to improve quality control and transparency in the fertiliser supply chain.

By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said the resolution of the dispute surrounding oil prospecting lease (OPL) 245 would enable the development of the Zabazaba–Etan deepwater project.

In a statement issued on Saturday, Mr Ojulari noted that advancing the project could increase Nigeria’s crude oil output by about 150,000 barrels per day (bpd).

On March 5, the presidency announced that a settlement agreement had been successfully concluded among the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).

It was stated that the agreement ended the protracted dispute over OPL 245 and created the opportunity to move forward with the development of one of Nigeria’s most important deepwater resources.

Commenting on the development, Mr Ojulari described the resolution as a major milestone for both the country and NNPC as efforts continue to promote the responsible development of Nigeria’s strategic energy assets.

“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” the NNPC chief said.

“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.

“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience,” he added.

Mr Ojulari further said the achievement demonstrates the value of collaboration, persistence, and a shared determination to utilise Nigeria’s vast energy resources for the country’s benefit.

The end of the long-standing dispute over Oil Prospecting Licence (OPL) 245 paves the way for the development of one of Nigeria’s most significant deepwater resources. The agreement, signed in Abuja, marked the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.

By Dipo Olowookere

The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, as it rallied by 0.08 per cent on Friday.

This was buoyed by strong investor sentiment due to renewed buying pressure, which left 35 stocks on the gainers’ chart, as 33 stocks ended on the losers’ log, indicating a positive market breadth index.

According to data, Eterna gained 10.00 per cent to close at N42.35, Union Dicon appreciated by 9.70 per cent to N16.40, John Holt grew by 9.25 per cent to N9.45, Tantalizers rose by 8.41 per cent to N4.64, and Fidson expanded by 7.27 per cent to N88.50.

Conversely, RT Briscoe lost 10.00 per cent to finish at N12.06, SCOA Nigeria retreated by 9.96 per cent to N34.35, ABC Transport receded by 9.96 per cent to N6.25, Mecure crashed by 9.96 per cent to N61.50, and Berger Paints declined by 9.93 per cent to N66.65.

Business Post observed that the industrial goods space appreciated by 1.20 per cent yesterday, while the energy index improved by 0.19 per cent.

However, the insurance counter fell by 0.61 per cent, the consumer goods segment shed 0.56 per cent, and the banking industry depreciated by 0.11 per cent.

The All-Share Index (ASI) was down by 161.00 points on Friday to 196,968.15 points from 196,807.15 points on Thursday, while the market capitalisation went down by N119 billion to N126.437 trillion from N126.318 trillion.

A total of 586.2 million units of shares worth N30.6 billion were transacted in 62,699 deals during the trading day versus the 634.0 million shares valued at N29.1 billion traded in 66,286 deals a day earlier, showing a jump in the trading value by 5.16 per cent, and a decline in the trading volume and number of deals by 7.54 per cent and 5.41 per cent, respectively.

The activity chart was led by First Holdco with 43.9 million units worth N2.3 billion, Access Holdings exchange 43.2 million units valued at N1.1 billion, Zenith Bank transacted 40.0 million units for N3.7 billion, GTCO sold 38.9 million units worth N4.6 billion, and Jaiz Bank traded 31.5 million units valued at N323.4 million.