Economy
Experts Calls for Sustainable Seed System in Nigeria
By Dipo Olowookere
The need for all the stakeholders to urgently work towards a sustainable seed system in Nigeria has been emphasised by the Project Director of Building an Economically Sustainable Integrated Cassava Seed System (BASICS), Mr Hemant Nitturkar.
Mr Nitturkar, speaking last Thursday at a national stakeholder conference on cassava seed system organized by the project BASICS at the Institute of Tropical Agriculture (IITA), Ibadan, pointed out that Nigeria is the largest producer of cassava in the world with a production of about 54 million tons, but its yield per hectare of cassava roots is about 8 tons, less than half of the realizable yields of more than 20 tons per hectare.
Researchers say one of the factors responsible for the low yield of cassava is the low adoption of clean and healthy seeds of improved varieties of cassava by farmers.
“We have to start with the right planting material and nurture it with good agronomy and weed management practices.
“Each of these three components has the potential to raise the productivity of cassava by 30 percent.
“If we do not improve our practices in seed, weed and agronomy, we are incurring a lost opportunity of about 200 billion Naira annually from each of the three issues,” he said.
Also, Graham Thiele, Director for the CGIAR Research Program on Roots, Tubers and Bananas led by the International Potato Center (CIP); Alfred Dixon, IITA Director for Development and Delivery, and Project Leader for the Cassava Weed Management Project; Amin Babandi, Director of Agriculture, FMARD, represented by Segun Ayeni, Deputy Director, Roots and Tuber crops, FMARD; Folusho Olaniyan OON, CEO, Contact Consulting Nigeria and Program Director, AgraInnovate West Africa; Emmanuel Okogbenin, Director of Technical Operations, AATF and Robert Asiedu, Director R4D, IITA-West, all shared perspectives and added their voice for all stakeholders to jointly build a strong and sustainable seed system for cassava in Nigeria and wished all the stakeholders well.
They noted that businesses selling improved varieties and high quality cassava stems for cultivation could help African farmers significantly raise their productivity.
This will mean more Naira from the same land, inputs and effort. The benefits of this raised productivity will be enjoyed by all the stakeholders across the value chain in a sustainable way.
The meeting, which reflected on the experiences of BASICS in 2016 and refined the project plan for 2017 and beyond, brought together national and international researchers, academics, policymakers, the private sector, non-governmental organizations and farmers to a roundtable.
BASICS is commercially piloting two distinct pathways of seed delivery.
In one, called Village Seed Entrepreneur (VSE) model, in partnership with Catholic Relief Services (CRS) in Benue and with National Roots Crop Research Institute (NRCRI), in Abia, Imo, Cross Rivers and Akwa Ibom States, the project is helping develop a network of 130 community based seed enterprises.
These VSEs will source certified stems of improved varieties of cassava from NRCRI and IITA to multiply and sell to the farmers in their vicinity. This way, the farmers will not have to go far to source quality stems for planting.
In the second pilot called Processor Led Model (PLM), in partnership with Context Global Development, the project is working with large processors of cassava who will then make available quality stems to their outgrowers with a buy back arrangement for the roots produced.
Slow and low multiplication ratio has been a key constraint in cassava seed system. The project is piloting a new technology called Semi-Autotrophic Hydroponics (SAH) for vastly rapid seed multiplication.
Once this technology from Argentina is adapted and perfected in Nigeria by the Project, it is expected to have a significant impact on the ability of early generation seed businesses to quickly bring suitable varieties within reach of farmers.
The project is also working with National Agricultural Seed Council (NASC) and Fera of UK to improve the quality certification system in Nigeria.
Lawrence Kent, a senior program officer at the Bill & Melinda Gates Foundation, said the aim of the Project is to build an economically sustainable seed system that is profitable both to the sellers of quality stems and to the farmers who purchase and plant those stems.
He encouraged all to create reusable bridges to continuously link technology developers with farmers through business oriented approaches, like the one being implemented under BASICS.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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