Economy
FG Designs Online Portal to Monitor Agric Interventions to Farmers
By Modupe Gbadeyanka
An online portal aimed to ensure efficient and effective monitoring of federal government intervention in the agricultural sector has been designed by the federal government.
The Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono, disclosed that the initiative will capture the biodata of about 10 million farmers and link it with geographical information of their farmed plots, crops and the volumes of production in the country.
Speaking during the opening ceremony of the 44th council meeting of the National Council on Agriculture and Rural Development (NCARD) held at the International Conference Centre, Abuja on Thursday, June 17, 2021, the Minister said the portal was initially designed to “capture the data of 2.4 million farmers across the country, the results from the exercise have encouraged the Economic Sustainability Plan team to expand the data capture to 10 million farmers.”
He stated that the database will be “a platform for the federal government interventions going forward, putting an end to ghost schemes and other unscrupulous practices in the agricultural industry.”
Mr Nanono noted that “a major hallmark of our agricultural interventions is inclusiveness. We have catered for the youths, women, and many demographic considerations in our implementation strategies.”
The Minister explained that “as a stop-gap intervention, we launched the Agric for Food and Jobs Program, originally conceived as an input loan for smallholder farmers across several commodities including maize, rice, cotton, groundnut, sorghum, cowpea, soybean, sesame, cassava and oil palm.”
“The scheme brought into a partnership with the Central Bank of Nigeria (CBN), Commodity Association and Agricultural Platform Companies for effective facilitation.
“This we believe will not only improve production significantly but also aid in the off–taking of produce while providing input at a reduced price due to economy of scale,” he said.
Mr Nanono noted that “the challenges brought by the emergence of the COVID–19 pandemic, floods and insecurity has galvanised the government into setting up a necessary structure to address the infrastructural deficiency, technology gaps, security challenges, and extension inadequacy.”
“This approach is believed to be the right one for achieving our desired economic diversification and national development,” the Minister added.
He noted that the NCARD would promote the existing policies, programmes, and projects at the national and sub-national levels for the purpose of entrenching synergy, best practices, entrepreneurship, livelihood, and growth in the sector.
Mr Nanono reemphasised that “agricultural productivity can only improve through the mechanization of production activities. In our effort to improve the agricultural production profile of the country, we have entered into a partnership with the government of Brazil through one of their foremost technology transfer, the Fundacao Getulio Vargas (FGV).”
He further said that “this partnership has yielded an agricultural mechanisation loan to the tune of €995 million. This shall be granted to Nigerian entrepreneurs to establish service centres across all the 774 Local Government of the country, selling services to all categories of farmers and thereby helping to improve their productivity.”
“The services centres shall be either a Type 1, supporting production activities or Type 2, supporting processing and packaging activities,” he explained.
The Minister informed that “the ministry in collaboration with the Nigerian Export Promotion Council (NEPC) has been working to exploit a strategic advantage in the production of commodities like sesame, hibiscus, cotton and sorghum to improve production protocols to conform with internationally acceptable standards, maintenance of an exporters’ directory and exporter certificate verification portal.”
He stressed that “the ministry has embarked on increasing the number of available extension workers in the different aspects of our operations. This year, about 1,200 extension workers have been trained.”
The Minister highlighted that “with the green imperative project launching soon, there is a component of it that will see the training of extension workers in agricultural mechanisation and other important aspects of crop and livestock operations.”
He pointed out that “the National Livestock Transformation Plan (NLTP), has been adjudged worldwide to be a well-conceived project which seeks to transform our livestock sector from the nomadic – dependent sector into an organised ranching one.”
“To this end, 22 states and Federal Capital Territory have registered with the NLTP Office. Seven of these 10 states have also earmarked about 19 grazing reserves for the implementation of the NLTP, with a total land size of approximately 400,000 hectares,” he said.
According to him, it is, therefore, safe to say, that NLTP, when fully implemented, will bring an end to the incessant clashes between the farmers and herdsmen at the same time introduce the herders to the modern way of raising cattle, with all added benefits of improved feeding, animal and human, genetic improvement, value addition and better socio-economic standing for all participants.
In his remarks, the Minister of Federal Capital Territory Administration (FCTA), Mr Mohammed Musa Bello, represented by the Special Assistant, Prof. Mohammed Usman, said that the theme of this year’s council meeting Agriculture and Food Security in the face of COVID-19, Floods and Insecurity is apt enough and a reminder to the effect that we are yet to win the fight on the pandemic.
He added there is a need for robust interaction and ideas among stakeholders on how to reposition the Agricultural sector.
In his welcome address, the Minister of State, Agriculture and Rural Development, Mr Mustapha Baba Shehuri, said that “Nigeria economy had its GDP contracted for two consecutive terms of the second and third quarter in 2020; leading to recession.
“It was in the fourth quarter of 2020 that the economy returned to positive growth with GDP expanding to 0.1 per cent from the contraction of 3.6 per cent (negative growth) experienced in the third quarter. The feat was achieved through the contribution mainly attributed to the performance of the agricultural sector.”
Mr Shehuri observed that “as a matter of fact, local production of maize, rice, cassava, potatoes, yam, and other staples steadily increased, it is also the same story in livestock, fisheries and dairy sector. The fact that we did not import food during the lockdown era was a testimony that we can grow what we eat and eat what we produce.”
In his goodwill message, the Chairman, House Committee on Agricultural Production and Services, Mr Muntari Mohammed Dandutse, stated the National Assembly would fast-track the bills being raised as an outcome or resolution of the NCARD towards achieving food security and job creation.
While giving a vote of thanks, the Permanent Secretary in the Ministry, Mr Ernest Umakhihe, thanked the stakeholders for their commitment and technical support during the 44th Regular Meeting of the National Council on Agriculture and Rural Development.
For businesses operating across borders, payments are no longer simply the final step in a transaction. The way money moves can influence where a company sells, how quickly it can enter a new market, and how easily customers can complete a purchase. As digital payment methods become more diverse, businesses are adjusting not only their checkout options but also the way payment processes fit into wider operations.
This shift is particularly visible in international commerce. A company can now serve customers in multiple markets without relying on a single payment method or a traditional physical presence in each location. Digital payments have become part of the infrastructure that supports increasingly distributed business models.
A More Connected Payment Environment
Global commerce has created a more complicated payment environment. Customers in different countries may have very different expectations about how a purchase should be paid for. Some markets rely heavily on cards, while others have seen rapid adoption of digital wallets, bank-based payment methods, or other local alternatives.
For businesses, this variety creates both opportunities and practical challenges. Offering payment options that customers recognize can reduce friction during a transaction, while supporting several markets may require businesses to work with different payment technologies and providers.
Digital payments have therefore become closely connected to market expansion. A company entering a new country does not only need to consider demand for its products or services. It also needs to understand how customers in that market prefer to pay and whether its existing payment setup can accommodate those expectations.
More Choices for Businesses and Customers
The growth of digital payments has expanded the range of choices available on both sides of a transaction.
Consumers can increasingly choose between cards, digital wallets, bank transfers, mobile payment methods and other forms of electronic payment. Businesses, meanwhile, can select from different technologies and payment providers depending on their markets and operational requirements.
This development has changed the role of payments in the customer experience. Payment is no longer necessarily treated as an isolated technical process that begins only after a purchasing decision has been made. The available options can influence whether a customer completes a transaction in the first place.
For international businesses, flexibility can be particularly important. A payment method that is familiar and convenient in one market may be less relevant in another. Supporting a broader selection can allow businesses to adapt their payment experience without changing the underlying product or service.
The Rise of Alternative Payment Models
Traditional card and bank-based payments remain important, but the digital payments landscape has expanded beyond these established methods. Digital wallets, account-to-account payments, mobile solutions and cryptocurrency have all contributed to a broader definition of what a digital transaction can look like.
Cryptocurrency remains a smaller part of the overall payments landscape, but it has created another category of payment technology for businesses to consider. Specialized solutions such as BitHide can provide businesses with tools for handling crypto payments as part of their broader payment operations.
The significance of this development is not necessarily that every business will adopt cryptocurrency. Rather, it demonstrates how the payment landscape continues to diversify. Businesses operating internationally can increasingly choose from different models instead of relying on a single approach across every market.
Payments Are Becoming Part of Business Operations
As payment systems become more digital, their role increasingly extends beyond accepting money from customers. Payment processes can interact with accounting, order management, customer records and other parts of a company’s digital operations.
This is particularly relevant for businesses with large transaction volumes or customers in multiple countries. Manual payment processes can become difficult to manage as the number of transactions, currencies and payment methods increases. Digital systems can help businesses organize these processes within a wider operational framework.
The result is a gradual shift in how companies think about payments. Instead of treating payment processing as a separate function, businesses are increasingly considering it alongside other elements of their digital infrastructure.
This does not mean that every company needs a complex payment setup. The appropriate approach depends on the business model, target markets, transaction volumes and types of customers involved. For some companies, a small number of established payment methods may be sufficient. Others may need a more flexible arrangement because of the markets they serve.
Adapting to Different Markets
One of the more important changes brought by digital payments is the ability to adapt payment experiences to different markets.
International businesses often face differences in consumer behavior, financial infrastructure and preferred payment methods. A payment strategy that works well domestically may therefore require adjustments when a company expands internationally.
Digital payment technology can make these adjustments more practical, but it does not remove the need for local market knowledge. Businesses still need to understand customer preferences, applicable requirements and the practical costs associated with different payment methods.
This makes payment strategy part of international expansion rather than an issue that can be addressed only after a new market has been entered.
What Comes Next for Global Businesses
The digital payments market is likely to continue becoming more diverse as businesses and customers adopt new ways of moving money. The important change may not be the replacement of one payment method by another, but the growing ability to combine different methods according to the needs of a particular business or market.
For global companies, this creates an emphasis on adaptability. Payment systems need to support the way a business operates rather than becoming a limitation on where and how it can sell.
Digital payments are consequently becoming more than a convenient alternative to cash or traditional payment processes. They are increasingly connected to international commerce, customer experience and day-to-day business operations. As payment options continue to develop, companies that can adapt their payment strategies to different markets will be better positioned to operate in an increasingly digital global economy.
By Adedapo Adesanya
The Dangote Refinery accepted 52.6 million barrels of crude oil and condensate from producers in the second quarter of 2026, representing 78 per cent of the 68.1 million barrels offered to the refinery, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The refinery, which required about 63 million barrels during the three-month period, received the largest share of crude volumes offered to domestic refineries, accounting for about 98 per cent of total volumes offered by producers.
The figures were contained in the commission’s latest data on the implementation of the Domestic Crude Supply Obligation (DCSO), which showed that producers supplied 53.7 million barrels to local refineries between April and June.
The Q2 performance translated to a 97.4 per cent compliance rate with the DCSO, which is enforced by the NUPRC under Section 109 of the Petroleum Industry Act (PIA) 2021.
The agency said the DCSO framework operates on a “willing buyer, willing seller” basis, with monthly consultations between producers and refiners used to determine crude allocation volumes.
Despite producers offering the Dangote Refinery about 5.1 million barrels more than its quarterly requirement, the plant accepted 52.6 million barrels, leaving about 15.5 million barrels of the offered volume unaccepted.
NUPRC said the difference highlighted the need for continued coordination between producers and domestic refiners, particularly on commercial terms and logistics.
The commission attributed the improved DCSO compliance in the second quarter to increased local crude production and the signing of long-term crude supply agreements backed by bankable Sales and Purchase Agreements (SPAs).
According to NUPRC, these agreements have reduced transactional difficulties and improved the predictability of crude supply, enabling domestic refineries to plan their offtake more effectively.
Monthly data showed mixed performance during the quarter. In April, producers offered 19.31 million barrels against an allocation of 18.13 million barrels, while refineries received 20.88 million barrels, representing a 114.9 per cent delivery rate.
In May, producers offered 23.19 million barrels against an allocation of 18.78 million barrels, but actual deliveries fell to 14.23 million barrels, resulting in a 75.8 per cent compliance rate.
In June, producers offered 26.84 million barrels against an allocation of 18.17 million barrels, while refineries received 18.61 million barrels, representing a 102.4 per cent performance rate.
The NUPRC said it would continue to enforce the DCSO under the PIA while leveraging increased domestic production and commercial supply arrangements to support Nigeria’s energy sufficiency objectives.
By Modupe Gbadeyanka
The Group Chief Innovation and Technology at Meristem, Mr Stanley Jacob, submitted that the core financial challenge facing Nigeria and Africa is not funding, but a lack of financial architecture and project readiness to deploy existing capital safely and productively.
At a forum organised by The Alternative Bank (AltBank) last Thursday in Lagos, Mr Jacob tasked policymakers to think out of the box, noting that the continent holds vast domestic capital pools.
At the event themed Beyond Interest, he also disclosed that the convergence of the Pan-African Payment and Settlement System (PAPSS) with the tokenisation of real-world assets could hand Nigeria a first-mover advantage in continental capital markets.
This sentiment was echoed by the Executive Director of Tugrande Alliance Limited, Ajibola Tobi-Osho, who pointed out that while Nigeria has moved from crisis management to macroeconomic stability, the binding constraint has shifted from inflation to capital allocation, with banks parking record liquidity at the central bank rather than lending to the businesses that drive jobs and growth.
Last Thursday’s programme was convened to advance the case for non-interest finance as a practical route to mobilising patient capital into Nigeria’s productive economy, as well as press investors and policymakers to judge every allocation by both the returns it earns and the capacity it builds.
The chairman of The Alternative Bank, Mr Muhtar Bakare, stated that Nigeria’s constraint is less a shortage of capital than a shortage of the trust that allows capital to do patient work.
“What we lack is not effort. We lack capital that stays long enough to turn effort into capacity, capacity into durable jobs and durable jobs into stability. That is why the distinction between extractive and productive capital matters,” he said.
Also speaking, the Governor of Lagos State, Mr Babajide Sanwo-Olu, averred that the government is not a competitor to private investment but an enabler of it.
“The future of finance is not only about the price of capital; it is increasingly about the quality of the economic activity that capital enables. Lagos is not only open for business; Lagos is prepared to do business,” Mr Sanwo-Olu, represented by the Commissioner for Finance, Mr Abayomi Oluyomi, stated.
In his remarks, former Governor of Lagos State and former Minister of Works and Housing, Mr Babatunde Fashola, argued that capital anchored to real, productive assets and to the public good delivers more durable value than money chased for short-term yield, and urged investors and institutions to weigh the long-term social returns of where they place their funds.
Delivering his brief on The Business Case for Ethical Capital, a member of Sterling Financial Holdings Company Plc board, Mr Abubakar Suleiman, traced The Alternative Bank’s journey from a modest non-interest window opened by Sterling Bank in 2014 to an institution he said now holds total assets approaching ₦500 billion and serves nearly a million customers.
“The Alternative Bank has shown that non-interest banking can grow, win customers, and generate profit. The business case for ethical capital already exists. Our task is to apply it with discipline,” he stated.
He pointed to WasteBanc, AltBank’s recycling initiative with the Lagos Waste Management Authority, and to Nigeria’s sovereign Sukuk programme as evidence that values-aligned finance can hold to commercial standards while connecting capital to identifiable, productive assets.
