Economy
FG Releases 49 New High Yield Crop Varieties to Farmers
By Adedapo Adesanya
The Federal Government of Nigeria has released 49 new high yield crop varieties to farmers through the National Varieties Release Committee (NVRC) to boost food production in the country.
This was disclosed by Mr Oladosu Awoyemi, the NVRC Chairman at the 30th meeting of the National Committee on Naming, Registration and Release of Crop Varieties, Livestock Breed/Fishes in Ibadan, Oyo State yesterday.
He explained that “All the 49 hybrid varieties of 11 crops submitted for consideration, registration and release by the Nigerian research institutes and private sector seed companies were approved for release.
“The released crop varieties include two rice hybrids namely Arize 6444 Gold and Arize TEJ Gold.
“Two high protein-rich oat varieties namely SAMOAT 1 and SAMOAT 2, three Durum wheat varieties namely LACRI-WHIT 12D and LACRI- WHIT 13D.
“Three pro-Vitamin A hybrids cassava, namely UMUCASS 52, UMUCASS 53 and UMUCASS 54.
“Nineteen maize varieties namely ILOMAZ 2; HAKIM 1, HAKIM 2; HAKIM 3; DK7500; SAMMAZ 64, 65, 66, 67; Drought TECO WE8206; WACQH6, WAC55E, WAC14M5, among others.”
On the activities of NVRC, he said the decree that set up the committee makes it mandatory “for anybody who wants to release new varieties of crop into the Nigerian farming community to send samples of that seed to research institute that is relevant for it”.
“The research institute will test such seed across the ecological zones for which it is recommended.
“And, when they are satisfied that it is suitable for cultivation in Nigeria, then, they will bring it to the committee to officially consider it for release on registration.
“We have a national register of all important that are produced in Nigeria that has been certified by the committee.
“And, if there is any new research officer who wants to go into any crop he has to go into the register to see what has been done in the past before he can now start of what to do in the future,” he explained.
In his remarks, Mr Mohammed Al Hassan, the Commissioner for Agriculture in Jigawa, who sponsored the release of Durum Wheat said, “this is the first time hard wheat (durum wheat) would be registered and released to Nigerian farmers.
According to Mr Alhassan, Durum wheat is very high in yielding as it has very low fertilizer requirement, and produces big grains which are attractive and the price is different in the markets which make it give farmers high earnings.
He said that the expectation of farmers in Jigawa was to continuously improve varieties of various crops planted in the state.
Mr Alhassan said the vision of the state government “is to make sure that economy of the country was improved through agriculture for the benefits of Nigerians, especially people of Jigawa.”
On his part, Mr Sheu Ado, the National Coordinator for Maize Research, said the development in the new crops varieties were encouraging.
According to Mr Ado, some crops, which are not even grown previously in the country, such as oat, “is now being cultivated to improve the availability of food in the country.
“If we can grow our own oat, then, such amount of money expended in foreign exchange on importation of oat will be conserved for the country.”
In his remarks, Mr Olusegun Ojo, the Director-General of National Agricultural Seeds Council (NASC), said the 49 crops that have been officially released by the committee would be passed on to the council.
Mr Ojo said the council would make arrangements for wide multiplication of the crop for distribution to all farmers across the country.
“The expectations of the farmers will be higher yields, better resistance crops and at the end of the day, what farmers will be taken home as a result of the higher yields would be higher productivity and more income in their pockets.
“The process of getting a crop released for broad distribution involves testing the seed at research institutes and on farmers’ fields across the country.
“It is only when representatives of farmers have accepted that the crop is good for them and that such crop is better than the old varieties, then we bring it to the committee for consideration for official release,” he said.
Adding his input, Professor Abdullahi Mustapha, the Director-General, National Biotechnology Development Agency (NABDA), said the agency was saddle with the responsibility of looking into the genetic constituents of the crops.
“Looking at it from that angle, this is the transformation of the crops and bringing in new varieties of the crops; it affects genes constituent so the gene threat is what defined the quality, the yield and characters there.”
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
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