Economy
FG Vows to Safeguard Livelihoods of Farmers
By Modupe Gbadeyanka
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has disclosed that the Federal Government was committed to safeguarding the livelihoods of farmers across the country.
Mr Ogbeh made this disclosure in his keynote address at the 2017 Farmers’ Field Day and Seed Fair organised by the National Agricultural Seeds Council (NASC) in conjunction with SEEDAN and IITA.
The Minister said the event was aimed at enlightening farmers, students and other stakeholders on the benefits of using improved seeds as against the farmers “saved seeds” which is currently the prevalent practice in the rural farming communities.
According to him, “I understand that elite varieties from both the public and private sector are included in the entries being demonstrated. This is a good indication that the private sector has tapped into the favourable environment created by government in order to contribute its quota to increase agricultural productivity and food security.”
Mr Ogbeh further said, “This administration is committed to safeguarding the livelihoods of our farmers. As part of the measures taken to curb the menace of the unscrupulous seed merchants, I am delighted to note that the Seed Council, which has the statutory responsibility of enforcing the provisions of the seed law, has embarked on public enlightenment and sensitization programmes in collaboration with the Nigeria Security and Civil Defense Corps (NSCDC).
“Also seed law enforcement surveillance is mounted in all states of the federation, to ensure the availability of quality seeds to our farmers.
“These has led to confiscation of some poor quality seeds being sold in our markets and agro-shops which will be symbolically burnt today to send signals to the culprits that it is no longer business as usual.”
He described the Seed Fair and Farmers’ Field Day as unique, pointing out that it will enhance the production of maize, sorghum, soya beans, and other crops in this immediate environment of FCT and Nigeria at large.
The Minister charged participants to “take advantage of the lessons and benefits offered by this field day to adopt the use of improved quality seeds.”
Mr Ogbeh revealed that, “In the coming years, and budgets, we shall ensure that adequate provision is made for seed improvement for the benefit of our farmers and other stakeholders in the agricultural sector.
“Undoubtedly, as aforesaid, agricultural production/productivity begins with quality seeds and seedlings.
“In the same vein, poor seeds lead to poor harvest and poor harvest accentuates poverty, human misery and the unattractiveness of agriculture to our teeming youth.
“On the flip side of the coin is that higher yields not only lead to higher incomes but also improved quality of life and greater well-being of the citizenry. With higher yields, farmers can easily pay back their loans thereby improving both the credit administration system and the resilience of the agricultural sector to internal and external shocks.”
The Minister, at the event, noted that government policies have led to bumper harvest this year.
“It is noteworthy that government is boosting our agricultural exports by putting in place measures to facilitate zero reject of our agricultural exports. These include on-going sensitization tours to sensitize producers and processors to enable our agro-exports meet the prescribed international standards.
“Government has also embarked on aggressive dissemination of proven Agricultural technologies and training of farmers through massive extension programmes, thus the Federal Department of Agricultural extension is been directed to collaborate with NASC on dissemination of seed related technologies.
“I am happy to share with you that all these efforts. They are yielding positive results as evident in anticipated bumper harvest in this year cropping season. The National Bureau of Statistics has also recently reported that our economy is witnessing positive growth and GDP, attributable mainly to increased Agricultural productivity and exports, as well as other impactful policies of Government.
“Distinguished Ladies and Gentlemen, quality seed is paramount to enhancing agricultural productivity as it contributes more than 50% of increased crop productivity per unit area. It is not only the cheapest input, but it is the critical input in enhancing the efficiency of other agricultural inputs such as fertilizers, agro chemicals, irrigation and capital,” he said.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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