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 Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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