Economy
New N10b WACOT Rice Mill in Kebbi Targets 120,000 Metric Tonnes
**Creates 3,500 Jobs, Eyes 50,000 Farmers
By Modupe Gbadeyanka
No fewer than 50,000 farmers will have ready market for their produce courtesy the newly built rice processing mill with 120,000 metric tonnes capacity in Argungu, Kebbi State by WACOT Rice Limited, a member of the TGI Group.
The rice processing plant, located along the Argungu-Sokoto road, is the first rice mill to be conceptualized, executed and to be commissioned during the administration of President Muhammadu Buhari.
The rice mill is part of WACOT’s expansion plan, which targets a capacity increase with additional rice plants to overall 500,000 metric tonnes in the next years.
During a pre-commissioning visit to the establishment on Thursday, Governor of Kebbi State, Mr Abubakar Atiku Bagudu; Minister of Agriculture and Rural Development, Mr Audu Ogbeh; and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, commended the Board and Management of WACOT Rice Limited for keying into the ‘self-sufficiency in rice production’ goal of the federal government.
While conducting the special visitors round the N10 billion state of the art mill, the Group Managing Director of TGI Group, Mr Rahul Savara, noted that the factory will produce top quality rice, and that it will generate direct and indirect employment for 3,500 people.
Also, WACOT’s Managing Director, Mr Ujwalkanta Senapati, adds that “WACOT views farmers as partners with whom we work hand-in-hand to improve agricultural production.”
Mr Savara further revealed that the Mill is “the first rice plant in Nigeria with captive power co-generation facility and that it will generate one MW electricity from rice husks, thereby ensuring that all by-products and waste products are fully consumed and the environment is protected.
While commending the management of WACOT for locating the mill in his State and for completing it within a short period, the visibly elated Governor Bagudu said, “what WACOT has done shows thatNigeria has friends and a friend in need is a friend indeed”, adding, WACOT is investing in Kebbi because we have created the enabling environment for business to thrive”.
The Governor also declared that once the WACOT Mill starts full operation, a large part of the rice cultivated in the State will be processed within the state, instead of being taken elsewhere for milling. He also used the opportunity to reiterate the fact that Kebbi state is endowed with massive arable land, fit for production of rice, wheat, maize, sorghum, groundnut etc.
Also, speaking during the visit, Chief Ogbeh stated that the Federal Government will continue to encourage and support organisations such as WACOT, in its efforts to enhance and stabilise food production in the country. He commended WACOT for having faith in Kebbi State and Nigeria
While applauding the focus of the Kebbi State government on Agriculture, the Minister said that it is anticipated that more state governments will embrace this laudable path, in order to promote food sufficiency and economic development in the country. He added that for the country to have lasting security, there must be concerted effort by all tiers of government to tackle the twin issues of food security and unemployment, as youth unemployment could be a time bomb for the country.
The Minister concluded by saying that “a time is coming when the most important person in Kebbi State will not be a politician but a farmer”.
On his part, the CBN governor, Godwin Emefiele lauded WACOT Limited for the feat, adding that the mill will save the country substantial amount of foreign exchange that would have gone into rice importation. He also assured the farmers that government will continue to do everything to ensure that their products are sold.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
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