Economy
Nigeria Must Act Fast to Avert Serious Food Disaster—ICC Nigeria
The need for federal government of Nigeria and every other stakeholder to devise a means of feeding the nation now and in years to come so as to avert serious food disaster in the country has been emphasised by Chairman of the International Chamber of Commerce (ICC) Nigeria, Mr Babatunde Savage.
Speaking at the 20th Annual General Meeting (AGM) of the ICC Nigeria/Post-AGM Lecture held at Southern Sun Hotel, Ikoyi-Lagos on Thursday, Mr Savage, who is also the Regional Coordinator of the global body for Sub-Saharan Africa, further stressed that food security was very germane to the country’s situation because it forms a core plank upon which the economic recovery and growth plan of the incumbent administration is anchored.
With an average population growth of 2.6 percent between 2010 and 2019, the United Nation Population Fund (UNFPA) had recently disclosed that Nigeria now has a population of about 201 million. The UNFPA unveiled this estimate in its 2019 State of the World Population report.
The report said that Nigeria’s population grew by about 5 million people from 2018 when the country’s population was 195.9 million. “The country has witnessed a population growth from 54.7 million in 1969 to 105.4 million in 1994 and 201.0 million in 2019”, the UNFPA stated.
He warned that the fact that the Accelerated Agricultural Development Scheme (AADS), a transformational initiative by the President Muhammadu Buhari-administration is currently delivering on its set objectives and goals is not enough for us as a nation to relax.
According to him, the explosion expected in the population in the years to come; particularly if the degree of increase in food production in Nigeria does not commensurate with the trend must be envisaged and planned for now.
Corroborating the remarks made by the ICC Nigeria boss, the guest lecturer, Dr Victor Ajieroh, Senior Programmes Officer, Nutrition Nigeria, Bill & Melinda Gates Foundation, asserted that food systems are very important to his organization because the Foundation believes that all lives have equal value.
According to him, every efficient food system should be able to deliver high quality diet and affordable nutrition; be inclusive, efficient and sustainable; as well as be resilient, sustainable and be able to take shocks.
Mr Ajieroh explained that every high-quality diet should be able to eliminate hunger, reduce all forms of malnutrition and promote sound health. Anything short of this, he stated, is an indication that the food system quality is nothing to write home about.
He revealed that with his experience at Bill & Melinda Gates Foundation, many food systems globally are yet to produce high quality diets, an instance he said requires an urgent attention by all stakeholders.
His words: “Our food systems are not yet producing high quality diets, as one in every three people worldwide are currently malnourished.”
However, he acknowledged that the scenarios are not constant as the global and local food systems regularly change as a result of policy interventions from governments and businesses.
Mr Ajieroh stated that the required interventions in the food systems should not be treated as an exclusive responsibility of each government; rather he said all stakeholders should see it as an inclusive responsibility.
He specifically charged businesses to consider themselves as part of the problem the society is facing with regards to food supply as well as part of the solution to tackle the menace.
Meanwhile, Mr Savage also bemoaned the poor transportation infrastructure in Nigeria, as he stated that the efforts being made by the current administration has not yielded the desired result. He complained that over 50% of the federal and state roads across the country are still in poor conditions.
He stated that, “This scenario does not depict any level of seriousness expected if we must, as a country, achieve the earmarked goals of the Transformation Agenda.”
Concerning security of life and property, he commended the efforts of the Federal Government, particularly the Police and other security agencies towards reducing crime rates in the country.
However, Mr Savage said ICC Nigeria has observed that the country has continued to witness insecurity in diverse forms.
He said, “The business environment has remained hostile due to illegal touting activities by hoodlums, armed robbery, kidnapping activities, vandalisation of major oil and gas pipelines in the Niger Delta; Boko Haram insurgency in the North East, and banditry in the North West. We cannot continue this way, we need to ensure that peace prevails and become the order of the day to usher in economic prosperity in Nigeria.”
The post-AGM lecture of the ICC Nigeria, which was themed The Future of Food System, was part of the activities used to mark the regional programmes for the 100th anniversary of the ICC worldwide and the 20th anniversary of the re-organization of ICC Nigeria.
Other board members present at the event are: Chief Olusegun Osunkeye, Chairman Emeritus; Chef Raymond Ihyembe, Vice Chairman; Mrs Dorothy Ufot, Treasurer; Mr Segun Olugboyegun, Member and Mrs Olubunmi Osunkeye, Secretary General.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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