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
Nigerian businessman and chief executive of Dangote Industries Limited, Mr Aliko Dangote, has unveiled plans for a new phase of investments and acquisitions as the conglomerate pushes towards its target of generating $100 billion in annual revenue by 2030.
Mr Dangote disclosed this while receiving a delegation of senior executives from global investment banking and financial services firm Goldman Sachs, led by co-chief executive of Goldman Sachs International and Global Co-Head of Investment Banking, Mr Anthony Gutman, during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Lagos.
Speaking after the visit, Mr Dangote said the refinery and associated industrial facilities underscore the transformative impact of long-term investment in Africa, stressing that the group’s ambitions extend beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030.
“The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
He added that detailed internal modelling had reinforced management’s confidence that the Group’s target of generating $100 billion in annual revenue by 2030 was achievable.
According to him, the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
Mr Dangote also revealed that the strong participation of employees in the refinery’s recent private placement reflected growing internal confidence in the company’s long-term strategy and future prospects.
The Goldman Sachs delegation, after an extensive tour of the 700,000 barrels-per-day refinery, described the project as an extraordinary achievement.
“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the executives said.
According to a statement issued by Dangote Group on Friday, the delegation was led by Mr Anthony Gutman and included Mr Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Mr Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Mr Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa).
The visitors were received by Dangote; Group Vice President, Oil & Gas, Mr Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, Mr David Bird; Group Executive Director, Oil & Gas, Ms Fatima Aliko Dangote; Chief of Staff to the President/CEO, Ibrahim Dikko; Group Chief Branding and Communication Officer, Mr Anthony Chiejina; Group Chief Economist, Mr Hassan Mahmud; Group Chief Strategy Officer, Mr Aliyu Suleiman; and Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Mr Musa Bala, among other senior executives.
By Adedapo Adesanya
The Senate Public Accounts Committee has heard that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports on the oil and gas sector.
According to the commission, crude and petroleum product losses cost N16.2 billion, pipeline repairs accounted for N22.05 billion, while strategic stock holding attracted N6.75 billion.
The revelations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which successive governments maintained to keep the pump price of petrol artificially low despite mounting fiscal pressures.
Over the years, subsidy payments consumed trillions of Naira, significantly reducing revenues available to the three tiers of government and contributing to widening budget deficits.
The issue reached a turning point in May 2023 when President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech, declaring that “fuel subsidy is gone.” The decision followed years of concerns over the rising cost of the programme, allegations of fraud, and repeated recommendations by fiscal authorities and international financial institutions that the subsidy had become unsustainable.
The removal triggered a sharp increase in the pump price of Premium Motor Spirit (petrol), leading to higher transportation and living costs across the country. In response, the federal government introduced a series of palliative measures, including cash transfers, support for mass transit, and wage-related interventions, while arguing that savings from the subsidy would be redirected to infrastructure, education, healthcare, and other critical sectors of the economy.
The commission also argued that the current method of calculating the 13 per cent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
By Adedapo Adesanya
Businesses in the country expect the Naira to gradually appreciate against the US Dollar between now and January 2027, according to the Central Bank of Nigeria’s (CBN) July 2026 Business Expectations Survey Report released on Thursday.
The report showed that the Business Confidence Index (BCI) remained positive throughout the review period despite perceived macroeconomic challenges. It noted that all sectors expressed optimism about the economy, with the electricity, gas and water sector posting the highest Business Confidence Index of 59.4 points and the strongest expansion prospects for August 2026.
According to the report, “In July 2026, the Business Confidence Index was 5.7 points, reflecting continued optimistic sentiment among formal businesses.”
It attributed the positive sentiment mainly to increased demand (22.3 per cent), economic diversification (21.4 per cent), and improved access to finance (15.0 per cent). However, respondents identified inflation (27.7 per cent), energy-related challenges (23.4 per cent), insecurity (22.4 per cent), and heightened geopolitical uncertainties (16.5 per cent) as the major factors weighing on business confidence.
On the outlook by broad sector, the central bank said confidence remained positive across all sectors in July. The Industry sector recorded a modest improvement, with its index rising to 11.5 points from 10.5 points, while the Services sector increased to 3.6 points from 2.9 points.
By contrast, the Agriculture sector recorded a significant moderation, with its index falling to 3.4 points from 12.2 points.
Despite this, the apex bank said the six-month outlook remained upbeat, with confidence indices across all sectors indicating positive expectations over the review period.
On the macroeconomic outlook by region, the report noted a divergence in sentiment, with businesses in Northern Nigeria expressing stronger confidence than their Southern counterparts in July. Nevertheless, respondents across all regions maintained positive expectations for August.
