Economy
Nigeria Targeting Self-Sufficiency in Wheat, Rice Production—Shettima
By Adedapo Adesanya
Nigeria is targeting self-sufficiency in wheat and rice production in the near term as part of efforts to reduce the dependence on imports to feed the country’s growing population.
Speaking during a fire-side chat with the AfDB President, Dr Akinwunmi Adesina, at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America, Nigeria’s Vice President, Mr Kashim Shettima, spoke on the government’s initiatives for food security and said the quality of present leadership in Nigeria and the rest of Africa will drive transformation in agriculture and other sectors.
According to him, “Our target towards wheat production in Nigeria is to achieve 50 per cent self-sufficiency in the next three cycles. It is inconceivable that we are the second-largest wheat importer in the world.
“Luckily, we have already procured the heat-tolerant variety of wheat seeds and we are going to drive that process by supporting the farmers with the heat-tolerant variety, agricultural extension services, and fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.
“We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation. All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees, and crop insurance.”
For rice production, the VP said the major challenge for Nigeria is the insufficiency of paddy rice, noting that the country has adequate milling capacity but “we need to produce 3 to 4 million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum. We have 75 million hectares of arable land and most of it is suited for rice cultivation.”
The VP emphasized that “we will provide our farmers with certified seeds, fertilizer, extension services, the digitalisation of services, inputs, finance, and market information. Our target is to achieve self-sufficiency in rice by 2027,” adding that with the leadership of his principal, changes will come to the critical agriculture sector.
In his words, “I want to assure this gathering of investors and stakeholders in the agricultural sector that my boss, President Bola Ahmed Tinubu is a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership.
“Be rest assured that there will be a sea change in the fortunes of the Nigerian nation and by extension the African continent in the next couple of years because Nigeria is an anchor nation.”
Mr Shettima also spoke about the Special Agro-Industrial Processing Zones (SAPZs), reiterating the administration’s commitment to providing an enabling environment for investors in the zones.
He said the government would create a SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.
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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