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 Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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