Economy
Nigerian Yams Not Rejected Abroad—Exporters
By Modupe Gbadeyanka
The exporters of yam to the United Kingdom and the United States have disputed the reports, initially aired by the Africa Independent Television (AIT), purporting that the yams exported after the official flag-off ceremony on June 29, 2017 were rejected at their export destinations.
The symbolic event, done at the Lilypond Container Terminal in Lagos by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, meant to boost the morale of Nigerian exporters and make a bold statement to the global marketplace, has drawn widespread criticisms on various media platforms.
A statement issued by the Minister’s Special Adviser on Media and Communications, Mr Olukayode Oyeleye, stated that the concerned exporters and other prospective exporters have expressed worries about the potential impact of the negative publicity on their prospects at the export market in the wake of federal government’s initiative on diversification of the economy through agricultural produce export.
Most commentators and analysts in the mainstream and social media have retailed the negative aspect of the laudable initiative and have played up the wrong versions of the export story. Discussions with the exporters have since shown the prevailing storyline as inappropriate and misleading.
First, the exporters to the UK and US have emphatically said that their consignments were successfully cleared at the ports and delivered them to their various warehouses. They said, although some cases of tuber spoilage were reported in both cases, these were separated from the good ones, and the good ones were distributed to the buyers.
The exporters noted that Ghana, which has been exporting yams for a while, routinely records cases of spoilage, without making any public issues therefrom; and their yams don’t get rejected as a result.
Mr Michael Adedipe of ADES UK Foods and Drinks for the UK, whose warehouse was visited by AIT, has deplored the AIT report and other subsequent commentaries about rejection of his yams by the UK authorities.
Mr Adedipe has said emphatically that the consignment was not rejected; “It was cleared.”
According to Mr Adedipe, who confirmed that he spoke to AIT, “I’ve watched the (TV) programme which lasted for about two hours. All the positive stuff removed. We that decide to venture in this project are aware of the risks involved because, this fresh produce … we’ll expect five or 10 percent damages. I don’t know why they said the product got rejected. I’ve sent my release note. I’ve sent video of loading. I’ve sent every documentation to say that there is no issue like that at all.”
On the spoilage of yam, Mr Adedipe explained that “the failure has nothing to do with the Ministry of Agriculture, but the Nigerian Ports Authority (NPA). That’s where I see the failure.”
He expressed disgust at the mishandling of his comments by the AIT reporter, saying: “I told him, he is aware of it. He knew about the delay, I told him about all the consignment. He knew every single thing that happened. But what he did the most is to use all the negative stuff. We talked about other things. I told him how I came into the UK to go and fix our problem. All those were removed from the report.”
Mr Adedipe, who has vowed not to stop yam export business, disclosed that “the other mistake was the shipping line we used. But they were the ones that were available.”
According to him, in spite of the sour experience with media report, “I’m willing to invest. I still expect…at least to take a container from Nigeria every week.”
Managing Director of Wan Nyikwagh Farms Nigeria Limited, Mr Yandev Amaabai, has strongly disputed the yam rejection story and said it doesn’t even tally.
“The story from AIT was focused on the UK. So far, I am the only person who has lifted yam to the US. Whatever we can do to clarify this issue will be good. We learn as we progress. The whole idea that government brought was to diversify the economy.”
“My goods actually got to the US on September 7, 2017. The ship berthed on September 2, 2017, but, because of the flooding in Texas, we couldn’t discharge until the 7th. They were cleared from the Customs and brought to the warehouse on the 7th. Yams are perishable items and, definitely, some may go bad on the way. But, this statement that says the American government rejected Nigerian yams, where does it come from?
“Our yams were released to us and we took them to the stores. We sorted out our yams when they got there. We distributed them to the off-takers. So, where they got this story from, I don’t know. Nobody has ever called from anywhere, even in the US, to ask me question. If a few yams got rotten, and I am not complaining, why are people crying more than the owner? I have all the papers. The Customs cleared my goods on the other side. And these things went to my warehouse from where we distributed.”
If Ghana, which produces 4.8 million tonnes of yams, according to 2008 estimates, occupies a niche as the leading exporter of crop, accounting for over 94 percent of total yam exports in West Africa, Nigeria which is by far the world’s largest producer of yams, accounting for over 70 to 76 percent of the world production, producing 35.017 million metric tonnes valued equivalent of $5.654 billion by the 2008 estimates should do better than Ghana in the export market
Ghana is the first country in West Africa to launch its national yam development strategy in 2013. The country aims at US$5billion dollars of exports by 2018. Nigeria, which produces seven times Ghana’s production volume, is beset with criticisms over attempts to bring it to the global yam markets. About 90 per cent of Ghana’s yams are exported to the US, Canada, UK and elsewhere in Europe. There are more Nigerians than Ghanaians in these countries, meaning more prospects for Nigerian exporters.
Mr Ogbeh has said that Nigeria, the largest producer of yam in the world, is not anywhere near the capacity to export and remains so much a nation of consumers.
He stressed that “Nigeria must export” as the “country’s economy is increasing, and in ten years’ time, oil and gas is going to drop. Then we may have nothing to earn foreign exchange except we begin to diversify our export base now.”
With all these prospects in view, the Minister expressed surprise at the negative news trailing his effort at putting Nigeria on the global yam export market, saying “we’re not going to stop because this is not enough to demoralise us. We have food to export. Never mind what so-called critics are doing.”
“In the ministry of agriculture,” he said, “we are not exporters. The ministry does not export. We’re going to talk to the port authority on cooling vans for vegetables and fresh produce so that exporters don’t lose money and we don’t lose face. We should begin to build cold trucks that are temperature-controlled to keep the yams till the time they have to go. We should invest in special containers for their storage.”
“If other countries are doing it, we too can do it. We’re trying to take over the market. We’ve come to nearly 70 per cent of raw output of yams. Why can’t Nigerians in Texas, Canada, London and Germany have access to the yams?”
The Minister vowed that “we will go ahead with our efforts to export yam. We will not let this opportunity slip any further. We are determined to position our people to capture the investment opportunities and benefits in the yam export to these countries. We will fix the yam export value chain. We have the volume and the market.”
“We will emphasise global best practices, engage with world class experts and international organisations as well as leverage the strength in indigenous knowledge. We will support investment in relevant infrastructure and facilities.
“We will revive the abandoned yam conditioning centres in Ekiti and Nassarawa states while we encourage the construction of new ones with appropriate equipment to boost storage and export prospects. We appeal to Nigerians, in the spirit of patriotism, to see the silver lining around the cloud of the week of misinformation about yam export.
“We have commenced engagement with the National Assembly for the repeal of the 1989 law that prohibits export of yams and other agro-commodities.
“Currently, the bill has passed the second reading at the National Assembly. The continued existence of this law is an obstruction against the economic diversification and export initiative of this administration. We plead with the National Assembly to fast-track the repeal of the law and help us further unlock our export potential,” he said.
Economy
NAICOM Mandates 0.25% Premium Levy for New Protection Fund
By Adedapo Adesanya
All insurance and reinsurance companies operating in Nigeria are required to remit 0.25 per cent of their annual net premium income to a new fund, according to new guidelines by the National Insurance Commission (NAICOM).
The insurance regulator has issued binding guidelines for a new industry-wide protection fund that will compel every licensed insurer and reinsurer in the country to make annual cash contributions, or risk losing their operating licence.
NAICOM published the framework for the Insurance Policyholders’ Protection Fund (IPPF) under the authority of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law last August.
The guidelines, which take effect immediately, did not disclose an initial capitalisation target for the fund or a timeline for when it would be considered adequately funded for resolution purposes.
The IPPF is designed to function as a resolution backstop as a capital pool available to settle outstanding policyholder claims when a licensed insurer or reinsurer becomes insolvent or enters regulatory distress.
The mechanism addresses a longstanding vulnerability in the Nigerian market, where policyholders holding valid claims against failed insurers have historically had no guaranteed recourse.
The 0.25 per cent payments are due into designated deposit money bank accounts no later than June 30 each year.
NAICOM said it will supplement industry contributions by injecting 0.25 per cent of the balance held in the existing Security and Insurance Development Fund (SIDF) into the IPPF annually, creating a dual-stream capitalisation model.
The guidelines state explicitly that failure to remit the full assessed contribution within the stipulated timeframe shall constitute grounds for suspension or cancellation of an operator’s licence. The same penalty framework applies to defaults on any loans extended from the fund.
Day-to-day management of the IPPF will be delegated to an independent professional Fund Manager, subject to a minimum paid-up capital threshold of N5 billion.
Investment activity is restricted to low-risk, government-backed instruments. This is a deliberate constraint intended to preserve liquidity and protect the fund from market volatility.
Members are bound by a Code of Conduct that bars them from using their positions for personal advantage or to direct decisions in favour of any insurer, reinsurer, or connected party.
The guidelines introduce a mandatory early-warning mechanism: insurance operators who become aware of imprudent practices within their organisations or elsewhere in the industry are required to report such conduct to NAICOM within five working days.
The commission has provided explicit anti-retaliation protections, stating that no whistleblower shall be subjected to retaliation, intimidation, or any form of adverse action for making a disclosure.
Economy
Organised Private Sector Seeks Tinubu’s Help to Halt CETA Bill Passage
By Modupe Gbadeyanka
President Bola Tinubu has been called on to use his influence to halt the passage of the proposed Customs, Excise and Tariff Amendment (CETA) Bill.
The proposed piece of legislation is currently before the National Assembly, and it seeks to introduce a percentage levy per litre of the retail price on non-alcoholic beverages.
In an outlined advertorial published in key newspapers, the Organised Private Sector of Nigeria urged the federal government to engage with the leadership of the parliament to stop the ongoing legislative process with a view to stepping down the CETA Bill, thus allowing the executive-led fiscal reforms to be fully integrated and aligned.
The OPS comprises the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), and the Nigerian Association of Small and Medium Enterprises (NASME).
In the advertorial signed by the presidents of all members of the group, it was submitted that allowing for more talks would strengthen policy coherence, enhance predictability, and improve the effectiveness of the nation’s excise framework.
It was stressed that halting the bill would also encourage structured, evidence-based engagement with industry stakeholders, thereby ensuring that any future measures will effectively balance revenue generation, public health objectives, and economic sustainability.
“While we fully support well-designed fiscal reforms and evidence-based public health interventions, we are concerned that the Bill, in its current form, raises significant social, economic, administrative, and legal issues that could undermine Your Excellency’s broader fiscal reform objectives,” the body stated.
While calling on the government to restrain the Senate from proceeding with the process, the organisation noted that the proposed levy would therefore constitute a regressive measure, reducing consumer purchasing power without providing viable alternatives or meaningful public health support.
Commenting on the impact of such a levy on industry stability, investment, and employment, OPS stated that the sector was already under severe pressure from exchange rate adjustments, high energy costs, and rising prices of imported inputs, packaging materials, and machinery.
“An additional excise burden would further increase production costs, reduce capacity utilisation, delay or cancel planned investments, and threaten the livelihoods of thousands of small distributors, retailers, and informal traders who depend on high-volume, low-margin sales.
“These pressures would inevitably be passed on to consumers through higher prices, leading to reduced demand and potential further job losses across the value chain,” it stated.
While commending the president for the leadership and bold economic reforms undertaken since assuming office in 2023, it noted that the reforms have played an important role in restoring macroeconomic stability and rebuilding confidence within the business community.
Economy
CSCS, Afriland Properties, MRS Oil Weaken NASD Exchange by 1.12%
By Adedapo Adesanya
Three stocks further weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.12 per cent on Wednesday, April 8, with the Unlisted Security Index (NSI) down by 44.43 points to 3,930.91 points from the previous day’s 3,975.34 points, and the market capitalisation went down by N26.59 to N2.351 trillion from N2.378 trillion.
MRS Oil lost N11.00 during the session to close at N161.00 per share compared with Tuesday’s closing price of N172.00 per share, Central Securities Clearing System (CSCS) Plc dipped by N3.74 to N67.95 per unit from N71.69 per unit, and Afriland Properties Plc fell by N1.10 to sell at N15.95 per share versus N17.05 per share.
There were two gainers at the midweek trading session, led by IPWA Plc, which appreciated by 55 Kobo to N6.61 per unit from N6.06 per unit, and First Trust Mortgage Bank Plc improved its value by 4 Kobo to N2.32 per share from N2.28 per share.
Yesterday, the volume of securities rose by 620.4 per cent to 5.7 million units from 797,264 units, the value of securities increased by 25.1 per cent to N32.7 million from N26.1 million, and the number of deals climbed by 12.1 per cent to 37 deals from the preceding session’s 33 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by CSCS Plc with 57.2 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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