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Nigerian Yams Not Rejected Abroad—Exporters

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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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Naira Stable at N1,357/$1 at Official Market, N1,395/$1 at Black Market

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Naira-Dollar exchange rate gap

By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the different segments of the foreign exchange (FX) market on Friday, August 14, according to data obtained by Business Post.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency remained unchanged at N1,357.65/$1, but lost N6.05 against the Pound Sterling to trade at N1,840.10 versus the previous session’s N1,834.05/£1, and depreciated against the Euro by N4.70 to sell for N1,571.70/€1 compared with the preceding day’s N1,567.00/€1.

At the black market, the Nigerian currency traded flat against the Dollar at N1,395/$1, but gained N3 at the GTBank forex desk to quote at N1,364/$1 versus Thursday’s exchange rate of N1,367/$1.

Data from the Central Bank of Nigeria (CBN) showed that interbank FX transactions surged by 51.2 per cent to $119.594 million from $79.097 million. These transactions were executed in 137 deals, higher than the 98 deals recorded a day earlier.

FX inflows from exporters, remittances and other sources, alongside demand from importers and individuals requiring Dollars, continue to shape market conditions.

Meanwhile, the cryptocurrency market recovered yesterday after experiencing a downturn in the previous sessions following reports that index provider MSCI has proposed new “non-operating company” screens for its Global Investable Market Indexes. Although the framework does not explicitly target cryptocurrency, it evaluates whether a company’s core operating assets constitute more than 50 per cent of its total holdings.

Heavy digital asset treasury adopters, including Strategy and Metaplanet, fail the proposed criteria and face potential removal during upcoming index rebalancings. While inclusion in major equity benchmarks previously allowed passive index funds and ETFs to automatically acquire these stocks, their removal could trigger forced institutional selling.

Dogecoin (DOGE) grew by 0.7 per cent to $0.07, Binance Coin (BNB) expanded by 0.6 per cent to $611.34, Ethereum (ETH) added 0.4 per cent to trade at $1,879.65, and Bitcoin (BTC) increased by 0.2 per cent to $63,045.87, with Ripple (XRP), the US Dollar Tether (USDT), and the US Dollar Coin (USDC) flat at $1.00, respectively.

But Cardano (ADA) lost 1.2 per cent to trade at $0.1795, TRON (TRX) shed 0.4 per cent to finish at $0.3323, and Solana (SOL) declined by 0.2 per cent to $75.60.

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Economy

Tanker Attacks, Stalled US-Iran Peace Pact Buoy Oil Prices

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oil prices cancel iran deal

By Adedapo Adesanya

Oil price climbed over $1 a ​barrel on Friday on tanker attacks and a lack of progress on a peace agreement between the President Donald Trump administration ‌and Iran’s leadership.

Brent futures settled at $88.52 a barrel after gaining $1.45 or 1.67 per cent, and the United States’ West Texas Intermediate crude futures finished at $82.40, up $1.15 or 1.42 per cent.

Market analysts noted that new attacks on ​tankers and lack of progress on a cease-fire agreement, which, in turn, is making traffic in the Strait of Hormuz constrained, adding pressure to the waterway through which 20 per cent ⁠of global supply can pass.

Two vessels from the state-owned Abu Dhabi National Oil Company were attacked while transiting the strait on Thursday. Iran’s Revolutionary Guards have previously threatened action against vessels transiting the strait if ​they are linked to its adversaries or fail to comply ​with ⁠Iranian directives.

As the US and Iran made ​claims over control of the strait, shipping traffic through the channel fell below the month’s average. Before US-Israeli attacks on Iran began in late ‌February, ⁠the strait handled about one-fifth of global oil and liquefied natural gas supplies.

The US said it could maintain ​a naval blockade of Iran indefinitely and increase economic pressure on Tehran in response to stalled ceasefire talks.

The country’s Treasury Secretary Scott Bessent said there will be more announcements coming next week because “we are going to apply measures like have never been seen in the history of economic isolation of a ​country.”

Crude ​oil exports from Russia’s ⁠Sheskharis terminal at the Black Sea port of Novorossiysk were suspended on Friday following a drone attack, adding to disruptions at one of the ​country’s key export outlets.

The Organisation of the Petroleum Exporting Countries (OPEC) had slashed its outlook for 2026 global oil demand growth to 580,000 barrels per day, a stark contrast to the International Energy Agency’s 1.6 million barrels per day decline, marking the fourth straight month when the Vienna-based organisation was forced to curb its forecast amidst the Hormuz crisis.

In its monthly report, the IEA predicted that global supply will fall by 4.3 million barrels per day in 2026, pushing the Q3 deficit to 1.8 million barrels per day even as record fuel prices lead to an unprecedented 1.6 million barrels per day demand destruction.

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Economy

Recapitalisation: NIA Says Seven New Insurers Have Met Threshold

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insurance recapitalisation in nigeria

By Adedapo Adesanya

The Nigerian Insurers Association (NIA) has disclosed that seven additional insurance companies have secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the industry-wide recapitalisation exercise to a successful conclusion.

In a statement on Friday, NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the milestone represented significant progress towards building a stronger, more competitive and trusted insurance market in Nigeria.

She said the seven companies, alongside the 41 insurance companies and two reinsurance companies earlier approved, had demonstrated resilience, financial discipline and corporate strength by successfully completing the final verification process.

“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude, and financial discipline,” Mrs Nwachukwu said.

She added that the successful recapitalisation had positioned the companies to deliver greater value to policyholders and contribute to deeper insurance penetration nationwide.

Mrs Nwachukwu commended NAICOM for its regulatory oversight during the exercise, describing the commission’s approach as fair, structured and focused on strengthening market integrity.

“NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market,” she said.

The NIA chairman reaffirmed the association’s commitment to supporting insurance companies as they adapt to new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

She said the association would continue to work with NAICOM to promote a sustainable and future-ready insurance sector.

Mrs Nwachukwu also assured policyholders, investors and other economic stakeholders that the recapitalised industry was better positioned to support economic growth.

“With this recapitalization complete, the Nigerian insurance sector enters a transformative era. The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030,” she said.

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