Economy
Nigerians Deserve Quality Agro Products—Minister
By Modupe Gbadeyanka
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has disclosed that Nigerians deserve good, safe and quality agro products for consumption.
Speaking recently during his keynote address at the south west nationwide advocacy on agricultural quality control and standardisation in Lagos, the Minister charged farmers and agro-processors dealers to mainstream the issue of food safety in its agricultural production and as well endeavour to meet world standards and international best practices.
He noted that, “There is no time than now to mainstream food safety into agricultural production if we want to really diversify our economy using agriculture as veritable tool and have our own share of the export at both regional and international markets.
“Nigerians also deserve good, safe and quality agro-outputs for consumption and should be globally accepted like their counterparts across the globe.”
Mr Ogbeh, who was represented by the coordinating Director, Nigerian Agricultural Quarantine Services, Dr Vincent Isegbe, noted that previous efforts of the Ministry had hitherto been geared towards increased cultivation and output per unit area with less emphasis on quality and standards of agro-produce, stating that the ban on dry beans from Nigeria by the European Union had now shifted attention to standards and quality in order to avoid incidences of communicable diseases in the country more so to earn foreign earnings that will boost the Nigerian economy.
He said the nationwide advocacy on quality control and standardization of agricultural commodities was to target farmers and other stakeholders along the food value chain so as to inculcate the culture of agro-quality among key policy makers in both public and private institutions and to recognise the essential role of food safety in the production, preparation, manufacturing, packaging, distribution, storage, sale of food and food products as well as agro produce export promotion.
The Minister maintained that as part of government’s initiative to aid aggregation, certification standardisation and traceability, commodities certification centres would be established across the six geopolitical zones of the country.
He commended stakeholders for their efforts in stemming the negative trend and for being agents of change towards quality consumption and zero rejection of Nigeria’s agro-produce.
Governor of Lagos State, Mr Akinwumi Ambode, in his opening speech said the state would continue to align itself with the Federal government’s vision of making agriculture a revenue base of the country.
The Governor, who was represented by his Commissioner for Agriculture, Mr Oluwatoyin Suarau, highlighted several initiatives and achievements recorded by the state to grow the nation’s agricultural sector which include the state’s collaboration with Kebbi State on rice processing Lake Rice, empowerment scheme; fisheries and aquaculture development; Lagos State coconut development authority among others.
Minister of Industry, Trade and Investment, Dr Okechkwu Enelamah, who was represented by the Director, Federal Produce Inspectorate, Mr Akabueze Michael, urged stakeholders at the workshop to leverage the knowledge gained to achieve zero reject of the country’s agro-produce.
In a good will message, Managing Director of the Nigeria Ports Authority (NPA), Hadizah Bala Usman, who was represented by Mr Innocent Umar, said her organisation was ready to assist in transforming Nigeria from dependence on oil dollar to agro-Dollar, adding that NPA had dedicated some port terminals in Lagos such as Ikorodu and Lily pond terminals as export terminals.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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