Economy
NIRSAL Boosts Rice Production in Nigeria with N7.1b
By Dipo Olowookere
Managing Director of Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr Aliyu Abdulhameed, has disclosed that not less than N2.9 billion has been distributed across 13,900 hectares of rice farms comprising 40 projects in Nigeria.
Speaking last Thursday at the 6th Rice-Africa International conference in Abuja, the NIRSAL chief said his agency had also facilitated the flow of over N4.2 billion into the rice value chain through commercial lending.
Mr Abdulhameed, who was represented at the event themed ‘Sustaining Rice Revolution in A rica: New Approaches to Value Chain Development,’ by the agency’s Executive Director in charge of Technical, Mr Babajide Arowosafe, said NISRAL was working to further grow this figure in future.
He said that NIRSAL was established with the purpose of mitigating perceived agricultural risks and facilitating agribusiness in the country.
According to him, NISRAL has contributed its quota toward boosting rice production by participating in the Anchor Borrowers Programme and accelerating the progress on rice revolution in Nigeria. He noted that by 2010, the rice import bill was close to $2.2 billion, as elsewhere in West Africa, occasioned by the 2008 global food price hikes that left many countries vulnerable.
He said Nigeria’s rice revolution has been one of the most outstanding achievements in agriculture in the current administration’s bid for economic diversification.
“According to a recent Gems4 study, Nigeria is currently producing an average of 5.8 million to six million tonnes of milled rice as against its national demand of seven million tonnes,” he said.
The managing director noted that the global rice outlook for 2030 indicated that the demand for rice would be on the increase, ranging between 503 million and 544 million tonnes.
“This is equivalent to the average growth rate of approximately one per cent per year relative to total consumption of 439 million tonnes in 2010.
“This demand growth is driven mainly by an expanding population, although changing consumption patterns also has an influence.”the NIRSAL chief said.
He said that the Asian rice consumption was projected to account for close to two-thirds of the total increase in demand by 2030.
Overall, the world rice trade for 2022 forecasts about 46 million tonnes heading to Africa, he said, adding that this should be a wake up call to Africa to intensify rice production, particularly Nigeria.
Mr Abdulhameed described rice as a strategic commodity, being a staple food in Nigeria and an important source of livelihood for around 1.4 million rice-farming households and for millions of rural poor who work on rice farms.
The commodity, he said, had also been listed as one of the economic transformation goals of the country.
“The Nigerian Economic Recovery and Growth Plan listed its rice target as “achieving self-sufficiency and being a net-exporter of the commodity by end of 2018.”
He said that the Nigerian economy was undergoing transformation, underscoring the need for the rice value chain to transform itself.
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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