Economy
Olam to Deliver 200,000 tons of Wheat Worth $70m by 2030
By Modupe Gbadeyanka
Over 200,000 tons of wheat worth $70 million would be delivered by 2030 by Olam, a leading agribusiness conglomerate and parent company of Crown Flour Mill Limited (CFM).
This goal would be achieved by engaging/training about 50,000 farmers, Dr Filippo Bassi, the project scientist/senior scientist at the International Centre for Agricultural Research in Dry Areas (ICARDA) has disclosed.
Olam explained that it is chasing this target in a bid to stimulate higher wheat production in Nigeria.
“Olam has been encouraging innovation on a larger scale. We focus on charting novel, innovative paths that tick all the boxes in terms of providing suitable seed varieties, developing refined management processes and implementing trendy agronomic practices in the local wheat value chain.
“This is in addition to working with and training smallholder wheat farmers while committing the right financial resources into the value chain developmental agenda,” the Managing Director of Crown Flour Mills, Mr Ashish Pande, said at the second Olam Green Land Webinar Series.
At the event, which took place on Wednesday, November 24, 2021, and themed Rethinking Wheat Farming in Nigeria: Seeds, Research, Partnerships, Mr Pande stated that “Bridging the huge wheat production gap in the country is a journey.
“This stakeholder engagement is a step in the right direction. The deep investment we are making into developing suitable seed varieties for the Nigerian topography and utilizing a community-based seed enterprise will manifest in outright development of the wheat farming sector in years to come.”
The CFM MD said that Olam’s bold investment of N300 million into seed research and the introduction of a novel community-based seed enterprise that utilizes the capacity of women smallholder farmer cooperatives have a strong implication on the livelihoods of the farming communities and the agenda of the Federal Government in terms of employment generation, attainment of food production self-sufficiency and food security within a couple of decades.
Tiberio Chiari, a durum wheat expert and former Head of the Italian Cooperation in Ethiopia, who was the keynote speaker at the webinar, highlighted the advantage of working with smallholder farmer cooperatives in developing the wheat value chain.
Citing Ethiopia as a case study, Chiari said, “There is an economy of scale in dealing with farmers’ cooperatives instead of working with individual farmers, and stakeholders have a key role in ensuring the effective management of the process for optimum impact.”
He said quality control, suitable seed varieties, good management processes, high smallholder farmer engagement, rigorous grain bulking facilities, availability of investment funds, integrity, among others, are key drivers of success when pivoting to a community-based seed enterprise methodology.
Dr Sall Amadou Tidiane, a senior scientist at the Senegalese Institute for Agricultural Research (ISRA), provided a narrative of the Senegalese wheat value chain. He said by adopting a peer-to-peer seed enterprise methodology, the country grew from zero wheat production in 2017 to have 2,000 farmers cultivating wheat successfully in 2021.
He revealed that utilizing the deep capacity of female local smallholder farmers will spread the impact of the new high-yielding seed varieties.
Dr Kachalla Kyari Mala, the project’s lead researcher/principal research officer, Lake Chad Research Institute (LCRI), also a key technical partner on the project, highlighted farmers’ low level of familiarity with the best agronomic practices as one of the factors responsible for their low productivity.
He said, “Engaging farmers right at the conception stages of a major seed development methodology up to the harvest stages will help them become conversant with the best management and agronomic practices.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
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