Economy
Prices of Food, Especially Rice, Will Eventually Fall—Buhari Assures Nigerians
By Modupe Gbadeyanka
Nigerians have been urged to exercise some patience as the growing food production in the country, especially expansion in rice farming, will eventually bring down prices of food, making it more affordable for all.
This appeal was made by President Muhammadu Buhari on Tuesday at the commissioning of the Central Bank of Nigeria (CBN)/Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids at the Abuja International Trade Fair Complex.
Mr Buhari said the economic diversification policy of his administration, especially through agriculture, was yielding meaningful results as reflected in the Anchor Borrowers’ Programme (ABP) of the apex bank launched by him in 2015.
“As a critical policy of the government, the Anchor Borrowers’ Programme is expected to catalyse the agricultural productive base of the nation, which is a major part of our economic plan to uplift the economy, create jobs, reduce reliance on imported food and industrial raw materials, and conserve foreign exchange,” he said.
The President further said “our gathering here today is no doubt a testament to the fact that the Anchor Borrowers’ Programme is working.
“Indeed, these sky-high pyramids which we are gathered here to the commission are part of our commitment at achieving national food security and economic diversification through home-grown policies targeted at securing food for all Nigerians.”
According to him, across Nigeria, more than 4.8 million smallholder farmers have been supported by the scheme, with an increase in production of 23 agricultural commodities including maize, rice, oil palm, cocoa, cotton, cassava, tomato and livestock.
“Today, rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of ABP, the average production in Nigeria between 1999 and 2015 was less than 4 metric tons annually.
“I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which will lead to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria,” he stated.
Mr Buhari boasted that, “Before this administration launched the ABP, there were only 15 standard Rice mills in Nigeria. As at today, we have over 50 Standard and integrated Rice mills creating jobs and reducing unemployment. We expect additional significant output when two new mills are started in Lagos and Katsina.”
He said the large margins in the business of rice had also encouraged more people to show interest in investing in agribusiness, noting that “the improved rice seedlings have helped to ensure our achievement of rice sufficiency, as they are disease-resistant and have an average yield of about 5 metric tonnes per hectare, compared with the traditional national average of 1.5 metric tonnes.
“This has resulted in bridging our rice consumption gap, a significant reduction in rice imports, and saved us foreign exchange.”
President Buhari said the commissioning of the rice pyramids was an indication that the country was making steady and assured progress towards self-sufficiency in food production, adding that, “It is my desired hope and expectation that other agricultural commodity associations that are yet to participate under the ABP will emulate the Rice Farmers Association of Nigeria in supporting our administration’s drive for food self-sufficiency.”
He noted that about three years ago, the first set of sky-high pyramids of rice harvests was showcased in Argungu, Kebbi State, which was followed by another set in Minna, Niger State about a year ago and barely three months later in Zauro, Kebbi State, rice pyramids were, again, unveiled.
“Those events were historic as, first, they remind us of our yester-year’s agricultural commodity pyramids, such as the groundnut pyramids in Kano and secondly, they symbolize that we can produce what we eat.
“The significance of today’s occasion can be better understood by looking at the various economic strides the administration has achieved through agriculture.
“When we assumed the reins of leadership of this country in 2015, the administration identified the Anchor Borrowers’ Programme as an essential policy instrument for achieving economic diversification through agriculture.
“To achieve this, the Anchor Borrowers’ Programme was designed to encourage investments in agriculture and empower smallholder farmers as drivers of transformation in the agricultural sector and as critical enablers of economic growth.
“I am indeed delighted that the Anchor Borrowers’ Programme continues to receive commendations, since its introduction six years ago, as it has become one of the reference points in the administration’s agricultural revolution effort.
“In fact, the Programme speaks loudly in its giant strides as it has increased access to finance by our rural farmers, who before now were virtually excluded from the financial system,” he said.
Mr Buhari commended the CBN and the Governor, Mr Godwin Emefiele for efforts at resuscitating the Nigerian Commodity Exchange following approval to do so.
“Let me also commend the Governor and staff of the Central Bank of Nigeria, as well as the leadership of the Rice Farmers Association of Nigeria for the successful delivery of these pyramids, which hopefully is just the first of many that will be unveiled this year across Nigeria,” he said.
By Adedapo Adesanya
Nigeria and the United Kingdom are moving to tackle a long-standing £1.2 billion discrepancy in their trade records, with both countries agreeing to develop a structured data-sharing system aimed at improving transparency and accountability across bilateral commerce.
The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s State Visit, under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP).
According to a statement by Nigeria Customs Service (NCS) spokesperson, Mr Abdullahi Maiwada, the talks signal a shift toward deeper operational cooperation between both countries’ customs authorities.
At the centre of the discussions was a persistent mismatch in trade figures. While Nigeria recorded about £504 million worth of imports from the UK in 2024, British records show exports to Nigeria at approximately £1.7 billion for the same period, leaving a gap of roughly £1.2 billion.
To address this, the two countries agreed to explore a pre-arrival data exchange framework that will connect their digital customs systems, with the aim of improving risk management, reconciling trade data, and strengthening compliance monitoring along the corridor.
The meeting was led by Comptroller-General of Customs, Mr Adewale Adeniyi and Ms Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), and also focused on customs modernisation and data transparency.
Mr Adeniyi underscored the broader economic implications of the initiative, noting that customs collaboration plays a central role in trade facilitation.
“Effective customs cooperation remains a critical enabler of economic growth and sustainable trade development,” he said.
He added that “customs administrations serve as the frontline institutions responsible for ensuring that trade flows between both countries are transparent, secure, and mutually beneficial.”
The Nigeria–UK trade relationship spans multiple sectors, including industrial goods, agriculture, energy, and consumer products — all of which depend heavily on efficient port and border operations.
Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts on both sides. The UK showcased advancements in artificial intelligence-driven trade tools, digital verification systems, and real-time analytics designed to enhance cargo processing, risk assessment, and border security.
The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.
Mr Maiwada said the outcomes are expected to strengthen Nigeria’s trade ecosystem and support broader economic reforms.
“The NCS has reaffirmed its commitment to deepening international partnerships as part of a broader modernisation agenda designed to promote transparency, efficiency, and competitiveness in Nigeria’s trading environment,” the statement said.
It added that “insights from this engagement will strengthen its operational capacity, enhance trade facilitation, and support Nigeria’s economic reform objectives under the Renewed Hope programme.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
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