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
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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