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 Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
By Adedapo Adesanya
The federal government expects the Nigerian economy to grow by 4.68 per cent in 2026, supported by easing inflation, improved foreign exchange stability and continued fiscal reforms, the federal government said on Thursday.
The projection was outlined by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, during the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos.
Mr Edun said Nigeria had moved beyond the crisis-management phase of recent years and was now entering a period of economic consolidation, where stability must translate into growth, jobs and improved living standards.
According to the minister, two years of difficult reforms have helped stabilise key macroeconomic indicators, creating a platform for sustained expansion.
Inflation, which peaked above 33 per cent in 2024, declined to 15.15 per cent by December 2025. Foreign exchange volatility has eased, with the Naira trading below N1,500 to the Dollar, while external reserves rose to $45.5 billion.
GDP growth averaged 3.78 per cent by the third quarter of 2025, with 27 sectors recording expansion, Mr Edun said.
He warned, however, that Nigeria could not afford to reverse course.
Mr Edun said Nigeria cannot afford to pause or retreat from its reform agenda adding that the success of the consolidation phase would determine whether recent gains deliver productive jobs and shared prosperity.
The finance minister also addressed public concerns about Nigeria’s rising debt stock, which stood at about N152 trillion, insisting that the increase was largely the result of transparency and exchange rate adjustments rather than fresh borrowing.
He explained that about N30 trillion of the figure reflected previously unrecognised Ways and Means advances, now formally recorded, while nearly N49 trillion resulted from the revaluation of foreign debt following exchange rate reforms.
Despite the higher nominal figure, Nigeria’s debt-to-GDP ratio declined to 36.1 per cent, which the minister said remained among the lowest in Africa and well below the global average.
Reviewing fiscal outcomes in 2025, Mr Edun said the government maintained discipline despite revenue pressures, particularly from the oil and gas sector.
The fiscal deficit was kept at about 3.4 per cent of GDP, while non-oil revenue performance improved and allocations to states increased, strengthening fiscal federalism.
He also said the government achieved 84 per cent capital budget execution for 2024 projects during the transition period.
The minister noted that the 2026 Budget of Consolidation, Renewed Resilience and Shared Prosperity, currently under deliberation by the National Assembly, would prioritise growth-enhancing investments.
The budget proposes N58.18 trillion in total spending, including N26 trillion for capital expenditure, representing about 44 per cent of the total budget, one of the largest capital spending plans in Nigeria’s history.
Inflation is projected to average 16.5 per cent in 2026, while the exchange rate is expected to stabilise around N1,400/$1.
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