Economy
Rice Farmers Lose $200m Yearly to Parasitic Weeds
By Dipo Olowookere
An international team of researchers representing the Africa Rice Center (AfricaRice), the International Rice Research Institute (IRRI) and Wageningen University, has raised the alarm over the enormous economic impact of parasitic weeds on rice production in Africa, threatening the food security and livelihoods of millions of resource-poor rice farmers and consumers in the region.
Smallholder farmers in the continent are losing every year half a million tons of rice worth about US $200 million because of parasitic weeds.
This is roughly equivalent to the annual rice consumption of Liberia, a low-income country, which is highly dependent on rice imports.
If the rice lost due to the parasitic weeds had been saved, it would have been enough to feed the total population of Liberia (4.5 million people) for a whole year.
Parasitic weeds are among the most destructive and problematic weeds to control.
“When these plants invade food crops, they turn into ferocious weeds,” said Dr Jonne Rodenburg, Agronomist at AfricaRice.
The most important parasitic weed species in rice are Striga asiatica, S. aspera, S. hermonthica and Rhamphicarpa fistulosa. They are all endemic to Africa and can also parasitize other cereal crops like maize, sorghum and millet.
The team of researchers reveal that these parasitic weeds, which survive by siphoning off water and nutrients from host crops, have invaded 1.34 million hectares of rainfed rice in Africa, affecting an estimated 950,000 rural households. They are increasingly becoming severe due to an intensification of agricultural production and climate changes.
The areas affected by parasitic weeds are home to some of the world’s poorest farmers.
Studies by AfricaRice and partners have shown that parasitic weeds seem to predominantly affect women farmers in Africa as they are often forced to grow rice on the most marginal and parasitic weed-infested plots.
Parasitic weeds threaten rice production in at least 28 countries in Africa that have rainfed rice systems. The most affected countries are Burkina Faso, Cameroon, Côte d’Ivoire, Guinea, Madagascar, Mali, Nigeria, Sierra Leone Tanzania and Uganda.
The researchers warn that these parasites are spreading fast in the rainfed rice area and if nothing is done to stop them in their tracks, the damage will increase by about US $30 million a year.
These findings were revealed in a recent article by Rodenburg, Demont, Zwart and Bastiaans, entitled “Parasitic weed incidence and related economic losses in rice in Africa,” published in Agriculture, Ecosystems and Environment 235 (306-317).
Rice is the second most important source of calories in Africa. It is also critical for smallholder incomes. Demand for rice is growing at a rate of more than 6% per year – faster than for any other food staple in sub-Saharan Africa (SSA), because of changes in consumer preferences and urbanization. Rice production is increasing across SSA, but the continent still imports some 40% of its rice.
Until now, there has been little information on the regional spread and economic importance of parasitic weeds in rice in Africa. “We have presented in this article best-bet estimates on the distribution as well as the agronomic and economic impact of parasitic weeds in rice in Africa,” explained Dr Rodenburg. “In fact, this is the first multi-species, multi-country impact assessment of parasitic weeds in Africa.”
The article focuses on the four most important parasitic weeds in rice. Striga species – known under the common name “witchweed” – occur in at least 31 countries with rain-fed upland rice systems. Rhamphicarpa fistulosa – known under the common name “rice vampireweed” – threatens rice production in at least 28 countries with rainfed lowland rice systems.
Dr Sander Zwart, AfricaRice Remote sensing and Geographic information systems specialist, explained that for this study, a map of rainfed rice production areas, compiled from different databases, was overlapped with parasitic weed observation data retrieved from public herbaria to visualize regional distribution of these four important parasitic weeds.
From this overlap, probabilities of actual infestation were estimated. These estimates together with secondary data on parasite-inflicted crop losses and efficacy of weed control were combined into a stochastic impact assessment model.
The knowledge acquired on the distribution as well as the agronomic and economic impact of parasitic weeds in rice in Africa underlines the importance of finding effective measures to control these pests through research.
AfricaRice and its partners have been investigating and developing efficient parasitic weed management strategies that are affordable and feasible for resource-poor rice farmers. “A range of high-yielding, short-cycle, farmer-preferred rice varieties have been identified with resistance or tolerance to different species and ecotypes of Striga, as well as varieties with good defense against R. fistulosa,” said Dr Rodenburg.
He explained that such varieties can be combined with different agronomic measures, such as late sowing (against R. fistulosa) or early sowing (against Striga), and the use of organic soil fertility amendments. Growing a leguminous cover crop such as Stylosanthes guianensisand following a zero-tillage approach also contribute to effective control of Striga, as demonstrated by agronomic experiments conducted by AfricaRice and its partners.
To study institutional and socio-economic constraints underlying the challenge posed by the parasitic weeds, and to raise awareness and improve communication on efficient management strategies, AfricaRice and its partners have brought together stakeholders, including national research institutes, extension services, crop protection services and private sector representatives in workshops in East and West Africa.
At a time where there is a decline in public sector investments in agricultural research, efficient targeting of resources is becoming increasingly important. “The results of our studies emphasize the importance of targeted investments in further research, the development and dissemination of control technologies and capacity building of farmers, extension agents and other stakeholders, to reverse the observed trend of increasing parasitic weeds in rice,” stated Dr Rodenburg.
AfricaRice.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
