Economy
Rice Farmers now Millionaires in Nigeria—Buhari
By Dipo Olowookere
President Muhammadu Buhari has disclosed that success of the agriculture revolution under his administration has turned thousands of rice farmers into millionaires and drastically reduced rice import.
He also said the Anchors Borrowers’ Programme (ABP) launched by his government has made a huge success because according to him, about 12.2 million farmers have joined the rice and wheat revolution while the country is moving closer to self-sufficiency in major grains.
Speaking at the 25th Edition of the Nigeria Media Merit Award (NMMA) Ceremony in Lagos last Wednesday, Mr Buhari noted that, ”Apart from the successes we have achieved in tackling insecurity and fighting corruption, perhaps our most remarkable progress has been in the area of agriculture. Quietly but steadily, our agriculture revolution is bearing fruits.
The President, who was represented by the Minister of Information and Culture, Mr Lai Mohammed, further said, ”According to the Rice Exporters of Thailand, rice imports from Thailand fell from 644,131 tons in Sept 2015 to 20,000 tons in Sept. 2017, representing a 95% drop.”
He emphasised that self-sufficiency in rice was so important because it is the most widely consumed staple in Nigeria, and also because Nigeria’s daily expenditure on rice for over three decades stood at $5 million a day.
He said Nigeria was also doing well in Millet, Sorghum and Maize cultivation, adding that, “We are now the second largest producer of sorghum after the US, the third in millet after India and our breweries are now enjoying local sourcing of those commodities.
“For maize, we are producing 10 million tons while we need about 13 million tons for both human and animal nutrition.”
The President said Nigeria leads the world in the yam and cassava production and that efforts were being made to restore and improve on the country’s ranking in cocoa production, where it has fallen from 2nd to 7th position.
“We are also investing in a new line of tree crops targeting local and foreign end users and certain to earn foreign exchange.
“These are shea butter, palm trees, coconut, mangoes, bananas and plantains, kenaf and sisal hemp, castor and pineapple, among others.
“Overall, our ambition is that agriculture should rise from 25% to 40% of GDP so that we can banish poverty and overcome our economic anxiety,” he said.
President Buhari hailed the NMMA, which he called the preeminent media excellence award, and said the Nigeria media has done well over the years hence it deserves to be celebrated.
He, however, urged the media not to allow those who brought Nigeria to a sorry pass to muddle the waters by creating their own narrative which is far from reality
“This is important because there seems to be a feeling of numbness among the citizens about the conduct of those whose actions brought us here.
“Suddenly, these same people are engaging in revisionist history and blaming those who are working themselves to the bone to correct the misdeeds of the past. They are blaming everyone but themselves for the mess they threw the country into,” the President said.
He said those who mismanaged the country have shown no contrition, no apologies, no shame, but instead have engaged in sheer bravado, unbridled arrogance and revisionism, saying “The media owes it a duty not to allow Nigerians to forget, to say ‘Never Again’ to those who view Nigeria as nothing but a cash cow to be milked to death.”
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.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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