The Nation Newspaper

Category: Business

  • Firm, Kwara govt to provide affordable housing

    Firm, Kwara govt to provide affordable housing

    An Ilorin, Kwara State-based property firm, DaatHomes Investment Ltd, has extended a hand of partnership to Kwara State Government to provide quality and affordable housing to residents.

    It said it had plans to build 5,000 bungalows in the next five years in states across the country.

    Founders of the firm, Atolagbe Daniel and Ifeoluwa Sanusi, told The Nation in an exclusive interview in Ilorin.

    They lamented that funding was the major constraint affecting upcoming small businesses in the nation.

    Daniel said: “We hope to work with the state government in the provision of affordable housing for the masses in very suitable location in the state and across the country.

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    “We need partnership with the state government, as we are looking into providing 5,000 bungalows in the next five years. But our major constraint is funding. With the help of government and other investors, we will be able to deliver the project.

    “We also hope to approach the banks to raise funds in order to deliver to clients, quality, best and affordable homes. Our major goal is to ensure shelter for all at affordable rate.”

    He said the property firm had delivered at least three estates in Ilorin and its environs.

    “God has been faithful to us. We have been able to deliver at least three estates in the course of establishment of this company. The estates are Crystal, Future and Itunu in Oke-Oyi, Ilorin outskirts.”

    Sanusi said based on the company’s track record, clients would not be disappointed.

    “We have strategies and plans in place to provide quality and affordable housing in the state and by extension, Nigeria. We are assuring the masses that based on our future projects, they will get the best through the due diligence we have carried out,” he added.

  • NECA calls for balanced regulation on sachet alcohols

    NECA calls for balanced regulation on sachet alcohols

    Nigeria Employers’ Consultative Association, NECA, has observed with deep concern the renewed enforcement by the National Agency for Food and Drug Administration and Control, NAFDAC, of a ban on the production and sale of alcoholic beverages in sachets and small PET bottles, describing the development as a serious regulatory misstep with far-reaching economic and governance implications.

    According to a statement signed by the Director General, NECA, Wale-Smatt Oyerinde, it stated that the action directly contradicts the directive of the Office of the Secretary to the Government of the Federation dated 15 December 2025, suspending the ban, as well as the resolution of the House of Representatives of 14 March 2024, which called for restraint and broader stakeholder engagement.

    The statement further noted that continued enforcement is already disrupting legitimate businesses, unsettling ongoing investments, placing thousands of jobs at risk, and weakening confidence in Nigeria’s regulatory stability at a time when investor trust is critical.

    “NECA unequivocally supports the protection of minors, the removal of unsafe products from the market, and the pursuit of strong public health outcomes.

    However, the current approach is misdirected. It disproportionately targets compliant and regulated manufacturers while failing to address the real drivers of underage access and the growing challenge of illicit substance abuse across the country,” he said.

    Oyerinde, stated that regulation must be rooted in evidence, proportionality, and the rule of law. According to Mr. Oyerinde, it is unacceptable to punish compliance or criminalise products that passed established regulatory approval processes while ignoring clear gaps in retail enforcement and the spread of far more dangerous unregulated substances. He stressed that Nigeria needs smarter, data-driven enforcement, not blanket bans that destroy jobs, discourage investment, and fail to solve the underlying problem.

    He explained that the alcoholic products now being targeted were tested, registered, and periodically revalidated in accordance with NAFDAC’s scientific and technical procedures. Alcohol strength is measured globally using Alcohol by Volume, ABV, and the products in question fall within internationally recognised ranges for spirits. Their alcohol content is clearly printed on the labels and complies with Nigeria’s regulatory framework. He stated that abruptly labeling such products as inherently dangerous, without presenting new, transparent scientific evidence, raises serious questions about regulatory consistency and fairness.

    On the issue of underage drinking, he emphasised that access control is fundamentally an enforcement matter, not a packaging matter. Alcoholic beverages already carry clear warnings indicating they are not for persons under 18 and should be consumed responsibly. Where minors gain access, he said, the failure lies in weak monitoring of retail outlets and poor enforcement of age restrictions. Addressing this requires stricter licensing, compliance checks, and sanctions for erring retailers, not the elimination of packaging formats that serve adult consumers lawfully.

    He further explained that sachet and small pack formats are an affordability response within Nigeria’s economic structure, where many adult consumers make low-value, daily purchases. Eliminating these formats will not eliminate demand. Instead, it risks pushing consumers toward informal and unregulated alternatives, increasing public health risks while shrinking the formal economy.

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    He also expressed concern that while enforcement pressure is being concentrated on a regulated segment of the beverage industry, the country continues to face the spread of more dangerous substances among young people, including illicit narcotics and abused pharmaceuticals. Directing limited enforcement resources toward compliant manufacturers while more harmful unregulated products circulate widely represents a serious misalignment of policy priorities.

     “The economic consequences of the ban are significant. The wines and spirits value chain supports large numbers of direct and indirect jobs across manufacturing, packaging, distribution, transportation, retail, and agriculture. At a time when businesses are grappling with high operating costs, currency pressures, and weak consumer purchasing power, sudden regulatory shocks of this nature threaten livelihoods, reduce government revenue, and undermine investor confidence in the predictability of Nigeria’s policy environment,” he said.

    He added that environmental concerns linked to plastic waste, while legitimate, should be addressed through improved waste management systems, recycling frameworks, and extended producer responsibility mechanisms that apply across sectors. He warned that using environmental shortcomings as a basis for selective product bans confuses waste management policy with product safety regulation.

    He reiterated that the organised private sector is not opposed to regulation. On the contrary, NECA supports strict, science-basedrules that protect consumers and ensure product quality. What employers reject is regulatory action driven by sentiment, selective enforcement, and disregard for economic consequences and due process.

    NECA therefore calls for the immediate suspension of the ongoing enforcement actions, in line with the Federal Government’s earlier directive, and urges a return to structured, evidence-based dialogue among regulators, industry, public health experts, and consumer representatives. The focus, Mr. Oyerinde stressed, should be on strengthening retail-levelenforcement to prevent underage access, expanding public education on responsible consumption, intensifying action against illicit drugs and unregistered alcohol, and developing practical environmental solutions through collaboration rather than prohibition.

    Nigeria deserves regulation that protects public health while preserving jobs, investment, and respect for the rule of law. Policies that disregard science, economic realities, and regulatory coherence risk doing more harm than good.

  • States to adopt sugar as driver of industrial development

    States to adopt sugar as driver of industrial development

    The Nigeria Governors’ Forum (NGF)  has agreed to prioritise sugar as a key product for the acceleration of industrial development in states across the country.

    The NGF also accepted to include sugar projects as priority beneficiary in their engagements with development partners within and outside the country.

    The above decisions were made as a consequence of requests made by the National Sugar Development Council (NSDC) in the pursuit of its mandate to develop the sugar sector, stop importation of raw sugar, create jobs and pursue the attainment of self-sufficiency in sugar production.

    The Forum therefore agreed to a partnership with the NSDC that will focus on supporting states to prepare and position sugar projects that are investor-ready, facilitating structured engagement between state governments, investors, and industry operators, and improving coordination around critical enablers such as land access, infrastructure provision, and incentive frameworks.

    Executive Secretary and Chief Executive Officer, National Sugar Development Council (NSDC), Mr. Kamar Bakrin, who made the above requests in a meeting with the NGF leadership pitched the huge investment opportunities in the sugar sector to the officials, calling on governors of states  – through the instrumentality of NGF –  which are viable for sugarcane cultivation to embrace sugar project development with open arms.

    He listed the 11 states with proven, suitable lands for profitable sugar production as Oyo, Kwara, Niger, Nasarawa, Kaduna, Kano, Bauchi, Gombe, Jigawa, Adamawa and Taraba.

    Mr. Bakrin noted that recent macroeconomic developments have improved the competitiveness and profitability of local sugar production. “While global sugar prices have remained relatively stable in dollar terms, exchange rate movements have made imports significantly more expensive, thereby enhancing the commercial viability of domestically produced sugar, whose inputs are largely naira-denominated,” the Executive Secretary said.

    The NSDC boss emphasised that Nigeria now has strong operational fundamentals for sugar production. According to him, comprehensive assessments have identified approximately 1.2 million hectares of prime land suitable for large scale sugarcane cultivation nationwide, even though the country only needs 200,000 hectares of land to achieve  self-sufficiency in sugar production. “The availability of suitable land, water resources, labour, and policy incentives positions Nigeria favourably for large-scale sugar investments,” he said.

    He informed the gathering that the above critical factors have created an opportunity to invest in Nigeria’s sugarcane growing and processing industry, adding that the sector is now worth $2 billion while with the aid of the African Continental Free Trade Agreement (AfCFTA), it is worth $7 billion on the continent. The NSDC boss added that the market for sugar bye-products alone is worth $10 billion in Nigeria.

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    Talking about community interest, the NSDC boss said, “the Nigerian sugar industry does not displace communities; instead, it integrates them into the value chain as partners, workers, and stakeholders through outgrower schemes and employment opportunities.”

    He continued: “Sugarcane projects will empower host communities, promote inclusive development, and support environmental sustainability.”

    A model sugar project producing 100,000 metric tons annually was also cited by Mr. Bakrin as evidence of the sector’s commercial attractiveness, with estimated investments of about US$250 million delivering an Internal Rate of Return (IRR) of approximately 24 per cent and a positive net present value. He noted that in addition to sugar, such projects generate valuable bye-products including ethanol and bio-electricity which further enhance returns and sustainability.

    Also speaking, the Director-General of the NGF, Dr. Abdulateef Shittu, noted that many state governments are already engaged, or are keen to engage, in sugar-related investments spanning land development, agricultural schemes, and agro-industrial initiatives. He however added that unlocking these opportunities requires effective coordination, credible investment frameworks, and strong alignment between federal policy objectives and state-level development priorities.

    He therefore pledged the commitment of the NGF secretariat to ensure that such state-level development priorities begin to focus on sugar project investments based on their capacity for rural development and job creation.

  • 5G remains elitist, elusive technology

    5G remains elitist, elusive technology

    About four years after the launch of the fifth generation (5G) technology in Nigeria, it has remained not only elitist but also an elusive technology.

    After trials by the Nigerian Communications Commission (NCC), 5G was officially launched in Nigeria in August/September 2022, with MTN Nigeria leading the rollout on August 24, 2022, in cities such as Lagos and Abuja. Mafab Communications launched in early 2023, and Airtel followed in June 2023.

    The Federal Government generated over $820 million from the auction of 5G licences as of early 2023. Major payments came from MTN Nigeria and Mafab Communications, which paid $273.6 million for 3.5 gigahertz (GHz) spectrum licenses in 2022, followed by Airtel Networks Ltd, which paid $316.7 million for a similar spectrum.

    Chief Executive Officer, Nigerian Communications Commission (NCC), Dr Aminu Maida, has restated its commitment to transparent, data-driven regulation and the continuous improvement of Nigeria’s digital ecosystem.

    According to the November stats released by the NCC and Ookla, about the market share of technologies in the country’s telecom market, 5G, with all its hypes and super-promises, remained at the bottom of the ladder of adoption.

    The stats began from second generation (2G), 3G, 4G and ultimately 5G.

    While 38.29 per cent of the market is still on 2G; 3G accounts for 6.13 per cent; while 4G‘s 51.99 per cent market share makes it the most popular next only to 2G. 5G with its super latency and other promises accounts for just 3.60 per cent of the market share.

    The latest report conducted by the NCC entitled: Network Performance & 5G Reality Report, National Coverage Gaps & Infrastructure Trends, Advanced Analytics Services December 2025, show that the average 5G coverage gap in Lagos is 55.4 per cent. This means more than half the time, a 5G phone in Lagos cannot connect to 5G.

     “The “Phantom” Signal: The average 5G coverage gap in Lagos is 55.4%. This means more than half the time, a 5G phone in Lagos cannot connect to 5G.

     “Critical Zones: 499 areas in the city are flagged as “Critical” (Gap > 70per cent), mostly in high-density commercial zones,” the report noted.

    Giving what was described as operator breakdown, it stated that MTN has ~50per cent gap; while Airtel has ~77per cent gap.

    The report which focused on Lagos and Abuja, the Federal Capital Territory (FCT), stated that Abuja records an average 5G gap of 47.4per cent which it said was slightly better than Lagos, but nearly half of potential connections still fail.

     “Effective Coverage: Only 31 per cent of 5G-capabledevices in the capital are successfully connecting to 5G networks. Deployment Imbalance: MTN: ~49 per cent gap,” the report noted.

    The report which touched on performance gap in urban states (Lagos, FCT, Rivers), noted that the states outperformed rural Northern states by approximately between 30per cent and 40per cent in download speeds and latency.

    The report noted that rural performance averages are materially depressed by the continued reliance on 2G and 3G, which drag down national statistics and lamented that investment focus has seen recent network upgrades concentrated on high-density areas, with limited spillover to underserved regions.

    On the road ahead for the industry “Optimize Urban 5G: Focus on existing sites in Lagos/Abuja to lower the 55 per cent gap. “Turning on” 5G isn’t enough; it must be usable for the 50per cent+ of users currently blocked; prioritize improvements: Targeted investment is critical in rural areas and states with vast rural communities to close the 40per cent regional performance divide.”

    For Regulators, the report recommended the retirement of legacy tech by accelerating the phase-out of 2G/3G to free up spectrum for 4G/5G, which dictates modern user experience.

     “Monitor Stability: Shift regulatory focus to latency and jitter, as stability is now a stronger predictor of user satisfaction than peak speed,” the report noted.

    Speaking during the presentation of the report, Dr Maida said: “Today’s engagement reflects our commitment to transparent, data-driven regulation and the continuous improvement of Nigeria’s digital ecosystem. Through our collaboration with Ookla, we are providing independent insights into real-world network performance and the lived experience of Nigerians across cities, rural communities, highways, and emerging 5G zones. It is in this context that we have released the Q4 2025 Network Performance Reports.

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     “These reports enable us to track progress, identify gaps, and guide targeted regulatory interventions—ranging from spectrum optimisation and infrastructure upgrades to quality-of-service enforcement and the expansion of rural connectivity.

     “The data shows clear and steady improvements in network quality, particularly in median download speeds across both urban and rural areas, especially when compared to Q3 performance. Notably, the video Quality of Experience gap between urban and rural areas has narrowed, and the strength of our 4G backbone continues to improve.

     “The industry is not without challenges, as reflected in gaps in 5G services and inequalities in upload speeds highlighted in the reports. However, we are actively engaging with operators to address these issues, including gaps in mobile service coverage.”

    He recalled that last year, over $1 billion in industry investment resulted in the deployment of more than 2,850 new sites to expand both coverage and capacity nationwide. Much of the progress reflected in today’s reports is a direct outcome of these investments, he said.

     “We have secured commitments from operators to exceed their 2025 investment levels in 2026, with infrastructure investments continuing in earnest. We look forward to continued collaboration with industry stakeholders as we translate these insights into better connectivity, improved service quality, and a more inclusive digital future for all Nigerians,” Dr. Maida said.

  • Pepper production to hit 800,000 metric tonnes

    Pepper production to hit 800,000 metric tonnes

    Nigeria’s chili pepper production is set for sustained expansion, with industry projections indicating output will climb from the current baseline of 757,000-770,000 metric tons to potentially reach 800,000 metric tonnes by 2030. This will position the nation as the continent’s leading chili producer.

    The anticipated growth, though modest at an annual rate of 0.3-0.5 per cent, according to analysts represents a significant opportunity for agricultural development as peppers account for 40 per cent of vegetable consumption.

    Production estimates suggest the sector will achieve approximately 767,110 metric tonnes by this year rising to between 775,000 and 800,000 metric tonnes by the decade’s end.

    Current production is harvested across approximately 104,000 hectares, primarily in northern states such as Kano and Kaduna, where farmers achieve yields of 7-8 tonnes per hectare, predominantly of the popular Scotch Bonnet variety. Domestic demand is projected to reach 65,000 metric tons by this year.

    Chairman, Board of Trustees, Federation of Agricultural Commodity Association of Nigeria (FACAN), Dr. Victor Iyama, expressed optimism about the sector’s economic potential.

    “Chilli pepper is in greater demand both for local consumption and exports.”

     It is a commodity with tremendous prospect to boost economic growth,” he said.

    He said chili pepper cultivation represents not just a traditional crop, but an increasingly viable pathway to economic advancement in a growing market that shows no signs of slowing.

    Experts acknowledged that achieving more aggressive growth will require addressing persistent challenges, including pest outbreaks and climate variability continue to threaten yields, while seasonal production fluctuations limit output without adoption of controlled environment agriculture techniques.

    In Europe, demand for chillies, according to Netherland based Centre for the Promotion of Imports from Developing Countries (CBI), that strengthen the social, economic and environmental sustainability of Small and Medium-sized Enterprises (SMEs) in low and middle-income countries,  is not seasonal, but annual. It noted: “Demand for chilli peppers is set to rise, thanks to the cooking preferences of various ethnic groups and some European communities.”

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    While Nigeria leads Africa in chili production, surpassing Egypt and Algeria, the country faces formidable global competition. India dominates world markets with approximately 1.9 million metric tons of chili production in 2023, compared to Nigeria’s 330,000 metric tons of dry chilies that year, according to FAO FAOSTAT data. India produced 1.874 million tons of dry chili and peppers in 2022, representing 38.2 percent of global output, while Nigeria contributed roughly 65,000 tons. This gap reflects fundamental differences in agricultural approaches. India’s advanced cultivation techniques and robust market integration give it a five-to-six-fold volume advantage over Nigeria’s predominantly subsistence-based farming model. India’s sophisticated processing and export infrastructure contrasts sharply with Nigeria’s focus on fresh produce for domestic consumption, with Nigerian dried chili exports accounting for just 1.11 per cent of the global market.

    Egypt, another regional competitor, maintains annual chili production of 200,000-300,000 tons but faces its own challenges with water scarcity constraining expansion.

    Morocco continues to expand its sweet pepper export programme, reaching a new record for the fifth marketing year in a row, according to EastFruit. In MY 2024/25, running from October to September, sweet pepper exports totaled 189.2 thousand tons, generating $240 million in export revenue. Sweet peppers remain one of Morocco’s primary vegetable export categories after tomatoes.

  • NCSP eyes $50b trade volume with China

    NCSP eyes $50b trade volume with China

    Director-General, Nigeria–China Strategic Partnership (NCSP), Mr. Joseph Tegbe, has highlighted Nigeria’s ambition to significantly scale up bilateral trade with China, targeting 350 billion RMB, Chinese official currency, about $50 billion trade volume by 2030.

    The plan included scaling up Nigerian export to at least 30 per cent of the total volume of the bilateral trades.

    Tegbe spoke when he hosted a delegation from the Chinese Embassy, comprising Charge d’Affaires of the Chinese Embassy in Nigeria, Mr. Zhou Hongyou; Minister Counselor for Economic and Commercial Affairs, Mr. Wang Yingqi, and other senior officials of the Embassy

    He explained that the $50 billion trade volume with China will be achieved by leveraging the upcoming zero-tariff policy and significant increase in the export of agricultural produce.

    He also emphasised the importance of strategic economic collaboration to drive sustainable growth for Nigerian businesses.

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    Tegbe reaffirmed Nigeria’s unwavering commitment to the Comprehensive Strategic Partnership with China and affirmed the One-China principle.

    Responding, Mr. Zhou expressed satisfaction with the growing relationship between Nigeria and China and underscored the need to explore further avenues for deepening economic and commercial cooperation especially in technology, agriculture and human capacity development.

    He expressed optimism that the zero-tariff agreement will create substantial opportunities for Nigerian businesses, boost bilateral trade, and further strengthen the already robust relationship between the two countries.

    The Chinese Embassy expressed their support for Nigeria’s industrialisation drive, particularly in steel development and the agricultural sector.

    They reaffirmed their commitment to ongoing development projects across the country, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    On behalf of the government and people of Nigeria, Mr. Tegbe felicitated with the Chinese people on the forthcoming Chinese Spring Festival to mark the new Lunar Year.

    He affirmed Nigeria’s commitment to deepening cultural, diplomatic, and economic ties with the People’s Republic of China, fostering a more robust, sustainable, and mutually beneficial Nigeria–China partnership.

  • REA, Benue State chart path for energy security

    REA, Benue State chart path for energy security

    The Rural Electrification Agency (REA) and Benue State have reached agreement to collectively explore innovative energy solutions that would ensure adequate power supply to unlock the full economic potential of the state.

    At the 24th high-level State-by-State Roundtable in Benue State, stakeholders discussed ways to deepen practical implementation of the Electricity Act 2023 and the National Electrification Strategy and Implementation Plan (NESIP) to catalyse data-driven investments across the state.

    Upon the passage of the 2023 Electricity Act, REA had maintained a frontline role, translating policy into sustainable impact and facilitating the development of State Electricity Markets using decentralized, investment-ready strategies and solutions.

    Themed “From Strategy to Impact: Accelerating Private Investment in Benue State Renewable Energy Ecosystem”, REA–Benue State Roundtable brought together over 300 stakeholders, including Renewable Energy Service Companies (RESCOs), policymakers, innovators, financiers, community representatives, and development partners to align a federal reform, the 2023 Act, with subnational execution.

    Managing Director, Rural Electrification Agency (REA), Dr. Abba Aliyu provided an x-ray of Benue State’s electricity market with the identification of over 1,207,272 residents that can be potentially powered through solar mini-grids.

    He said the agency, through its data-driven approach, has also identified 3,821 potential mini-grid sites in the state, while an estimated 651 communities have more than 100 connections for private sector mini-grid developers.

    According to him, these areas include Odejo, Mbadede and Gwer, all economically viable areas in Benue State. Other locations include Tarka, Otukpo, Obi, Markurdi, Gboko, to mention just a few. The potential mini-grid sites, the MD explained, are attractive and high impact investment sites.

    Central to the discussions at the Roundtable, the agency provided a spotlight of existing renewable energy projects in the State, including functional mini-grid infrastructure, grid extension projects, solar-powered irrigation pumps, solar streetlights and solar home systems.

    Abba, however, emphasized the need to accelerate and scale-up additional renewable energy projects in the State, leveraging the agency’s data and leaning on the State’s commitment to create a business-friendly electricity market for RESCOs.

    Governor of Benue State, Rev. Fr. Hyancinth Alia, explained that Benue State, like much of Nigeria, have battled with poor energy access over the years.

    He said: “The 2023 Electricity Act enacted by the FG presents a historic opportunity for energy independence and my administration is fully committed to leveraging this framework to reverse years of energy gap, expand access and attract private sector participation”.

    He explained that his administration, upon resumption, has taken “deliberate steps to develop pathways for the state electricity market” as “investor confidence depends on clarity, predictability and efficient project coordination”.

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    While commending the REA, the Governor expressed his amazement for the “volume of energy access statistics the REA has in its possession”.

    He assured the RESCOs of the State’s readiness to welcome investors and developers.

    Widely regarded as the nation’s food basket, the roundtable presented Benue State with data-driven, practical strategies to integrate energy access with agricultural value chains. Beyond this, however, the REA laid out the possible multi-sectoral impact of renewable energy investments in the State, including impact on education, healthcare delivery, security and local economies. Reviewing the pathways for establishing a functional state electricity market framework, the executive team of the REA as well as critical commissioners and heads of agencies in Benue State explored opportunities under the ongoing Distributed Access through Renewable Energy Scale-up (DARES) programme, the National Public Sector Solarization Initiative (NPSSI), the Rural Electrification Fund (REF) and other strategic programmes of the REA.

    With the success of the REA–Benue State Roundtable, the REA marks another milestone in Nigeria’s evolving electricity landscape, demonstrating how federal reforms can be effectively localized as States governments step into their new roles under the Electricity Act 2023. The agency has, therefore, continued to mainstream the need for a favourable investment climate, innovative renewable energy solutions, wider private sector participation, sustainability systems and the development of skill pipeline to manage the infrastructure growth across States.

  • Nigeria needs farm price stabilisation framework to protect farmers, says Yusuf

    Nigeria needs farm price stabilisation framework to protect farmers, says Yusuf

    Nigeria needs a comprehensive Farm Price Stabilisation and Farmer Income Protection Framework to prevent the collapse of its agricultural sector, the Chief Executive Officer , Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has said.

    Responding to  recent government interventions  that have succeeded in bringing down food prices to the relief of consumers, Yusuf ,however, warned that the policy has created troubling trade-offs that threaten the sustainability of the nation’s food security.

    “The welfare gains from cheaper food have been profound and should be acknowledged. However, the cost to farmers and other investors across the agricultural value chain is equally significant and cannot be ignored,”  Yusuf said in a comprehensive policy brief released by CPPE.

    The CPPE chief explained that recent import surges of staple crops, particularly rice, maize and soybeans, have caused serious dislocations in the agricultural investment ecosystem, inflicting severe hardship on farmers and weakening incentives to produce.

    “Nigeria cannot afford a policy regime that undermines confidence and discourages investment in agriculture—one of the most strategic sectors of the economy, a major source of livelihoods, and one of the country’s largest employers of labour,” Yusuf stated.

    He emphasised the need for urgent policy recalibration to strike a sustainable balance between keeping food affordable for consumers and protecting farmers’ incomes.

    “Although consumers have welcomed the decline in food prices, the long-term consequences are adverse: farmer incomes fall, production declines over time, investment confidence weakens, and the country risks returning to cycles of scarcity and higher prices,” he warned.

    The policy brief identified several structural factors driving farm price collapses  beyond import surges. These include harvest gluts caused by simultaneous harvesting periods, limited storage facilities forcing farmers into immediate distress sales, weak rural logistics, and inadequate processing capacity.

    Yusuf called for the establishment of a National Farm Price Stabilisation and Farmer Income Protection Framework anchored on clear principles. “The framework should be rules-based rather than discretionary, targeted rather than universal, market-friendly rather than command-driven, and digitally enabled to strengthen transparency and accountability,” he said.

    Among the key recommendations, CPPE proposed  the introduction of Minimum Guaranteed Prices for strategic commodities including maize, rice, sorghum and soybeans.

    Yusuf clarified that this should not become an open-ended government purchase programme but rather operate strictly as a stabilising backstop when market prices fall below support levels.

    “Support prices should follow a transparent methodology reflecting cost of production, storage and logistics costs, and fair farmer margins,” he explained, while cautioning that minimum guaranteed prices without adequate storage capacity and institutional discipline could become fiscally unsustainable.

    The CPPE chief also advocated for urgent reform of the strategic grain reserves, calling for their conversion into a modern, professionally managed and rules-based buffer stock system. “Government should buy grains during harvest periods when prices collapse and release grains in lean seasons when prices spike. This will reduce volatility, stabilise supply, and strengthen food security,” Yusuf said.

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    He recommended nationwide expansion of the Warehouse Receipt System, describing it as one of the most sustainable global solutions to distress sales. Under this system, farmers deposit produce in certified warehouses, receive receipts which serve as collateral for loans, and can sell later when prices improve.

    “A major driver of price collapse is farmers’ lack of liquidity. Many farmers sell at low prices not because they want to, but because they urgently need cash,” Yusuf noted.

    The policy brief also called for massive investment in storage infrastructure, cold chain facilities and agro-logistics through public-private partnerships, expansion of processing capacity near production zones, and strengthening of agricultural insurance schemes.

    On trade policy, Yusuf emphasised the importance of predictable safeguards to prevent import-driven price crashes while maintaining compliance with regional trade obligations.

    He further stressed the urgent need to reduce the prohibitively high cost of farm inputs including fertiliser, improved seeds, agrochemicals, farm machinery and livestock feeds, alongside provision of single-digit loan facilities and improved extension services.

    He said  Nigeria’s agricultural transformation cannot be achieved without stabilising farmer incomes.

     He called on the Federal Government, state governments, commodity exchanges, development finance institutions and private investors to work collaboratively in establishing the proposed framework, describing it as essential for protecting farmers, strengthening food security, reducing inflationary pressures, expanding rural employment and improving national economic resilience.

  • OPEC confirms conformity with November, December 2025 production data

    OPEC confirms conformity with November, December 2025 production data

    Arising from the 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, 1 February 2026. 

    The Organization of the Petroleum Exporting Countries (OPEC) confirmed the overall conformity with the November and December 2025 production data.

    This was contained in a press statement of the organization.

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    The statement said, “The JMMC reviewed the crude oil production data for November and December 2025 and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC).”

    The Committee reiterated the critical importance of achieving full conformity and compensation, and reviewed the updated compensation schedules.

    The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.

    The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 38th ONOMM held on 5 December 2024.

    According to the statement, the next meeting of the JMMC (65th) is scheduled for 5 April 2026.

  • Fintechs, others at risk of data protection breach in 2026 – Expert

    Fintechs, others at risk of data protection breach in 2026 – Expert

    As data protection compliance becomes nonnegotiable with enforcement for breaches, indications are that focus will be on high-risk industries like fintech, healthcare to mention just a few.

    Making this submission at the weekend was Ademikun Adeseyoju, Head of Emerging Services at DataPro, foremost credit rating agencies.

    From available information, breaches can result in severe penalties imposed by the Nigeria Data Protection Commission (NDPC). For major data controllers/processors, fines can reach up to ₦10 million or 2% of annual gross revenue, whichever is higher, along with potential imprisonment. Smaller organisations face fines up to ₦2 million or 2% of annual revenue.

    Lending credence to the foregoing, Adeseyoju, in a statement announcing the commencement of its 2026 Privacy Week, themed: “Privacy in the Age of Emerging Technologies: Trust, Ethics, and Innovation”, anticipates intensity on Sector-Specific Enforcement, with the NDPC focusing on high-risk industries like Fintech, Healthcare, etc.

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    Pressed further, he said, the week-long observance serves as an inflection point for analysing the tectonic shifts in Nigeria’s 2025 data protection landscape while preparing organisations for the rigorous demands of the coming year.

    In its review of the outgoing year, it recalled that 2025 marked Nigeria’s definitive transition from the Nigeria Data Protection Regulation (NDPR) to the full statutory power of the Nigeria Data Protection Act (NDPA) and the General Application and Implementation Directive (GAID) 2025. This shift signalled a move from guidelines-based compliance to a mandatory, enforcement-driven regime.

    Specifically, it noted that key milestones from the 2025 ecosystem includes active regulatory posture with the NDPC moving decisively into active enforcement, publicly naming non-compliant entities, particularly in the financial services sector.

    Besides, it cited judicial precedents as landmark court rulings in 2025 affirmed that transparency in personal data handling is a constitutionally protected right.

    Courts awarded significant damages to data subjects for privacy breaches, signalling that organisational size no longer shields against accountability.

    Furthermore, regulatory settlements with multinational technology firms have set a high bar for behavioural advertising and data processing standards in Nigeria.

    This is just as the Cybersecurity Landscape in 2025 witnessed an unprecedented surge in cyber threats as attackers shifted their focus from technical exploits to identity-driven campaigns, targeting valid credentials with high precision.

    This “identity-centric” threat environment has made robust access management a non-negotiable requirement for corporate resilience.

    In its 2026 outlook, DataPro projected that 2026 will be defined by Board and Executive Ownership. Privacy will no longer be an IT-only concern but a standing governance issue requiring regular risk reports and dedicated budgets.

    “We also anticipate a surge in individual claims and constitutional privacy actions, meaning organisations must remain “litigation ready” by preserving processing records and strengthening internal controls. As a licensed Data Protection Compliance Organisation (DPCO), DataPro Limited is positioned to help your organisation achieve and sustain its compliance objectives for 2026. With over 30 years of regulatory and compliance experience, partnering with DataPro ensures access to deep expertise, practical implementation support, and a collaborative approach to meeting your NDPA compliance goals.”