Business
Oil slump: Nigeria targets self-sufficiency in food production
LAGOS-There has been a renewed emphasis on local food production in recent times owing to the continued slip in oil prices globally and t
he resultant devaluation of the local currency.
All over the country, there has been a return to the agricultural sector which hitherto lay dormant while Nigeria savoured oil wealth. But with the oil almost trickling to a stop, the country has suddenly been roused to its former source of wealth; agriculture and food production.
A major foreign exchange earner in the 1960s and 1970s, the sector has featured in various development plans spanning 52 years, starting from the 1962-1968 development plan which was Nigeria’s first national plan and culminating in recent efforts of the President Goodluck Jonathan’s administration.
According to an economic analyst, Professor Sherifdeen Tella, the sudden drop in the price of crude oil was what Nigeria needed to jolt it back to the reality of the importance of agriculture. Tella had urged total dedication to the sector, saying that the government and people of Nigeria should not see the situation as a temporary one.
In the same vein, Bismark Rewane was optimistic that if there was commitment on the part of people and the government, it was possible for Nigeria to be self-reliant and comfortably support the economy with earnings from the non-oil sector.
Since June 2014 when the price of crude oil started falling from its peak of $115 per barrel, and continued its downward spiral, analysts have not ceased to call on the government and stakeholders to urgently consider diversifying the economy.
In a swift response to the situation, the Federal Government has, since last year, embarked on far-reaching agricultural programmes meant to boost local food production.
In October, the government approved the Nigeria Agricultural Transformation Agenda Support Programme which was proposed a year earlier.
Details of the plan published on the African Development Bank online portal, included a two-phased programme that consisted of an initial phase of three years to put in place, the delivery and institutional mechanisms through a learning by doing and piloting approach.
Other reforms have since followed the ATA in quick succession as the global oil benchmark keeps edging towards the $40 mark. From all indications, agriculture has become a central focus of the economy being the major foreign exchange earner apart from oil.
The Minister of Agriculture, Dr.Akinwumi Adesina, believes that things have been moving so fast in the sector that come 2017, the country will achieve self-sufficiency in food production.
Adesina said the success recorded in the cassava sub-sector was a strong indication that Nigeria was on its way to food self-sufficiency. He noted that the country had done extremely well in food production, adding that food import bill went down from 1.1trn in 2009 to N697bn by the end of December, 2013.
He told our correspondent, “Today, Nigeria is the largest producer of cassava in the world. The goal of the government is to make Nigeria the largest processor of cassava in the world. We are doing that in four ways; first, we are working to transform cassava into starch that can be used by industries.
“An American company which is the largest food processor in the world will be investing about $200bn in Alape, Kogi state for the establishment of 64,000 metric ton-starch plant and a 43,000 metric ton-sweetener plant. These two plants will transform cassava into starch and sweetener to replace the sugar that we are currently importing.”
The minister also said that the government was working with Coca Cola, Nigeria Breweries, Unilever as well as Flour Mills of Nigeria, to begin production of high quality cassava syrup that will be coming from the Alape plant.
Adesina also expressed support for the new rice policy of the Federal Government, describing it as another project that was sure to liberate the country from dependency on food importation. He was also optimistic that with the volume of rice being produced locally every year, the country would be able to export the commodity in three years.
The only problem with the policies, as laudable as they are, is that they are coming too late according to analysts, considering the fact that the general elections are in February and some of the policies have not been given legal backing to protect them from alteration or discontinuation by another government.
Last year, the Trade Commissioner and Managing Director, Japan External Trade Organisation, George Sato, told our correspondent that Nigeria had put in place good policies that had been attracting foreign investors to the nation.
He said, “All that the Japanese companies want is stability and consistency. After the 2015 elections, the current good policies should remain and continue. If there is sustainability and consistency, we will bring more Japanese businesses here.
According to the President, Rice Millers Association of Nigeria, Tunji Owoeye, if anything should happen to stop the rice policy, it would spell doom for Nigeria as a nation. Owoeye said stakeholders across the rice value chain had already made long-term investments and signed performance bonds running into billions of naira in the sector.
He told our correspondent in an interview, “If these projects and policies are not continued, it is going to spell disaster for Nigeria,”
Owoeye remarked that the only way to ensure continuity of the policies was to pass a legislation in the chambers to make it a national law. He added that another way of ensuring continuity would have been for the current administration to continue beyond February 2015.
An analyst and the Country Director, Harvest Plus, Mr. Paul Ilona, echoed Owoeye’s concerns. Ilona was of the opinion that with the current energy and dedication given to food production, the country was certain to be self-sufficient very soon.
According to him, the challenge will be in sustaining the current growth.
Another problem that has been providing a conduit for illegal importation is that local food production is still far from meeting the demand of Nigerians.
PUNCH-
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared 31 companies as winners of 37 oil and gas blocks under the 2025 Licensing Round.
This followed the successful conclusion of the commercial bid conference on Tuesday in Abuja, despite what the commission described as sustained threats and pressure mounted against members of its evaluation team before the conclusion of the exercise.
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The conference marked the end of an eight-month licensing process, with the winning firms now required to pay their signature bonuses and satisfy other post-award conditions within 90 days or risk forfeiting the assets to reserve bidders.
After the commercial bid conference in Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed that officials involved in evaluating the bids faced repeated intimidation throughout the process but refused to compromise the integrity of the exercise.
She said the threats persisted until the eve of the commercial bid opening. Eyesan said, “It has been a journey… If you have been told anything contrary to the fact that this process was going to be credible and transparent, do not believe it.”
Commending members of the evaluation committee, she added, “The evaluators have worked tirelessly since June 12. They have been inundated with calls and with threats, serious threats, but they stood their ground. Up until yesterday, we were still threatened, but we stood our ground to say that the times have changed. Nigeria is really open for business.”
She said President Bola Tinubu had mandated the commission to ensure a credible process and thanked the evaluators and observers from the Nigeria Extractive Industries Transparency Initiative (NEITI) for supporting the exercise.
The commission announced that 31 companies emerged successful after 143 companies submitted about 200 bids for 37 oil and gas blocks out of the 50 assets offered during the licensing round.
The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec Italia.
Others are Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.
The commission explained that the successful companies had emerged only as preferred bidders and would receive Petroleum Prospecting Licences (PPL) after meeting all statutory conditions under the Petroleum Industry Act (PIA).
Eyesan urged the winners to immediately commence the post-award process. She said, “These firms will only be presented final awards after the payment of the appropriate signature bonus and the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, 2021.”
She warned that failure to fulfil the post-award conditions within 90 days would invalidate the awards, allowing the commission to invite reserve bidders.
The commission explained that the commercial bid process was designed to eliminate human interference through an automated weighted scoring system. Officials said technical evaluations had been completed before the commercial bids were opened publicly, while no one, including members of the evaluation team, had prior access to the commercial bids.
“The weighted score is 40 per cent. All these things are automated. The computer calculates everything. Nobody is using a pen to write any figures. This demonstrates the transparent, efficient and robust process built into this licensing round,” the commission stated.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Renaissance Africa Energy Company Limited, has launched a specialised 12-month capacity development programme to prepare 300 young Nigerian graduates for careers in the nation’s oil and gas industry
The NCDMB–Renaissance Oil and Gas Field Readiness Training Programme will provide participants with industry-relevant expertise in mechanical, electrical and instrumentation engineering, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner oil and gas service companies.
The programme has enrolled 300 beneficiaries, comprising 240 trainees in Lagos and 60 in Port Harcourt.
During the inauguration of the programme, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the initiative underscores the Board’s commitment to developing indigenous technical capacity, increasing Nigerian participation in the petroleum industry and supporting the country’s economic growth.
Represented by the Board’s Assistant Manager, Human Capacity Development, Tari Bufazi, Ogbe said the training would equip participants with practical experience and internationally recognised certifications needed to compete in the global energy industry.
“This is more than the commencement of a training programme. It is the beginning of a journey for young Nigerians who will acquire world-class skills in mechanical, instrumentation and electrical disciplines,” he said.
According to him, specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments in the oil and gas sector.
“Instrumentation, electrical and mechanical engineering are foundational to the survival, profitability and safety of the Nigerian oil and gas industry. This training is designed to close existing gaps and prepare participants for industry demands,” he added.
Ogbe urged the beneficiaries to seize the opportunity to develop themselves into innovators, problem-solvers and future leaders capable of driving the industry’s growth.
In the same vein, the General Manager, Nigerian Content Development at Renaissance Africa Energy Company Limited, Olarenwaju Lanre Olawuyi, reaffirmed the company’s commitment to building indigenous capabilities through sustained investments in human capital.
Represented by Funso Alabi, Olawuyi said the programme was deliberately structured to expose participants to both classroom learning and practical field experience across mechanical systems, electrical operations, instrumentation and control, software development, networking and cybersecurity.
He noted that the practical component would bridge the gap between academic knowledge and workplace expectations, enabling participants to acquire competencies increasingly sought after by employers.
“At Renaissance, we believe local content development must create real capability, strengthen indigenous expertise and empower Nigerians to lead,” he said.
He also reminded the trainees that technical competence alone would not guarantee success, stressing that professionalism, integrity, teamwork and a strong safety culture remain essential qualities in the oil and gas industry.
The Chief Executive Officer of Radial Circle, the programme’s lead training provider, Ranti Omole, disclosed that the beneficiaries emerged from a highly competitive selection process involving thousands of applicants drawn from the NCDMB database.
He said the objective of the initiative extends beyond issuing certificates, noting that the programme is designed to produce industry-ready professionals capable of making immediate contributions in operational environments.
“We are building competence and skills. By the time you complete this programme, you should be field-ready and able to fit seamlessly into industry operations,” Omole said.
He encouraged participants to remain disciplined, embrace continuous learning and leverage the opportunity to collaborate with colleagues from different parts of the country.
The operational successes of the Nigerian Navy’s sustained offensive against oil theft, illegal refining, pipeline vandalism, and militancy in the second quarter of 2026 have aided Nigeria’s crude oil production to reach 1,735 million barrels per day in June.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 1.735 million barrels per day represented 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) quota.
However, the Director of Naval Information, Capt. Abiodun Folorunsho, in a statement over the weekend, in Abuja, noted that the feat was the highest crude oil output recorded since April 2020.
According to Folorunsho, the offensive against crude oil theft, illegal refining, pipeline vandalism, militancy, and other forms of economic sabotage in the Niger Delta under Operation DELTA SENTINEL was intensified to consolidate first-quarter gains.
“Since April 2026, the Nigerian Navy has conducted over 580 intelligence-driven operations across Rivers, Bayelsa, Delta, Cross River, and Lagos State.
“These operations have resulted in the recovery of over 4.7 million litres of stolen crude oil and illegally refined petroleum products, as well as the arrest of over 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related crimes.
“It also led to the dismantling of over 48 illegal refining sites, interception of multiple vessels engaged in crude oil theft, and the destruction of criminal logistics networks supporting economic sabotage.”
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Folorunsho said that one of the major operational successes recorded was the arrest of the motor tankers – MKPODU, WESTAF, and STELIOS K, which were linked to the theft of more than 900 metric tonnes of suspected stolen crude oil.
He said it resulted in the recovery of over 708,000 litres of illegally refined products and 310,000 litres of stolen crude oil from a single illegal refining site in Ndoni, Rivers.
“It also facilitated numerous intelligence-led operations that dismantled reactivated refining sites, intercepted illicit fuel consignments and prevented criminal syndicates from restoring illegal production capacity across the Niger Delta,” he said.
According to him, coordinated riverine operations led to the deactivation of scores of illegal refining sites, reservoirs, dugout pits, storage facilities, warehouses, concealed fuel caches, pipeline connections and militant hideouts.
The director of naval information also said that the operations exposed a growing trend of criminal syndicates attempting to reactivate previously dismantled refining camps, prompting sustained follow-up operations.
He said the follow-ups prevented the regeneration of illegal refining ecosystems and progressively disrupted the economic viability of crude oil theft networks.
“The Nigerian Navy notes that these sustained operational gains coincide with the recent announcement by the NUPRC of increased crude oil production, exceeding the OPEC production quota.
“This indicates improved security around critical oil and gas infrastructure and the collective efforts of security agencies in fighting crude oil theft.
“Persistent naval presence across the Niger Delta waterways has denied economic saboteurs the freedom of action, disrupted illicit petroleum supply chains, and enhanced the integrity of critical oil and gas infrastructure,” he said.
The naval spokesperson reaffirmed the Navy’s commitment to safeguarding Nigeria’s maritime domain, protecting vital national assets, and enhancing oil production to support the Federal Government’s goal of reaching 2.5 million barrels per day by 2027.
He added that the service would continue to conduct intelligence-led operations and strengthen inter-agency cooperation to further degrade oil theft networks within the Nigerian maritime environment in line with the vision of the Chief of the Naval Staff, Vice Admiral Idi Abbas.
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