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 average retail price of household kerosene declined marginally in May 2026, while the prices of diesel and petrol recorded significant increases, according to the latest energy price data released by the National Bureau of Statistics (NBS).
The NBS said the average retail price of household kerosene fell by 0.17 percent month-on-month to N2,971.94 per litre in May from N2,976.94 in April. However, the product remained significantly more expensive than a year earlier, rising by 36.62 per cent from N2,175.29 recorded in May 2025.
A state-by-state analysis showed that Sokoto recorded the highest average kerosene price at N3,984.09 per litre, followed by Jigawa at N3,824.68 and Taraba at N3,595.64. Bayelsa posted the lowest price at N2,018.79, while Kogi and Ekiti recorded N2,348.81 and N2,511.31 respectively.
ALSO READ: NMDPRA Accuses Marketers of Manipulating Cooking Gas Market
Across the geopolitical zones, the North-West had the highest average kerosene price at N3,343.12 per litre, while the South-South recorded the lowest at N2,777.76. The NBS also reported that the average retail price of kerosene per gallon dropped by 10.8 per cent to N11,949.39 in May from N13,396.23 in April. On a year-on-year basis, however, the price rose by 40.88 per cent from N8,482.22 recorded in May 2025. Sokoto again topped the chart with the highest average price per gallon at N15,928.39, followed by Kebbi at N15,855.73 and Niger at N14,465.43. Bayelsa recorded the lowest price at N7,084.56.
Meanwhile, diesel prices surged sharply during the month.
The average retail price of Automotive Gas Oil (diesel) rose by 32.44 per cent month-on-month to ₦3,277.47 per litre in May from ₦2,474.69 in April. Compared to May 2025, diesel prices increased by 86.4 per cent from ₦1,758.26 per litre.
Nasarawa recorded the highest average diesel price at ₦3,785.84 per litre, followed by Plateau at ₦3,576.40 and Ebonyi at ₦3,574.75. Kogi had the lowest average price at ₦2,823.85, while Benue and Kebbi recorded ₦2,961.33 and ₦3,016.14 respectively.
The North-West zone recorded the highest diesel price at ₦3,313.60 per litre, while the South-West had the lowest at ₦3,227.55.
Petrol prices also continued their upward trend. The average retail price of Premium Motor Spirit (PMS) increased by 4.13 per cent month-on-month to ₦1,596.25 per litre in May from ₦1,532.93 in April. On a year-on-year basis, petrol prices rose by 55.31 per cent from ₦1,027.76 per litre recorded in May 2025.
Edo recorded the highest average petrol price at ₦1,722.91 per litre, followed by Bauchi at ₦1,715.47 and Benue at ₦1,698.57. Adamawa, Katsina and Sokoto posted the lowest average prices at ₦1,469.83, ₦1,470.63 and ₦1,489.33 respectively.
The South-South zone recorded the highest average petrol price at ₦1,623.84 per litre, while the North-West posted the lowest at ₦1,564.10, according to the NBS.
Courtesy – Daily Sun
The Securities and Exchange Commission (SEC) has banned the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator.
This was detailed in a public notice on Tuesday, in which the Commission said it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.
The SEC expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in what it described as an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that has not been presented to the Commission.
According to the regulator, “No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the Commission.”
The Commission added that the ongoing pre-marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”
It further stated that the marketing campaign and invitations to “create accounts”, “pre-fund,” or “secure guaranteed allocations” amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”
Consequently, the Commission directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.
The SEC ordered them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”
ALSO READ: Prices Slide, as 19m Barrels Cross Hormuz Strait
It also directed operators to “remove or take down all such unauthorized marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”
The regulator further instructed operators to desist from accepting deposits, commitments, account openings or expressions of interest from investors for the purported public offering and to “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice.”
The Commission warned that defaulters would face sanctions as non-compliance would attract penalties under the Investments and Securities Act, 2025 and the SEC Rules and Regulations.
Advising investors to exercise caution, the SEC said members of the public should “rely only on formal, official pronouncements issued directly by the Commission through its official channels.”
It warned that “all such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the Commission’s approval.”
The Commission assured that if it eventually receives and clears an application for a public offering by the refinery, an approved prospectus would be made available to investors in line with the provisions of the Investments and Securities Act, 2025.
In a move aimed at preventing potential supply shortages in the domestic market, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has approved fresh imports of petrol and diesel for Q3 2026.
This was gleaned from a report by global energy intelligence firm Argus Media, published on Tuesday.
Citing regulatory and industry sources, the report stated that the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced gasoline production at the Dangote Petroleum Refinery and Petrochemicals (DPRP).
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil received permits to import Premium Motor Spirit (PMS), popularly known as petrol, during the July-September period.
ALSO READ: Minister Orders Security Operatives to Wade into Souring LPG Prices
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil (AGO), commonly known as diesel.
The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus reported that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
According to sources cited by the publication, AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently after being delayed from an initial target date of June 15.
The report read, “The Nigerian Midstream Downstream Petroleum Regulatory Authority has issued clean product import permits for July to address supply shortages, according to sources. Domestic firms AA Rano, AYM Shafa, Bono, Nipco, Matrix and Pinnacle received gasoline import permits, while the same companies – minus Nipco – received gasoil import permits for the third quarter, sources said.
“The recipients are some of the same ones that [previously] received the PMS [gasoline] permits,” according to a regulatory source. A regulatory source quoted by the publication said the permits were approved to forestall projected supply gaps in the country’s fuel market.
“The permits were issued to head off projected shortfalls in supply”, the source said. “Issuance is still ongoing, so the final volume cannot be determined right now. But gasoline permits will likely be above 800,000T”, the source continued.
If achieved, the projected volume would exceed the total quantity approved under the second-quarter import programme. The approvals come at a time when fuel inventories are showing signs of tightening.
According to data referenced by Argus, petrol stock sufficiency in Nigeria declined by 1.7 days to 16 days in May, while diesel stock sufficiency dropped by eight days to 31 days during the same period. Such declines often prompt regulators to take precautionary measures to ensure uninterrupted supply across the country.
The report linked the reduction in stock levels to lower gasoline production at the DPRP Lekki, Lagos.
According to figures cited by Argus, gasoline production at the refinery fell by 16 percent to 44.7 million litres per day, while diesel production increased by four per cent to 24.5 million litres daily.
Market participants quoted in the report attributed the drop in petrol output to maintenance activities on the refinery’s Residual Fluid Catalytic Cracker, one of its major gasoline-producing units.
Argus reported that a source close to the refinery described suggestions linking increased exports of low-sulphur straight-run fuel oil and the maintenance programme as “partially correct” but declined to provide additional details.
The report also noted that recent movements in international fuel prices could make imports more attractive to independent marketers.
Argus said front-month Eurobob oxy swaps, increasingly used as the benchmark for gasoline trade in West Africa, averaged $946.25 per tonne in June, down from $1,128.50 per tonne during the corresponding period in May.
Similarly, offshore Lomé ship-to-ship diesel prices averaged $1,093.50 per tonne in June, compared to $1,409.25 per tonne in May. The lower international prices are expected to improve import economics for marketers seeking to supplement domestic supply.
Despite the availability of import permits, however, the report suggested that marketers may not fully utilise all approved volumes.
According to preliminary vessel-tracking data from Kpler cited by Argus, independent marketers are expected to import about 354,000 metric tonnes of petrol during the current quarter.
The figure is substantially lower than the 720,000 metric tonnes approved under the second-quarter permit programme. The sources attributed the gap partly to the timing of the approvals, noting that marketers had limited time to execute import plans because the permits were issued midway through the quarter.
NBS: Kerosene Price Dips as Diesel, Petrol Costs Rise
Why SEC Ordered Immediate Refunds Over Dangote Refinery IPO Promotions
‘Tissue of Lies’ — Dangote Refinery Explodes Over Claims of Fuel Re-Importation Through Togo
NMDPRA Accuses Marketers of Manipulating Cooking Gas Market
Panic in Europe as France Records First-Ever Ebola Case
Chevron Ships LPG Abroad from January to May
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
