Business
ONE Joins D’banj and African Partners to Launch ‘Do Agric’ at AU Summit
ADDIS ABABA – The ONE Campaign today released a new report and launched Do Agric, It Pays, a campaign calling for African governments to commit to spending at least 10% of national budgets on effective agriculture investments, through transparent and accountable budgets.
At the heart of the Do Agric campaign is an effort to push political leaders to adopt better policies that will boost productivity, increase incomes and help lift millions of Africans out of extreme poverty.
Nigerian singer-songwriter D’banj was on hand for the Do Agric, It Pays kick-off event in Addis Ababa today. Civil society partners at the launch included the Pan African Farmers Association (PAFO), ActionAid International, Acord International, Oxfam, East and Southern African Farmers Forum , ROPPA, Southern African Confederation of Agriculture Unions, the Africa Union Commission, Becho Welisho and the Alliance for Green Revolution in Africa (AGRA). Campaign champions include Tanzanian President Jakaya Kikwete, Beninois President Dr. Thomas Yayi Boni and Côte d’Ivoire footballer Yaya Touré, with Touré starring in a new ONE.
The launch of Do Agric in Addis Ababa coincides with the 2014 January African Union (AU) summit, where heads of state have gathered to discuss key development challenges across the continent. The AU has declared 2014 the Year of Agriculture in Africa.
“Now is the time to get our leaders to commit to a big push toward implementing effective agricultural policies, scale up public investment in agriculture and catalyze private sector participation in agriculture development,” says ONE Africa Director Dr. Sipho Moyo. “Of the more than 400 million Africans living in extreme poverty, 70% live in rural areas that depend on agriculture. Remarkably, the multiplier effect of agricultural growth in sub-Saharan Africa is estimated to be 11 times greater in reducing poverty than in other non-agriculture sectors, such as utilities and mining.(1)”
D’banj said, “There are massive untapped business opportunities in agriculture that could create jobs for millions of Africans on and off the farm. I want Africans to know that farming is not only the foundation of the economy, but also that farming is cool. I believe that, if the needed attention is given to agriculture, we Africans will not only feed ourselves, but also the rest of the world.”
“While other African leaders have made statements of good will, currently only eight countries have kept their promise to invest 10% of their national budgets in agriculture. It is therefore essential to do more, to go further. Agriculture is not only important, it is also vital. Agriculture pays,” said Yaya Touré.
A new ONE report, called Ripe for Change: The Promise of Africa’s Agricutural Transformation, calls on African governments to implement an “enhanced CAADP” package of policies to accelerate economic development in Africa through an African-led agricultural transformation agenda steered by the AU’s own CAADP (Comprehensive Africa Agriculture Development Programme). The package of policy recommendations, which was developed after a lengthy consultation process with African farmers and farmers associations from all over the continent, includes:
1) Make time-bound commitments to meet the Maputo pledge of spending at least 10% of national budgets on effective agriculture investments, through transparent and accountable budgets.
2) Eliminate the gender gap in agriculture.
3) Strengthen land governance and security of tenure rights.
4) Reduce barriers to intra-regional trade.
5) Increase R&D investment to at least 1% of agricultural GDP and bolster extension services.
6) Integrate sustainability and climate resilience into national agriculture plans.
7) Prioritise the reduction of post-harvest loss in national agriculture plans.
8) Design nutrition goals into agriculture sector strategies.
9) Foster an enabling environment for smallholder integration and responsible private sector investment.
10) Accelerate implementation of agriculture plans and ensure results for smallholder farmers.
The report also highlights recent success stories resulting from increased agriculture investment and enhanced CAADP-style policy reforms, such as those in Ghana, Ethiopia and Burkina Faso. In Ghana, agriculture is the biggest driver of poverty reduction, with initiatives such as credit reform, targeted subsidies for farmers, and new infrastructure supporting private sector investment, particularly in the cocoa sector. Perhaps no country illustrates the opportunities that agricultural investment can unlock better than Ethiopia. Three decades after experiencing a devastating famine that captured the world’s attention, the country has boosted cereal production and emerged as a leader in agricultural innovation, with an agriculture growth rate of 7% on average since 2003. In Burkina Faso, the government spends 10% of its budget on agriculture, resulting in growth rates of more than 6% per year in the sector. Following reforms, cotton production has tripled, leading to export earnings of $165 million and household income growing by between 19% and 43%.
Dr. Moyo added, “The good news is there are real success stories across the continent to build upon. These African-led successes must now be scaled, adopted and adapted across the region so that small farms can become small firms, young people can find good jobs and African economies can thrive. This virtuous cycle of agriculture-led industrialization will bring stability and prosperity across Africa. This is the future for African agriculture we can create together, if we seize the great opportunity of 2014.”
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
The landed cost of imported Premium Motor Spirit (petrol) has climbed above the gantry price offered by the Dangote Petroleum Refinery, reinforcing calls by petroleum marketers for Nigeria to halt fuel importation and prioritise local refining.
The latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria showed that the spot landed cost of imported petrol stood at N1,223.32 per litre as of July 29.
The price is higher than the Dangote refinery’s gantry price of N1,215 per litre, indicating that imported petrol currently costs marketers more than supplies sourced from the 650,000-barrels-per-day Lekki-based refinery.
The MEMAN bulletin also showed that Brent crude averaged $90 per barrel during the review period.
The development comes days after the Independent Petroleum Marketers Association of Nigeria renewed its call for an end to petrol importation, arguing that local refining capacity is sufficient to meet the country’s fuel demand.
IPMAN National Publicity Secretary, Chinedu Ukadike, recently told The PUNCH that there was no justification for continued petrol imports when local refineries, particularly the Dangote refinery, were producing enough to supply the domestic market.
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He argued that importing petrol when locally refined products were available only exerted additional pressure on foreign exchange and undermined investments in domestic refining.
The latest pricing data appears to support the marketers’ position, with the landed cost of imported petrol now exceeding the Dangote refinery’s gantry price.
According to the MEMAN bulletin, Dangote’s coastal price for PMS stood at N1,195 per litre, while its gantry price was N1,215 per litre, inclusive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority charges.
The report also showed that the naira averaged N1,367.03/$ during the review period, while international crude oil prices remained elevated, contributing to higher import costs.
The rise in global crude prices also pushed up the cost of refined petroleum products internationally. The price of diesel traded on the Intercontinental Exchange in Europe averaged $1,246.54 per metric tonne during the review period.
The bulletin further revealed that the spot landed cost of diesel rose to N1,739.96 per litre, compared with a 30-day average of N1,427.00 per litre, while aviation fuel climbed to N1,616.43 per litre against a 30-day average of N1,421.10 per litre.
The pricing trend suggests that locally refined petrol currently offers marketers a cheaper alternative than imports.
Earlier, the Independent Petroleum Marketers Association of Nigeria urged the Federal Government to halt the importation of petrol, arguing that imported petrol has become more expensive than locally refined products and is frustrating efforts to stabilise prices in the downstream sector.
The association said the continued issuance of fuel import licences was worsening price volatility, putting additional pressure on the naira and undermining the competitiveness of domestic refineries, particularly the Dangote Petroleum Refinery.
Speaking with The PUNCH, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the recent import licences issued by the NMDPRA had failed to achieve their intended objective of moderating domestic fuel prices.
According to him, petrol imported under the new licences is being sold at rates significantly higher than the price of products supplied by the Dangote refinery.
Meanwhile, data from Petroleumprice.ng also showed that some depot owners continued to adjust their ex-depot petrol prices on Thursday amid changing market conditions. AIPEC sold at N1,216 per litre.
Ardova reduced its ex-depot price by N1 to N1,217 per litre, while Ascon and T-Time each cut their prices by N2 to N1,216 per litre. Emadeb, however, increased its price by N1 to N1,218 per litre, while NIPCO retained its price at N1,217 per litre.
Outside Lagos, Aradel raised its ex-depot price by N5 to N1,240 per litre in Port Harcourt. Matrix and Sigmund reduced their prices by N10 each to N1,225 and N1,224 per litre, respectively, while T.S.L. cut its price by N15 to N1,225 per litre.
In Calabar, Hong Petroleum, Mainland and Sobaz each reduced their depot prices by N5 to N1,220 per litre. In Warri, A.Y.M. Shafa increased its price by N3 to N1,233 per litre, while Optima raised its price by N2 to N1,232 per litre. Matrix reduced its price by N3 to N1,230 per litre, while Rainoil cut its price by N2 to N1,240 per litre.
The PUNCH reports that the pump prices of petrol currently hover around N1,250 to N1,300 per litre in Lagos and Ogun states, while they are higher in the North and other distant locations.
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