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FG targets 1m hectares of soybean cultivation

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The Federal Government has unveiled plans to cultivate one million hectares of farmland and produce 460,000 metric tonnes of soybeans within two years as part of a broader strategy to boost food security, reduce import dependence, and position Nigeria as a key player in the global soybean market.

The Minister of Agriculture and Food Security, Abubakar Kyari, announced this at the launch of the National Soybean Production Expansion Policy and Strategy on Tuesday. He noted that it is more than a policy; it is about planting the seeds of a food-secure and globally competitive Nigeria.

“Our target is to cultivate 1 million hectares of farmland and deliver 460,000 metric tons of soybean grain to the market within two years,” he announced.

The minister added that despite producing about 1.35 million metric tons of soybeans annually, Nigeria’s demand has surged beyond 2.7 million metric tons, driven by the expanding food, feed, and industrial sectors. This shortfall, the Minister noted, represents both a challenge and a significant opportunity.

“This supply gap is both a challenge and an opportunity to expand production, strengthen processing capacity, and create jobs,” he added.

Underscoring soybeans’ dual importance as an economic and nutritional commodity, the minister said, “Soybean is a nutritional powerhouse, containing about 40 per cent high-quality protein and essential amino acids, making it crucial in the fight against malnutrition and in improving household diets.”

He said, “Nigeria’s soybeans are naturally non-GMO, giving us a comparative advantage in premium markets where demand for non-GMO products continues to rise.” The minister also detailed the crop’s vital contribution to local industries.

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“Its role at home is equally vital, serving as the backbone of our animal feed industry, with roughly one-third of Nigeria’s soybean production going into poultry feed, where it constitutes about 20–25 per cent of the feed mix. By boosting local production, we reduce reliance on imported feed ingredients, fortify our poultry and aquaculture industries, and build a more resilient, self-sufficient food system, one that feeds our people while opening doors to global markets,” he said

He stressed that these ambitions require more than just plans; they demand deliberate and collaborative execution.

“Achieving these ambitious targets requires more than plans. It demands a supportive ecosystem driven by effective governance. The role of government is to create an enabling environment for growth. Through supportive policies, strategic collaboration, and targeted interventions, we aim to strengthen the soybean value chain and make it more competitive,” he said.

Benue State Governor, Hyacinth Alia, who also spoke at the event, described the policy launch as “not merely to inaugurate a policy, but to ignite a national transformation that promises prosperity, resilience, and hope for millions.”

He added that the national strategy aims to generate N3.9 trillion in annual revenue, create one million jobs across 22 states and the FCT, and transform Nigeria into a global agricultural powerhouse.

He declared Benue the “linchpin of this vision,” noting the state’s historical leadership in soybean production since the introduction of the ‘Malayan’ variety in 1937.

“From exporting 9 tons in 1947 to producing over 15,000 tons by the 1960s, Benue has set benchmarks for excellence,” he said. “Today, we cultivate a substantial share of Nigeria’s 780,000 hectares of soybeans and produce a significant portion of the nation’s 758,000 metric tons annually. Yet, our greatest achievements are still ahead.

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“With these initiatives, Benue will double our soybean output from 202,000 to at least 400,000 tons in three years, contribute more than 400,000 metric tons to national production annually, generate billions in new revenue and support Nigeria’s N3.9 trillion industry target, empower tens of thousands of households, and create a sustainable agricultural legacy,” he said.

Alia noted that over 200,000 farmers will be reached in the next three years with high-yielding, disease-resistant seeds. “Our Soybean Seed Multiplication and Distribution Programme will improve average yields from 1.2 to up to 3 metric tons per hectare.

“We are deploying extension officers and introducing mechanisation clusters, training our farmers in best practices and climate-smart agriculture,” he said.

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Lagos enforces 5% tax on gaming winnings

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The Lagos State Government has begun enforcing a five per cent withholding tax on gaming winnings from licensed gaming platforms operating within the state.

The Chief Executive Officer of the Lagos State Lotteries and Gaming Authority, Are Bashir, made this known in a public notice issued on Friday.

He stated that the policy, which takes immediate effect, applies to players’ net winnings and is to be deducted at the point of payout.

Bashir directed all licensed gaming operators in the state to comply immediately with the new tax framework in line with existing Nigerian tax laws and regulatory directives governing the gaming industry.

According to the notice, the five per cent deduction will be automatically withheld before winnings are paid to players and remitted to the Lagos State Internal Revenue Service as the statutory tax authority.

Bashir said the initiative is part of the state’s wider efforts to improve tax compliance, transparency and accountability in the fast-growing gaming sector.

“The measure forms part of Lagos’ broader drive to strengthen tax compliance, transparency, and accountability in the rapidly expanding gaming sector,” the notice read.

He said under the new arrangement, players are required to provide their National Identification Number (NIN) in line with Know Your Customer (KYC) regulations.

Bashir clarified that all deductions and remittances will be handled strictly by licensed gaming operators in accordance with regulatory requirements, adding that players will receive their winnings net of the statutory deduction, with proper records maintained to ensure transparency.

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He further noted that the withholding tax deducted will serve as a tax credit to the player.

“All licensed gaming operators in Lagos State have now been formally directed to commence the deductions with immediate effect,” the notice said.

Bashir reiterated that the policy is aimed at ensuring effective regulation of the gaming industry while aligning both operators and players with existing tax obligations in the state.

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Customs hand over seized N40.7m petrol to NMDPRA

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The Comptroller-General of Customs, Adewale Adeniyi, on Friday handed over 1,650 jerrycans of Premium Motor Spirit, worth N40.7 million, to the Nigerian Midstream and Downstream Petroleum Regulatory Authority for further investigation.

Addressing journalists at the handover ceremony held at the Customs Training College in Ikeja, Adeniyi said the seized fuel was intercepted at various locations, including Badagry, Owode, Seme, and other axes within Lagos State.

Represented by the National Coordinator of Operation Whirlwind, Deputy Comptroller-General Abubakar Aliyu, Adeniyi said the contraband was intercepted over the past nine weeks.

“In the space of nine weeks, our operatives intensified surveillance and enforcement across critical border communities. A total of 1,650 jerrycans of 25 litres each were seized along notorious smuggling routes, including Adodo, Seme, Owode Apa, Ajilete, Idjaun, Ilaro, Badagry, Idiroko, and Imeko. The total duty-paid value of the PMS is N40.7 million,” Adeniyi said.

He added that three tankers used to transport the fuel were carrying 60,000, 45,000, and 49,000 litres respectively, totalling 154,000 litres of PMS.

According to Adeniyi, the interception was the result of intelligence-driven operations and the vigilance of Operation Whirlwind in safeguarding Nigeria’s economy and energy security.

He explained that the transportation and movement of petroleum products are governed by regulatory frameworks and standard operating procedures designed to prevent diversion, smuggling, hoarding, and economic sabotage.

“These items contravened the established Standard Operating Procedures of Operation Whirlwind,” Adeniyi said, emphasising that such violations undermine government policy, distort market stability, and deprive the nation of critical revenue.

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He warned that border corridors such as Owode, Seme, and Badagry remain sensitive economic arteries. “These routes have historically been exploited for illegal cross-border petroleum movement. Under our watch, there will be no safe haven for economic sabotage,” he said.

Adeniyi said the handover to NMDPRA reflects inter-agency collaboration. “While Customs enforces border control and anti-smuggling mandates, NMDPRA regulates distribution and ensures compliance with downstream laws. This collaboration ensures due process, transparency, and regulatory integrity,” he said.

Representing NMDPRA, Mrs. Grace Dauda said the agency ensures that petroleum products produced in Nigeria are consumed domestically. “It is unfortunate that some businessmen attempt to smuggle the product out of the country. The public must work together to stop economic sabotage,” she said.

Operation Whirlwind is a special tactical enforcement operation launched by the Nigeria Customs Service in 2024 to combat cross-border smuggling of petroleum products, particularly PMS, and other contraband that threaten Nigeria’s economic security. It was established in response to a surge in illegal fuel diversion across the country.

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Stocks drop, oil rises after Trump Iran threat

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Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a “meaningful deal” in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fuelled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world’s top economy.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the “Board of Peace”, his initiative to secure stability in Gaza, that Tehran should make a deal.

“It’s proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen,” he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington “may have to take it a step further” without any agreement, adding: “You’re going to be finding out over the next probably 10 days.”

Israeli Prime Minister Benjamin Netanyahu earlier warned: “If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine.”

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

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The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

“At its core, this looks like pressure and leverage rather than a prelude to invasion,” he wrote.

“The US is pairing military readiness with stalled nuclear negotiations, signalling it has credible strike options if talks fail. That doesn’t automatically translate into boots on the ground or a regime-change campaign.

“While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further.”

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.

– Key figures at around 0700 GMT –

Tokyo – Nikkei 225: DOWN 1.1 percent at 56,825.70 (close)

Hong Kong – Hang Seng Index: DOWN 0.7 percent at 26,508.98

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Shanghai – Composite: Closed for holiday

West Texas Intermediate: UP 0.9 percent at $67.05 per barrel

Brent North Sea Crude: UP 0.9 percent at $72.27 per barrel

Euro/dollar: DOWN at $1.1756 from $1.1767 on Thursday

Pound/dollar: DOWN at $1.3448 from $1.3458

Euro/pound: DOWN at 87.42 pence from 87.43 pence

Dollar/yen: UP at 155.17 yen from 155.07 yen

New York – Dow: DOWN 0.5 percent at 49,395.16 (close)

London – FTSE 100: DOWN 0.6 percent at 10,627.04 (close)

AFP

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