Business
FG targets 1m hectares of soybean cultivation
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.
“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.
“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.
Business
Nigerian Kobo and Naira Coins (1991–1993 Series): A Glimpse into Monetary Heritage (PHOTOS)
The Kobo and Naira coin series issued between 1991 and 1993 represent a significant era in Nigeria’s economic history. These coins, now largely out of circulation, once played a vital role in daily commerce and offer a fascinating insight into the country’s rich cultural and economic symbols.
Denominations and Design
The coin set featured the following denominations:
1 Kobo
10 Kobo
25 Kobo
50 Kobo
1 Naira
Each coin was designed to reflect Nigeria’s national identity, featuring notable figures, agricultural symbols, and industrial elements.
1 Kobo
Smallest denomination.
Featured ears of corn, symbolizing Nigeria’s agricultural roots.
10 Kobo
Featured oil palms, a nod to one of the country’s major cash crops.
25 Kobo
Showed groundnuts, once a key export commodity of Northern Nigeria.
50 Kobo
Displayed an oil derrick, representing the petroleum industry which has been central to Nigeria’s economy.
1 Naira
Featured the portrait of Herbert Macaulay, a pioneer Nigerian nationalist and key figure in the country’s path to independence.
Historical Context
The Naira (₦) and Kobo (₦1 = 100 Kobo) were introduced on January 1, 1973, replacing the Nigerian Pound in a major currency decimalization initiative. This made Nigeria the first African country to adopt a decimal currency system, marking a shift from colonial-era monetary practices.
The 1991–1993 coin series was a continuation of efforts to modernize Nigeria’s currency with updated designs and more durable materials.
Circulation and Decline
At their peak, these coins were widely used for everyday transactions, particularly for small purchases in markets, transportation, and shops. However, due to persistent inflation, many of these coins—especially the 1 Kobo and 10 Kobo—lost their purchasing power and gradually disappeared from use.
Today, most of these denominations are no longer accepted in commercial transactions. The 1 Kobo coin is now virtually extinct in circulation and exists primarily as a collector’s item or historical artifact.
Legacy and Collectible Value
While no longer functional in modern commerce, the 1991–1993 coin series remains an important symbol of Nigeria’s economic evolution. For collectors, historians, and educators, these coins offer a tangible way to explore Nigeria’s post-independence financial heritage and the changing face of its economy.
These coins are not just currency—they’re time capsules, preserving stories of Nigeria’s industries, agricultural wealth, and nationalist pride.
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US President Donald Trump has ordered the firing of the country’s commissioner of labor statistics, Erika McEntarfer, after the Labor Department reported weak hiring last month and revisions showed a quarter-million fewer hirings in the prior two months.
Trump said he ordered the immediate firing of Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, asserting the July report misrepresents what he claims is a “booming” economy powered by his policies.
The US added 73,000 nonfarm jobs in July, the Labor Department reported early Friday, down by about a third from economists’ expectations. More importantly, gains for the prior two months were revised lower by a combined 258,000 jobs.
Revisions to the employment report are routine, but the BLS said the revisions for May and June were “larger than normal.”
McEntarfer, a labor economist, was nominated by former President Joe Biden in July 2023 and confirmed by the Senate as commissioner of labor statistics in January 2024, according to the Bureau of Labor Statistics website. She previously served as a senior economist on the White House Council of Economic Advisors, where she advised on the recovery from Covid-19.
Labor Secretary Lori Chavez-DeRemer, a Trump appointee, said on her social media site that she supported the “President’s decision to replace Biden’s Commissioner.” She said during the search for a replacement, Deputy Commissioner William Wiatrowski will serve as acting commissioner.
“Important numbers like this must be fair and accurate; they can’t be manipulated for political purposes,” Trump said, without providing evidence the data was manipulated. “McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months.”
Trump added: “The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election,” late last year, Trump said, renewing his attacks on Fed chair Jerome Powell, who has repeatedly ignored Trump’s calls for him to lower rates. The Fed this week held its target rate unchanged for a fifth time this year, saying it needed to assess the impacts of tariffs and other Trump policies.
“Too Late” Powell should also be put “out to pasture,” Trump said.
Powell’s term in office expires in May next year and he can only be fired from the independent body for cause.
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Nigeria’s Dangote Refinery has appointed the former head of Oman’s Duqm refinery, David Bird, as chief executive officer of its petroleum and petrochemicals business.
This was disclosed by S & P Global Commodity Insights on Friday.
Bird’s appointment takes effect from July 2025.
The move is aimed at overcoming production challenges and advancing the $20 billion refinery to its next phase of expansion.
Meanwhile, the refinery’s founder, Aliko Dangote, will remain chairman of the refining business.
The development comes as the 650,000-barrel-per-day refinery finalises plans to roll out premium motor spirit and automotive gas oil distribution nationwide from August 2025, a move opposed by the country’s petroleum products marketers.
The refinery officially commenced fuel rollout in September last year and has since continued to ramp up production capacity.
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