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Agriculture must get ‘rightful place’ in financial system – CBN

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The Central Bank of Nigeria (CBN) hopes to lift agricultural lending above the current level of less than five per cent of banks’ credit, with Governor Olayemi Cardoso declaring that agriculture must receive its “rightful place in our financial system and national priorities.”

Cardoso spoke in Abuja on Tuesday at the inauguration of the newly constituted Board of the Agricultural Credit Guarantee Scheme Fund.

He told the audience that the event marked “a defining moment — a bold statement of intent that signals a new dawn for agricultural financing in Nigeria.”

He said agriculture remained the backbone of the economy, contributing more than one-fifth of GDP and employing most Nigerians, yet “it receives only a small fraction of formal credit — less than 5 per cent of banks’ lending goes to the agricultural sector.

According to him, this chronic underfunding has stifled productivity and expansion for millions of farmers.

“It is a reassessment of norms: we will no longer accept business-as-usual,” he said. “Instead, we embrace a future where agriculture is accorded its rightful place.”

Cardoso said the fund, which guarantees up to 75 per cent of the value of agricultural loans, had helped banks lend to farmers for decades, including those considered “unbankable.”

He noted that the scheme had been strengthened following a 2019 amendment that expanded its share capital from N3bn to N50bn and broadened its mandate.

He said the reform was designed to deepen inclusivity, adding that the revised Act now provides for a board composed not only of government officials but also of farmers’ representatives.

“Such inclusivity is strategic: it enshrines partnership between policymakers, financiers, and the farming community in guiding the Scheme’s activities,” he said.

Cardoso described the sector as standing at the “crossroads of unprecedented opportunity” under the Federal Government’s Renewed Hope agenda.

He said the vision was to build a resilient, technologically advanced and inclusive agricultural economy that “ensures food security, reduces poverty, and creates wealth for millions of Nigerians.”

According to him, smallholder farmers constitute 80 per cent of Nigeria’s farmers and produce about 90 per cent of food, yet they continue to face high barriers to credit.

“Many lack collateral or credit history — a situation we can no longer afford, given that these same smallholders feed our nation and drive our rural economy,” he said.

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He urged the new board to focus on strategic priorities that could unlock value quickly.

He called for deeper financial inclusion to reach women and young farmers, noting that rural women were key actors in agriculture but often had less access to credit and technology.

“Studies indicate nearly 60 per cent of rural women do not use mobile internet, limiting their access to emerging digital services,” he said.

He asked the board to collaborate with microfinance banks, cooperatives, and fintech firms, and to use group lending, mobile money, and agent banking to ensure that “a lack of collateral or a remote location is no longer an insurmountable barrier to financing.”

Cardoso also tasked the board with establishing stronger oversight, monitoring, and evaluation systems using technology and data.

He said modern tools, including satellite imagery and digital dashboards, should be deployed to track loan performance, crop progress and emerging risks.

“Every naira guaranteed must deliver real value on the farm and in the marketplace,” he said.

The governor warned that the task ahead may appear daunting, given the size and complexity of agricultural value chains.

But he insisted that success depended on “innovation, integrity, and unyielding dedication.”

“With today’s inauguration, we have filled a void and renewed our commitment to a prosperous, food‑secure Nigeria,” he said. “Let us cultivate a future where every farmer can easily access the financing they need, every field yields its full potential, and every Nigerian can enjoy affordable, plentiful food on their table.”

Cardoso congratulated the newly inaugurated board and assured them of the central bank’s support.

Also speaking, the chairman of the newly inaugurated board, Dr Olusegun Oshin, said the scheme must focus on the grassroots, where the majority of farmers struggle without credit or storage facilities.

He told the gathering that “those that feed us are those weak, poor farmers very far away in the villages and who don’t have access to credit,” adding that even when they manage to raise funds, “they don’t even store it properly because they don’t have the capacity for storage.”

Oshin said the board would ensure the fund was impactful at the level of peasant farmers and smallholders.

“This fund… will be focused on ensuring that it is impactful at the grassroots level, at that level where Nigeria is faced, the level of the peasant farmers,” he said.

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He also welcomed the inclusion of agribusiness and allied sectors, noting that technology and accountability would be central to implementation.

Oshin noted that proper reporting must show that money given to clusters of farmers produced measurable results.

He added that detailed monitoring and evaluation would strengthen the case for more resources, while stressing that reaching more farmers efficiently would improve food supply nationwide.

Oshin thanked the apex bank for the opportunity and assured that board members would uphold ethical standards.

The PUNCH earlier reported that the agricultural sector contributed N30.5tn, in nominal terms, to the Gross Domestic Product in the third quarter of 2025.

Crop production drove the agro-sector’s growth, which stakeholders attributed to improved investor confidence.

The figure from the National Bureau of Statistics represents one of the sector’s strongest quarterly showings in recent years, with crop production alone accounting for N20.13tn or 65.99 per cent.

The sector also posted a real GDP growth rate of 3.79 per cent year-on-year, surpassing its Q3 2024 performance of 2.55 per cent by 1.24 percentage points, and outperforming its 2.82 per cent growth in Q2 2025 by 0.97 points amid poor access to bank credit.New Nigeria People’s Party, Femi Aina, has been re-elected for another term of four years.

Aina, according to a statement on Tuesday, was elected alongside other executives during the state party’s congress held at the party’s secretariat at Adatan, Abeokuta, the capital of the state.

Prof Tajudeen Gambo, Chairman of the Organising Committee of the state congress, alongside the Secretary of the committee, Abdullahi Dogonnama, as well as Alhaji Ibrahim Sai Kure, and Alhaji Hamza Masu, who are members of the committee, supervised the congress.

The congress was also monitored by INEC officials and security agents.

Aina, in his acceptance speech, said that his re-election marked a new dispensation for the state chapter of the party to begin massive mobilisation ahead of the 2027 elections.

The party chairman pledged to foster unity, bringing everyone on board irrespective of tribes, tongues and religion, with the sole aim of strengthening the party membership in the state.

Aina said, “This is no doubt a new dispensation for Ogun NNPP. We are going to ensure equal representation of various groups within the party. We are going to kick off massive mobilisation ahead of 2027 because everyone is important to our resolve to chase APC out in 2027.

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“We will reach out to the Kwa Kwa Siya group, we will reach out to women, and we will make sure that women decide issues affecting women. It will be a new leadership with renewed dedication and vigour to serve and deliver Nigerians from the incompetent government of the APC.”

He thanked the delegates for the confidence reposed in him and other executive members promising to provide a leadership that will further help deepen democratic ideals of fairness, justice and good governance.

Other executive members include  Alhaja Sakirat Arowolo, the Deputy Chairman, Rasaq Segun Sofowora as Secretary, as well as Mrs Yetunde Akindele, Women Leader, among others.

Speaking earlier, Gambo commended the resilience of  NNPP members in the state despite challenges, urging the newly elected and sworn-in executives to be determined to push NNPP stronger come 2027.

He disclosed that the intention of the party to take over the leadership of Nigeria across all levels comes 2027, lamenting that the present APC administration is not mass-oriented

Gambo said, “Our strong intention is to take over Nigeria in 2027.  We are determined, and we are working very hard, because the present government is running the affairs of the country to address the needs of the masses.

“Whereas NNPP is for the masses, it is free education for everybody; everybody must be educated, so we are really confident that we are going to succeed in 2027 by the special grace of God. That’s our dream and vision, and we call on all Nigerians to team up with us on this rescue mission.”

Opposition parties have always faulted the APC-led government, accusing it of foisting hardship on Nigerians, particularly with the subsidy removal, as well as the rising wave of insecurity across the country.

They have always threatened massive mobilisation ahead of 2027, with the sole aim of getting the party out of power.

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FG tells marketers to reflect global oil price drop in petrol prices

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Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has directed petroleum marketers to immediately reflect the recent decline in global oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.

Lokpobiri gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum on Monday in Abuja.

The forum is themed “Beyond Compliance Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”

Lokpobiri said that with the de-escalation of tensions between Iran and the United States, there was an expectation that the prices of PMS and other petroleum products would be adjusted downward accordingly.

He expressed concern that the anticipated reduction had yet to be reflected at the pumps, stressing that while market forces under the deregulated regime would ultimately restore price equilibrium, marketers should not exploit the situation to make excessive profits.

The minister said the regulator had a statutory responsibility to ensure that deregulation did not become an avenue for profiteering, adding that this must be carried out in line with the provisions of the Petroleum Industry Act (PIA 2021).

“For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient.

“The more consequential question today is this: are our regulatory authorities doing their job? Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term?

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“Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” he said.

Lokpobiri, while urging marketers to comply with the principles of fair pricing to ensure that consumers benefit from the prevailing market realities, urged regulators to move beyond compliance by promoting regulatory certainty to attracting long-term investments.

“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved way for the operationalisation of the Dangote Refinery and other refinery projects currently underway.

“It also ensured that artificial scarcity has become a thing of the past.

“You can attest to the fact that since 2023 there has been availability of products in country even with the recent challenges posed by the US-Israeli /Iranian conflict.

“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product?

“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.

Lokpobiri said while compliance with regulations remained fundamental, investors were increasingly interested in jurisdictions with clear, consistent and predictable regulatory frameworks.

He described general counsel as strategic partners whose responsibilities extend beyond interpreting laws to shaping investment decisions, improving regulatory design and supporting national development.

According to him, legal advisers should provide constructive feedback whenever regulations or guidelines create uncertainty that could discourage investment.

He said Nigeria’s petroleum sector was entering a new phase characterised by expanding domestic refining capacity, increased private sector participation and emerging opportunities across the midstream and downstream segments.

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According to him, attracting investments will require policy consistency, transparent regulation, efficient dispute resolution and strong collaboration among government, regulators, industry operators and legal practitioners.

He expressed confidence that the recommendations from the forum would contribute to improving governance, regulatory certainty and investment confidence in Nigeria’s petroleum sector. (NAN)

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Olodo uprising: Tinubu aide faults critics of First Lady’s Akara, Kuli kuli comment

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The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has defended First Lady Oluremi Tinubu’s recent empowerment of micro-traders, saying criticisms of the initiative are driven by ignorance of her record and the role of Nigeria’s informal economy.

In a statement shared on Monday, Olusegun described the backlash over the First Lady’s focus on traders such as akara and kulikuli sellers as a “performative circus of selective amnesia.”

He argued that critics had ignored the numerous interventions carried out by the Renewed Hope Initiative across healthcare, women’s empowerment, support for military widows and persons living with disabilities.

The First Lady, Senator Oluremi Tinubu
The First Lady of Nigeria, Senator Oluremi Tinubu

According to him, the First Lady’s interventions extend beyond petty traders, citing her donation of ₦1bn to the National Cancer Fund for cervical cancer screening and another ₦1bn for tuberculosis diagnostic equipment in Abuja in 2025.

He also referenced the disbursement of ₦250,000 each to 1,709 widows and orphans of fallen military personnel in 2023, as well as ₦200,000 business grants to persons living with disabilities across the 36 states and the Federal Capital Territory.

Olusegun further highlighted the Renewed Hope Initiative’s partnership with the Tony Elumelu Foundation, which targeted 18,500 women nationwide with ₦50,000 grants and the distribution of equipment, including industrial grinding machines, freezers and generators.

He further criticised what he described as an “Olodo uprising” on social media, accusing critics of reacting to trends without researching the facts.

“This entire controversy perfectly mirrors what is now happening with the broader ‘Olodo uprising” across our social platforms. We live in an era where people jump on trending hashtags and soundbites without dedicating a single minute to researching context. Memes are manufactured in seconds; accurate history takes time to read.

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“When the critics are done making their superficial memes, writing cynical captions, and circulating ignorant narratives, the reality on the ground will remain unchanged. They would be better off advising their constituents to find credible means to key into these ongoing government initiatives,” he stated.

He maintained that empowering small-scale traders should not be viewed as “weaponising poverty.”

“According to various economic metrics, the informal sector contributes over 50 per cent of Nigeria’s GDP and accounts for over 80 per cent of employment. The akara fryer, the kulikuli processor, and the petty trader are not just marginal actors; they are the literal shock absorbers of our micro-economy.

“When you give a micro-grant or operational tools to an akara seller, you are not validating poverty; you are reducing immediate operational capital friction, securing food chains at the grassroots, and expanding household income. Mocking these initiatives as ‘petty’ shows a deep-seated contempt for the actual working class of Nigeria,” he said.

Olusegun also defended the political value of grassroots empowerment, saying such interventions create trust among beneficiaries.

He cited the TraderMoni and MarketMoni programmes introduced during former President Muhammadu Buhari’s administration under then Vice President Yemi Osinbajo as examples of initiatives that directly impacted market traders.

“The opposition often wonders why the poorest segments of the population continually familiarise themselves with the All Progressives Congress during elections. The answer is simple: the party meets them at their point of immediate need,” he said.

Olusegun added that Tinubu’s record as former First Lady of Lagos State, a three-term senator and now First Lady of the Federation showed a consistent commitment to structured empowerment programmes.

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“She will not be distracted by digital static from doing what she has mastered over decades: empowering the poorest among us, one structured intervention at a time,” he said.

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Dangote refinery imports first UAE crude cargoes

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The Dangote Refinery has purchased two cargoes of crude oil from the United Arab Emirates, marking its first-ever procurement of Middle Eastern crude as it expands its feedstock sources amid persistent domestic supply constraints.

According to a report by S&P Global Commodity Insights, the two cargoes will be the first sourced by the 700,000-barrels-per-day refinery from any Middle Eastern supplier, signalling a shift from its traditional reliance on Nigerian, African, and United States crude grades.

The report said the purchases followed the resumption of oil exports from the Middle East after the United States and Iran reached an interim peace agreement that restored confidence in shipping through the Strait of Hormuz.

The refinery, designed primarily to process Nigeria’s light sweet crude, has increasingly diversified its crude slate as operations ramp up. S&P Global reported that an agreement between the refinery and the Nigerian National Petroleum Company had guaranteed the supply of between 13 and 15 cargoes of Nigerian crude monthly in naira, helping the refinery reduce its foreign exchange exposure.

However, the arrangement has faced challenges due to inadequate crude availability and operational issues at export terminals. According to the report, Dangote Refinery Chief Executive Officer David Bird had previously disclosed that these constraints had compelled the company to seek additional crude sources outside Nigeria.

The report added that the refinery’s expansion plans would further increase its crude requirements. Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 per cent of Nigeria’s recent crude oil production in a single day.

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Speaking earlier this year, Bird said the refinery intended to increase the share of heavier crude grades in its feedstock mix. “We definitely want to heavy up the barrel,” Bird said in April.

He added, “We will be in the crude blending game. So you can easily imagine at 1.4 million b/d we could process 30 per cent Middle Eastern grades on each train.”

According to S&P Global, the refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. The report noted that in 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.

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