Business
Economist Wants FG To Invest In Agriculture
Head, Department of Economics, University of Nigeria, Nsukka, in Enugu State, Prof. Clestus Agu has urged the Federal Government to diversify the economy by investing in agriculture sector.
Agu told newsmen in Nsukka yesterday that this would forestall the total collapse of the economy.
He added that the country’s economic dependence on oil alone for foreign exchange was not a good development.
He said the recent fall in the price of oil in international market was a strong indication that money from oil could no longer sustain the economy of this country.
“From every indication, it is clear that money from oil alone can no longer sustain the country’s economy; there is urgent need to diversify to prevent total collapse in future.
“Some states and local governments in the country are unable to pay workers salaries because of fall in oil price that resulted in reduction of federal allocations to states and local governments.
“Government, as a matter of necessity, should seriously invest in agriculture to boost the economy as well as provide employment to millions of jobless graduates roaming the street,” said.
He said state governments should start harnessing solid minerals in their various states as part of diversifying the economy.
“There is no state in this country that has no one solid mineral that when harnessed, will become a foreign exchange earner for the country.
“Our problem is that as soon as oil was discovered, we abandoned agriculture and other natural resources in the country,
State governors should look inward on how to generate funds to run their states; the present situation where governors rush to Abuja every month end to share oil money is not the best, “he said.
Agu recalled that before the discovery of oil, agriculture was main foreign exchange earner, noting that some premier universities in the country were built from the proceeds of agriculture like palm oil, groundnuts and cocoa.
“It is unfortunate that as a result of oil boom, we abandoned agriculture and all eyes focused on oil; today we are bearing the consequence of that great neglect of agriculture.
“It is indisputable that agriculture provides about 60 to 80 per cent of foreign exchange to most countries of the world.
“Federal Government should put measure in place to build farm settlements in all local governments in the country which will help to ensure food security as well as provide employments to millions of Nigerians.’’
He expressed concern about the inability of successive governments in the country to use money generated from oil to adequately develop the country.
“If all the revenues generated from oil have been well spent, the level of poverty and unemployment could have been small.
“The truth is that our leaders saw oil money as national cake, so everybody is busy trying to cut his or own, instead of thinking how to use it to develop people’s welfare and the country,’’Agu said.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
