Business
Senator Advocates Sufficiency In Rice Production Before Import Ban

Chief Marketing Officer, Dangote Group, Mr Oare Ojeikere (left), beneficiary, Mrs Ebiokpo Endurance (middle) and South-South Zonal Cordinator, Prince Chinonye Ikegwuraka with the cheque,during a mega million promo in Port Harcourt, recently. Photo: Nwiveh Donatus Ken
The Chairman, Senate Committee on Agriculture, Senator Abdullahi Adamu says sufficiency in rice production by Nigerian farmers must be certain if ban on rice importation is to make any meaning.
Adamu told newsmen in Abuja on Friday that Nigeria‘s current level of rice production was not commensurate with its teeming population.
The senator said ban on importation of rice would be sustainable if certain factors were properly addressed, including the issue of supply and demand and accurate census of the population.
“There are quite a number of factors: we must not kid ourselves, the population that we say we have, I believe we are more than the official figure we are throwing around.
“We are more than 170 million people: the fact is that we are not producing enough to feed this population,
“So, even if you wake up tomorrow and say stop bringing in anything food, yes; you can do that.
“You can start tuning the psyche of the population to accept the reality and try to adjust but is that the best approach?
“What is inhibiting our capacity to stop importation is the issue of supply and demand and unfortunately we don’t have enough of what we want.”
He, however, said that the ban on the importation of food crops would go a long way in stimulating the indigenous farmers to increase their level of production of the banned items for improved earnings.
The erstwhile President of All Farmers Association of Nigeria (AFAN) further said that rice importation was in a way increasing unemployment and inducing more losses for Nigerian farmers.
“Those who are into the business of importing, they will do anything to make sure that the import regime continues because that is how they make their money.
“The countries from where they import the commodities support our people buying from them and support the government or talk good of the government that supports import to our country from their countries.
“Each time we import from these countries we are putting their farmers in business and we are making their economy tick to the extent of our involvement economically with the produce we buy.
“I believe that the very fundamental responsibility, basis of any government, as we keep saying, is the protection and security of life and property.
“It starts with life and without food there can be no life; when you eat good and nutritious food that ensures your health and growth then you can pursue other legitimate businesses.
“So protection of life and property starts in a very ordinary way with capacity to feed: every citizen should be able to have three meals.”
He gave assurance that the present administration would make good its promises to improve the agricultural sector.
Adamu stressed the imperativeness of making food available at affordable rate to all Nigerians to enhance the general wellbeing of the populace.
The Tide source reports that ban on importation of food crops such as rice and wheat has been on the agenda of successive administrations.
Statistics indicate that Nigerian spends more than N600 billion annually on food importation.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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