Business
92% Registered Farmers Now Access Subsidised Seeds, Fertilisers – Minister
The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has said that92 per cent of the more than 11million registered farmers have access to improved seeds and fertiliser.
Adesina made this known in Abuja at the ongoing four-day Public Affairs Forum with the theme “The Jonathan Administration: Four Impactful Years.’’
He said “the Jonathan-led administration was able to end 40 years of corruption in fertiliser distribution in 90 days.
“This was made possible through the Growth Enhancement Support (GES) scheme of the Federal Government that created an enabling environment for the private sector to drive the agricultural sector.
“Today, we have about 11million registered farmers across the country and 92 per cent of them have access to subsidised fertilisers and seeds.’’
Adesina said before the Jonathan-led administration, there were only five seed companies in the country, but now increased to 84 seed companies.
The minister said the growth had increased availability of improved seeds to farmers from 5, 000 tonnes to 171,000 tonnes.
He said the Federal Government’s efforts in transforming the fertiliser sub-sector had attracted five billion dollars of private investment to the sub-sector.
He added that Olam Rice had invested 125 million dollars in rice production and processing in the country, while Dominion Rice and Dangote Rice invested 40 million dollars and 1billion dollars respectively in rice production and processing.
Adesina said the Federal Government had inaugurated Agricultural Equipment Hiring Centres to enable farmers to have access to heavy farm machines at subsidised rates through GES scheme.
According to him, 1,200 centres will be established across the country before the end of the year.
He noted that there would be a total of 600,000 tractors, 15,000 power tillers among many other heavy farm machines, stressing that “government wants hoes and cutlasses kept in the museum.’’
The minister urged farmers across the country to support President Goodluck Jonathan “so as to benefit more from his good intentions for farmers.’’
Earlier, the Senior Special Adviser to the President on Public Affairs, Mr Doyin Okupe, said the Forum was to enlighten the public on the achievements of the Jonathan-led administration.
He explained that the Forum was necessary “as there are false stories by a section of Nigerians on progress made by this administration.’’
Okupa said 48.5 per cent of the national budget went to states and local governments, while the other 48.5 was left with the Federal Government.
He added that with the funds, the Federal Government took care of the military and foreign affairs and was still involved in other sectors like primary and secondary education.
The special adviser urged Nigerians not to focus attention on the Federal Government alone, but also hold states and local governments accountable for the funds they received.
Chairman, Rivers State House of Assembly Committee on Environment, Hon Victoria Nyeche (2nd left) cutting a tape to commission the refuse compactor truck donated to Rivers State Management Agency by BRT Onne, Mobil Production in Port Harcourt last Wednesday. With her are Sole Administrator, RIWAMA, Mr Ade Adeogun (right) and Manager, Public and Government Affairs, BRT, Onne, Mobil Production, Mr Adeyemi FAkayejo (left). Photo: Chris Monyanaga
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
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.
