Business
AFAN Expresses Optimism In 2015 Rice Sufficiency Target
National Technical
Adviser, All Farmers Association of Nigeria (AFAN), Dr Tunde Arosanyin, has expressed optimism on the country’s ability to meet the 2015 target for self-sufficiency in rice production.
Arosanyin expressed the hope in an interview with newsmen in Abuja.
He said the efforts of the Federal Government and the farmers to meet the target were in the right direction and called on states and local governments to complement the efforts of the Federal Government to make the goal realistic.
“All hands must be on deck to ensure that the target is achieved. “The commercial farmers are coming up but we need to see more indigenous commercial farmers in rice production.
“Some of the states that have economic advantage on rice production should ensure they keyed into the Public Private Partnership (PPP) where there are so many agricultural investors.
“I really don’t see the need for Nigeria to be importing rice, maize, sugar or wheat; we must look inwards to salvage our economy. We must initiate how to become exporters of food items to reduce unemployment and also address the issue of food security,’’ he said.
The AFAN technical adviser urged state governments to create an enabling environment where farmers could exhibit their potentials to attract investors.
The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, had in 2013 said that Nigeria would be self-sufficient in rice production by 2015.
Adesina noted that the country, a major consumer and importer of rice in Africa, was spending over N1 billion daily and N356 billion annually on rice importation and insisted that the high import cost of rice must be reduced drastically.
It would be recalled that Dr Olukayode Oyeleye, the Special Assistant to the minister, said in 2013 that the Federal Government had provided quality seeds as well as other input to support rice farmers.
He said the country had begun a rice revolution and produced nearly 50 per cent of all its rice needs in just a year.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
