Business
Exploring Mushroom’s Potentials For Nigeria’s Growth
To say that the discovery
of crude oil in the late 1950s in Oloibiri community of Bayelsa State, Nigeria, was the last straw that destroyed the Nigerian agricultural nerve is to state the obvious.
Before the discovery of this product that has been given different names including black gold, Nigeria ran an agrarian economy with the west boasting of cocoa and timber, the South palm produce while the North was noted for its groundnut pyramids with the East also known for producing plantain and yams amongst others.
But all these legacies were thrown to the wind soon after the discovery of oil, and ever since, oil has come to be the economic live wire of the Nigerian economy.
Of course, cries from numerous quarters have not yielded any result for the government to diversify the economy away from oil as those in power see oil as the shortest path to the nation’s wealth and by extension, theirs.
However past and present governments have ventured into one form of agricultural programmes or the other notable among which are Green Revolution, Operation Feed the National, including the one put forward by the immediate past administration under former president Goodluck Jonathan christened Agriculture Transformation Agenda (ATA).
It is important to note from the onset that any government that has the political will to tackle agricultural development in the country cannot escape the reality of cost of machinery as only mechanized agriculture could drive the economy of any nation.
From the above, it can be deduced that cost of machinery apart from political will has been the bane of any revolution in agricultural sustenance and development in the country, although there are examples by some state governments that are striving which is not the subject of this piece.
Interestingly, however, there is a crop though common that abounds in the year round across the country to which has economic potentials but has been relegated to the background.
This crop is the mushroom which experts in the field have described as a major crop that if properly harnessed could boost the economy of the country.
According to John Aroye Okhuoya, Professor of Mycology and Plant Pathology at the University of Benin, mushroom growing is big business if only the Nigerian government can encourage people of his class to go into mushroom farming.
He raised the alarm that mushroom could go extinct if not grown in large farms as the environment was changing and most of the indigenous species are disappearing and that is not good for the country he added.
Okhuoya emphassied that it is proper if the government can help encourage documenting indigenous mushrooms in Nigeria especially in the geopolitical zones because the forests were fast depleting.
He explained that mushrooms have peculiar relationship with some trees and expressed fear that such mushroom could be gone if nothing was done to protect them.
“It will be in our own interest to document now and maybe have a gene bank where we can develop some strains since we have the technology to cultivate a number of them in the laboratory” he said.
He further explained that the public should be made to know that the Asian countries are making a lot of money out of mushroom production.
According to him, Ghana has gone far ahead in institutionalizing mushroom production and wondered why Nigeria which has a wide variety of mushrooms all over the country cannot have an institute for mushroom science.
If Asian countries were well into the business of mushroom production and solving unemployment and other economy related activities, Okhuoya believes Nigeria can also benefit in that direction.
Apart from making a lot of money, they cultivate them for the production of drugs, food supplements and so on, so if you go into cultivation “you can either go into the cultivation of edible mushrooms or medicinal mushrooms which is today big business” he said.
According to the mushroom guru, due to the medicinal potentials of mushroom they can be used in the fortification of food.
“We have mushroom rice which have been tried as a means of increasing the appetite of HIV patients and it was found that they gained weight.
“You can have mushroom bread, fortify our break with mushroom because they contain protein. No cholesterol, we can have mushroom snack.
“They are in the market and Asian countries are making billions of dollars from mushroom so why can’t Nigeria also begin to think of things like that, diversify” he stated.
He pointed out that petroleum is not the only thing that Nigeria is endowed with that can fetch it a lot of money.
Nigeria is also endowed with things like mushroom that we can export to enrich our country, he added.
Another notable mushroom farmer and proprietor of Dilomat Farm in Rivers State, Pastor Moore Chinda also shares the passion that Nigeria can benefit economically if it goes into aggressive mushroom cultivation.
According to him, China came into limelight as major world producer of mushrooms through the introduction of what has come to be known as the Household Responsibility System (HRS) reforms which took place in that country.
Reports have it that China produces more than 8 million metric tons of mushrooms valued at over 40 billion US dollars and employing over 30 million people.
This shows a dramatic increase from the 60,000 metric tons before the 1978 reforms.
Today, according to reports, Pennsylvania is reputed to be the leading producer of mushroom in the world employing over 10 million people that produce mushroom valued at more than 63.8 million Chinda, who won the 2009 Local Raw Material Content Award recalled that he was able through research to successfully and scientifically produce the seed that grows the mushroom (spawn).
He expressed optimism that mushroom production can create jobs in Nigeria and reduce poverty and restiveness which has charactrerised the youth in recent times.
He said if well articulated, mushroom business was capable of improving the agricultural output as well as boosting the industrial development of the nation.
The Dilomat boss who described mushrooms cultivation as “white Agricultural Revolution” said if a youth was empowered with at least N30,000 to N40,000 to learn mushroom cultivation, they would be able to have a turnover of between N500,000 to N1 million within 6-10 months.
At the end of that period, he should be able to have close to N1 million at his disposal.
“I am talking about 30,000 to N40,000 weekly in one month that translates it to close to N1 million. It is a cumulative sale of mushroom” he said.
However, experts are unanimous on the need for controlled scientific cultivation of mushrooms to check the possible incidence of mushroom poisoning accassioned by picking of mushrooms in the wild.
For example, a national daily some years ago carried a story about a family in Okpokhumi-Emai in Owan East Local Government Area of Edo State that died after eating a meal served with mushroom soup.
This problem arose and will still arise as long as people depend on collecting mushroom from the wild, and the practice is fraught with the danger of collecting edible mushroom along with poisonous ones, according to Prof. Okhuoya.
He noted that people of old had their own way of identifying and differentiating poisonous from edible species, even as most of the criteria they use are not reliable and are best described as old wives fables.
According to him, one of such tales is the belief that insects and animals both domestic and wild do not eat poisonous mushrooms.
Prof Okhuoya described such claim as not true even as he said some insects and rodents eat some poisonous species and survive because the body mass of these creatures were not the same with that of man.
The other fables are mushrooms lose toxiduty after cooking, all spring mushrooms are edible, when your silver spoon turns yellow when cooking soup with mushroom, such a mushroom is poisonous, good odours of some species indicate edibility and latex exuding species are poisonous.
One the belief about your silver spoon turning yellow when cooking soup with mushroom as an indication that such a mushroom is poisonous, Okhuoya argued that “this is not reliable as the type of spoon mayvary.
“Also Amanita species of mushroom do not change spoon colour yet they are poisonous”.
Talking about good, adours of some species indicating edibility, he warned that there are some poisonous species without strong adours.
And on the latex-exuding species being an indication of their toxidity, he disagreed and said this is also not reliable adding that some lactarius species are edible.
All said and done, any of these traditional beliefs could have led the unfortunate family to eat the meal served with mushroom soup.
If only they had known they should have consulted Okhuoya for advice or test.
As it were, it is possible that they did not know that someone like him exists who studied everything about mushroom up to PHD level.
Infact, as far as mushroom growing eating and marketing is concerned, he is a specialist, a guru.
Not only that, one of his products is now assisting one of the states in America to grow mushrooms in commercial quantity.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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