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.
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.
