Economy
CBN/RIFAN working towards crashing price of rice – official
The Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN), disturbed by the increase in price of rice, have concluded plans to crash the price in all markets across the country.
Dr Musa Olasupo, an Assistant Director in CBN and a member, CBN Rice Value Team made this known on Tuesday in an interview with News Agency of Nigeria (NAN) in Abuja.
He said that RIFAN had assured CBN that Nigerians should expect between nine and 11 million metric tonnes of rice by the end of the year with the support of the bank.
Olasupo said that CBN had financed the construction of rice mills to support food self-sufficiency and security.
He said that the multi-billion naira, 32 tonnes-per hour mill being constructed by the Lagos state government at Imota, “has reached 80 per cent completion and will be completed before the end of the year’’.
He said that Nigeria’s quest for self-sufficiency in rice production had continued to be hampered by issues around quality, price instability and harvesting/processing challenges, among others.
“The bank started the funding process since 2 015 and it will continue to fund the millers as part of government efforts at revamping agriculture to crash price of rice.
“Once the millers are able to produce more, price will continually come down until it attains an equilibrium,’’ he said.
He said that the bank was determined to support any entrepreneurial initiative aimed at ensuring food security and safeguard the country’s foreign exchange from endless importation of rice available in different varieties locally.
The official said CBN was also funding other rice mills including Labana Rice Mills in Kebbi State and Umza Rice Mill in Kano State, while Dangote Farms was also constructing five mills; two in Jigawa and one each in Kebbi, Zamfara and Sokoto states.
Olasupo said that establishing bigger mills across the country had become imperative so that farmers would grow more paddies to feed the mills and crash the price of rice.
He said that rice consumption in Delta, Benin, Rivers, Beyalsa would be growing to more than 200 million metric tonnes, so there was need encourage more people build rice mill in the Niger Delta region.
Olasupo said that CBN and management of Bayero University Kano (BUK) had begun talks on how to develop a comprehensive blue print to fund rice production and processing in commercial quantity in the university.
Alhaji Aminu Goronyo, the National President of RIFAN, told NAN that the volume of rice production needed to increase from 6.9 million tonnes per annum to 10 million considering the ever growing population.
He said the CBN was intervening in various ways to crash the price and urged Nigerians not to panic, assuring that in the next few weeks the prices of rice would come down as markets would be flooded with local brands of rice.
Goronyo said through the financial effort and the involvement of the CBN and RIFAN, the prices of milled rice would fall.
Goronyo said the increase in the price of rice was associated with the high foreign exchange rate to buy inputs, the coronavirus lockdown and floods.
“Things will soon go back to normalcy as the dry season farming will commence by the end of October and this will compensate for whatever that is happening in any location and take care of all the losses.
“Even though we have issue of banditry, but this year, there is a massive production of rice, people have planted en-masse.
“Every little space that can produce rice has been cultivated; so that will compensate for whatever that is happening in any location,’’ he said. (NAN)
By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
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