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Nigeria should not be importing food – Edun
By Francesca Hangeior.
Nigeria is set to drastically reduce its dependence on food imports, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who outlined a bold strategy to boost domestic agricultural production and increase food security.
Edun, who spoke at a press conference in Abuja on Thursday to mark the country’s 64th Independence Day declared that the era of heavy food importation must end, positioning this shift as a cornerstone of the government’s economic recovery plan.
“We should not be importing food,” Edun stated, stressing that Nigeria’s future lies in self-sufficiency.
The government, he said, was committed to supporting small-scale farmers by providing critical inputs like seeds and fertilizer under schemes such as the Nigerian Agricultural Growth Scheme.
The support will focus on enhancing both the wet and dry season harvests, reducing the need for imports in the short term while boosting productivity in the long term.
As an immediate measure, the government has ordered maize and wheat imports to stabilise the food market.
However, Edun stressed the importance of balancing this with domestic production.
“It is critical that we do not disrupt domestic production of food. It is critical that we do not disrupt farming in Nigeria by flooding the market with imports,” he warned.
As Edun made clear, the shift from food imports is not just an economic necessity but a critical step toward Nigeria’s future self-sufficiency.
“This is not where we should be,” he said of the country’s reliance on imported food. The new strategy, he argued, will put Nigeria on the path to economic independence and food security.
Edun’s remarks came as Nigeria grapples with rising food prices and a struggling agricultural sector that produces significantly lower yields than global standards.
The government’s long-term goal is to more than double agricultural productivity through improved local seedlings and better farming practices.
The drive to boost agriculture forms a key part of a broader economic overhaul, as the country also navigates the impact of the recent removal of fuel subsidies.
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FG moves to allow payment in Naira to NIMASA, NPA
By Kayode Sanni-Arewa
The federal government is proposing the collection of charges, fines and others, by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA), be in naira rather than in foreign currencies.
Bayo Onanuga, special adviser to the president on information and strategy, spoke on Wednesday during a press briefing at the state house in Abuja.
According to Onanuga, the proposal is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly.
On Monday, the federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies.
Onanuga said the plan is part of an effort from the federal government to prioritise the use of naira and reduce pressure on the foreign exchange (FX) market.
“The second one has to do with the operating laws guiding NIMASA and Nigerian Port Authority (NPA). The amendment under that in the economic stabilisation bills is that all their fees, charges, levies, fines and other monies accruing to them and payable to those agencies will now be paid in naira at the applicable exchange rate,” Onanuga said.
“Hitherto, those agencies were charging in dollars but now collect it in naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy.”
Since the unification of the naira on June 14, the country’s currency has significantly deteriorated, depreciating from N471.67 per dollar to N1667.42/$ in the official market as of Wednesday.
As part of its effort to reduce demand for dollars, the federal government said on October 1, it would commence the sale of crude oil in naira to the Dangote refinery and other local refineries.
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Three arrested in Benin Republic over alleged ‘coup’ conspiracy
By Francesca Hangeior.
Benin prosecutors announced that three notable individuals, including a commander of the presidential guard, have been detained under suspicion of orchestrating a “coup d’etat” in the small West African country.
The other two individuals accused of plotting a coup are a former sports minister and a businessman with close ties to President Patrice Talon.
Elonm Mario Metonou, the special prosecutor at Benin’s court for financial crimes and terrorism, revealed that the alleged coup was scheduled to occur on Friday.
“It seems the Republican Guard commander responsible for the president’s security was recruited by Minister Oswald Homeky and Olivier Boko to carry out a forceful coup on September 27, 2024,” the prosecutor stated.
Homeky was apprehended around 1:00 am on Tuesday while transferring six bags of money amounting to 1.5 billion West African CFA francs ($2.5 million) to the commander, Djimon Dieudonne Tevoedjre.
Boko, a close associate of President Patrice Talon, was arrested separately overnight from Monday to Tuesday in Benin’s economic hub of Cotonou, the court disclosed.
He had recently hinted at his intention to vie for the presidency in 2026, as Talon is barred by the constitution from seeking another term when his second term concludes.
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