News Agency of Nigeria
EU unveils Agribusiness platform for inclusive growth

EU unveils Agribusiness platform for inclusive growth

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By Felicia Imohimi

The European Union has unveiled the EU–Nigeria Agribusiness Platform (EUNAP) as part of its broader support for the Nigerian Government’s efforts to transform the agricultural sector.

EUNAP forms part of the EU’s wider strategy to assist the Nigerian Government in repositioning agriculture as a key driver of inclusive growth, investment, and food security.

Mr Massimo De Luca, Head of Cooperation at the EU Delegation to Nigeria and ECOWAS, made the remarks at the platform’s official launch on Friday in Abuja.

He explained that EUNAP was designed to connect critical stakeholders within the agribusiness ecosystem.

According to him, these stakeholders range from producers and processors to financiers, investors, and policymakers across both the EU and Nigeria.

He outlined EUNAP as a multi-stakeholder digital platform, funded by the EU and implemented by Agribusiness Register (ABR).

“The platform supports innovation, trade, and finance across strategic agricultural value chains.

“Agriculture is central to our partnership with Nigeria. The launch of this platform is not merely about technology or tools, it is about building bridges and making Nigerian agribusiness globally competitive, sustainable, and inclusive.

“The EU remains a strong partner on this journey,” he said.

Mr Roland Oroh, Chief Executive Officer of Agribusiness Register Limited, the implementing partner of the platform, described the initiative as a game-changer in Nigeria’s agribusiness space.

“We are not only connecting actors across the agricultural landscape; we are creating a system that enables real-time collaboration, drives investment, and addresses real challenges.

“This is the kind of innovation agribusiness in Nigeria urgently requires,” he said.

Oroh noted that the unveiling of the platform signalled a firm commitment to coordinated action and shared value.

He emphasised that with robust support from both Nigerian and EU stakeholders, the platform is set to unlock new opportunities, broaden market access, and mobilise resources that will accelerate Nigeria’s agricultural transformation.

“The EUNAP is a collaborative initiative funded by the EU and managed by ABR. It serves as a digital and strategic hub for promoting investment, innovation, and policy dialogue across Nigeria’s agricultural value chains.

“It aligns with the EU’s commitment to fostering inclusive and sustainable agribusiness growth in Nigeria,” he added. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

NAFOWA distributes food items, offers medical outreach to 150 widows in Lagos

NAFOWA distributes food items, offers medical outreach to 150 widows in Lagos

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By Abiodun Abegunde

The Nigerian Air Force Wives Association (NAFOWA) has extended humanitarian support to 150 widows in Lagos, including 50 widows of fallen Nigerian Air Force personnel and 100 widows from the Shasha Community.

National President of NAFOWA, Mrs Rakiya Abubakar, in her remarks, said the gesture was part of the association’s commitment to alleviating economic hardship and supporting vulnerable groups.

The outreach, which took place in Shasha, Lagos State, also featured free medical services for members of the NAF family and widows of deceased personnel.

Food items distributed included a 25kg bag of rice, 10kg bag of semovita, a carton of spaghetti, and 4 litres of vegetable oil per beneficiary.

According to Abubakar, the initiative is a direct response to the current economic realities and a continuation of the association’s mission of “Service to Humanity.”

“We are happy to bring smiles to the faces of these widows. NAFOWA is committed to supporting those in need, and this outreach in Shasha is only the beginning.

“We will continue to come here because we feel your pain,” she said.

Also speaking, AVM Zayyan Usman, Chief of Staff, 041 Communications Information System Depot, Shasha, lauded NAFOWA’s sustained impact on society, particularly in empowering widows and children.

He noted that the distribution would help cushion the effects of rising food prices and encouraged beneficiaries to utilise available resources such as the fully equipped ICT centre at Sam Ethnan Base in Lagos.

The Kabiyesi of Shasha Kingdom, Oba Akanbi Babatunde Ogunronbi, expressed surprise and gratitude for the scale of the gesture.

“This is the first time in my 13 years on the throne that I have seen such a meaningful outreach.

“These food items will sustain each household for at least a month. I thank NAFOWA and the Nigerian Air Force,” he said.

Beneficiaries, including Mrs Funke Ayoola and Mrs Glory Bassey, widows of late Air Force officers, expressed deep appreciation for the support.

“I’m excited and grateful to NAFOWA and the Chief of Air Staff. This means a lot to us,” Ayoola said.

NAFOWA, a non-governmental organisation, continues to champion humanitarian causes and women empowerment across Nigeria through vocational training, healthcare, and social welfare programmes. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

Hackaton winners ‘ll get support for startups, international exposure – Minister

Hackaton winners ‘ll get support for startups, international exposure – Minister

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By Jessica Dogo

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, says that the Hack4Livestock Hackathon winners will get support for startups and international exposure.

He made this known at the just concluded four-day Hack4Livestock Hackathon competition in Abuja.

The News Agency of Nigeria (NAN) reports that the programme was organised by the National Centre for Artificial Intelligence and Robotics (NCAIR), in conjunction with the Ministry of Communications, Innovation and Digital Economy and Ministry of Livestock Development.

The Minister, represented by the National Director, NCAIR, Dr Olubunmi Ajala, informed that the winners would present their ideas at a conference in July, at the University of Florida, providing invaluable international exposure.

He said that the three top winners would also receive incubation, funding, and intellectual property protection through the Office for Nigerian Digital Innovation (ONDI).

“For the three top winners, a comprehensive support system awaits.

“They will receive incubation, funding, and intellectual property protection through ONDI, a special purpose vehicle of NITDA that is responsible for managing and handling startups.

“ONDI will provide end-to-end support, including incubation, capacity development, funding and Intellectual Property (IP) protection, ensuring that these promising ventures have everything they need to thrive.”

He said that an exhibition showcasing a wide array of solutions underscores the immense capabilities of Nigerian innovators.

Ajala expressed immense pride in the ingenuity displayed by Nigerian innovators.

“What I could see today is actually a validation of what Nigerians could do.

“Solutions ranging from solving issues of mass conflict, improving productivity, and leveraging artificial intelligence, IoT, and UAVs. This is a wide range of solutions that have been proposed,” he said.

He recognised the immense talent within the broader pool of participants and assured that even those who were not among the top winners would receive crucial support.

Mr Oldejo Olawumi, Director, IT Infrastructure Solutions, National Information Technology Development Agency (NITDA), said that the products and services developed by the youths had the potential to go global.

“The service and the product they develop today can go anywhere in the world. If they are encouraged, the sky is the limit.

“We are bringing down the commercial value in what they are doing by exposing them to the outside world,” he said.

He said that NITDA had supported similar hackathons in the past, with Nigerian youths winning awards at international events like the GITEX event in Dubai.

He commended the organisers of the programme for providing a platform for Nigerian youths to showcase their creative talents in tech innovation.

Divine Idokoh, an innovator of Livestocx, who came third, expressed optimism that their innovation would go a long way to help farmers, especially in the area of selling directly to buyers.

Idokoh said that the Livestocx group created a digital marketplace platform that connects livestock sellers directly to consumers.

She thanked the organisers for the opportunity given to innovators to come together and explore various ideas to reality.

NAN recalls that the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, had promised the top three winners out of ten groups of the Hack4Livestock Hackathon programme N10 million.

The winners include: Livestocx, who came third with a sum of N2 million, JVincent came second with a sum of N3 million and Agro Alliance came first with a sum of N5 million accordingly.

Stakeholders from the Ministry of Livestock Development and National Board for Technical Education (NBTE) were in attendance, among others. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Livestock ministry to empower 1,000 youths per state

Livestock ministry to empower 1,000 youths per state

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By Jessica Dogo

The Ministry of Livestock Development says it plans to empower 1,000 youths on different values of the sector in every state of the country.

The Minister of Livestock Development, Alhaji Idi Maiha, said this at the closing of a four-day Hack4Livestock Hackaton competition in Abuja.

The programme was organised by the National Centre for Artificial Intelligence and Robotics, in conjunction with the Ministry of Communications, Innovation and Digital Economy and Ministry of Livestock Development.

Maiha, represented by Eustace Iyayi, his Special Assistant, said that the initiative was aimed at leveraging digital platforms to drive growth and development in the sector, with a focus on involving women and promoting diversity.

He said that digital skills would play a critical role in driving growth and development in the livestock sector.

He said that the ministry had developed the Nigerian Livestock Growth Acceleration Strategy package aimed at driving growth and development in the sector.

“Currently we plan to capacitate 1,000 youths per state in different values in the livestock sector.

“We are aware that this digital project is going to be very helpful in doing that. We live in a world where we can just dive and we get to anywhere we want to get to.

“We are looking at women also getting involved in livestock activities and we also believe that projects like this are going to be very helpful,” Maiha said.

Prof. Idris Bugaje, Executive-Secretary, National Board for Technical Education (MBTE), said that each project reflected the transformative potential of technology to address real-world challenges in the livestock sector and beyond.

Bugaje, represented by Aliyu Imafidor, General Manager of the MBTE Centre of Excellence for TVET, said that Artificial Intelligence, as a driver of digital transformation, was rapidly reshaping sectors such as education, agriculture, healthcare and more.

He commended participants for exhibiting innovation, dedication and problem-solving mindset during the programme.

“Your success is a testament to your resilience, ingenuity and commitment to excellence.

“May your journey serve as an inspiration to others in the pursuit of innovation for national development,” Bugaje said.

Mr Gbenga Sesan, a representative of the Agro Alliance, the winners of the Hack4lifestock 2025 edition, spoke on the group’s solution that aim to mitigate farmer-herder conflicts in Nigeria.

He said that apart from having the potential to mitigate farmer-herder conflicts in Nigeria, it would reduce economic losses, loss of lives, and displacement of people.

Sesan said that Agro Alliance was a real-time solution, an IoT-based system used to detect cattle intrusions, trigger deterrents, and alert farmers via SMS, notifications, and calls, enhancing farm security and reducing conflicts.

He said that the system, powered by artificial intelligence (AI), detects cattle intrusions in farms and sends instant notifications to farmers through the Internet of Things (IoT).

“This is remote monitoring and also sends information like images and live feed of the events happening in the farm.

“The system also initiates an irritating alarm to scare away the cattle before they gain entrance to the farm,” he said.

He said that the team planned to penetrate the market and collaborate with security agencies to mitigate conflicts between farmers and herders.

“We are open to collaboration and partnerships to further develop their solution,” he said.

The News Agency of Nigeria (NAN) reports that the top three Hack4Livestock Hackathon winners received N10 million.

Livestocx emerged third position with a sum of N2 million, JVincent emerged second position with a sum of N3 million and Agro Alliance emerged first position with a sum of N5 million accordingly.

Stakeholders from the Ministry of Communications, Innovation and Digital Economy, National Centre for Artificial Intelligence and Robotics (NCAIR) and National Information Technology Development Agency (NITDA), were in attendance. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Science academy tasks scientists on national devt, inducts 11 members

Science academy tasks scientists on national devt, inducts 11 members

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By Ijeoma Olorunfemi
The Nigerian Academy of Science (NAS) has urged scientists across the country to join forces with governments to develop the nation’s science, technology and innovation ecosystem.
It made the call in Abuja at the induction of eleven scientists as Fellows of the academy and a public lecture.
The theme of the event was: “Innovative Research and Strategic Partnerships: Catalysts for Sustainable Institutional Development.”
The President of NAS, Prof. Abubakar Sambo, said the induction was the hallmark of year-long activities by academy aimed at promoting excellence in the Nigerian science and technology space.
Sambo said: “these inductees are the best scientists the country has produced. They have qualified to become Fellows because the guidelines we put in place are very stringent.
“That is why anybody who has succeeded to become a fellow is really a distinguished scientist that is capable of using his own specialisation to proffer policy frameworks on science and technology for significantly moving the country forward.”
The inducted scientists were Abiodun Adebayo, a professor of Biochemistry and former Vice-Chancellor of Covenant University, Prof. Aina Olubukola, a professor of Aquatic Toxicology.
Others were Bosede Afolabi, a professor of Obstetrics and Gynaecology, Prof. John Anetor, a clinical chemist and toxicologist, Prof. Olatunbosun Arinola, a zoologist, and Olugbenga Bello, a professor of Physical Chemistry.
The list also included Adegoke Falade, a Paediatric Pulmonology, Prof. Leo Osuji, a scientist in Geochemistry and Oil Pollution Studies.
Others are Kenneth Ozoemena, a chemistry professor, Prof. Uchechukwu Vincent a physicist and Charles Mbohwa, a professor of engineering.
Prof. Babatunde Rabiu, Research Director, National Space Research and Development Agency (NASRDA), while delivering the public lecture, recommended an internal structure to drive inter-ministerial, agencies’ collaborations.
“The Tertiary Education Fund should consider sponsorship of sustainable strategic partnerships among the higher institutions as a means of sustaining its multi-billion investment over the years.

He advised that: “TETFund Act should be revisited to allow some Nigerian institutions to host international scholars and academics on cross-institutional exchange programmes.

“The Federal Government of Nigeria should do everything possible to ensure that the mandate and activities of TETFund are preserved under the new tax reform dispensation.”

He also said that innovative research and strategic partnerships were essential catalysts required for sustainable development of tertiary institutions, research and development establishments.

According to him, nations that fail to invest in innovative research shall remain the dumping ground for technologies developed by other nations.

Adebayo, one of the inductees, said his induction academy was a call to make remarkable contributions to the development of science and technology.

Adebayo said: “Coming on board, we see it as a way of also promoting science, using science to solve national issues in health, energy, climate change, maternal health, agriculture and security.

Vincent, another inductee advised young scientists to remain focused in spite of the urge to make money from the field.

“They need to not allow themselves to be distracted by the challenges we have in the country because the future is great.

“I will encourage them to be focused and look out for what the future holds for them rather than being distracted by immediate challenges,” he said. (NAN)(www.nannews.ng)

Edited by Abdulfatai Beki/Uche Anunne

SMEDAN awards N5m to post-harvest losses innovators

SMEDAN awards N5m to post-harvest losses innovators

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By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has awarded N5 million to three young Nigerian innovators with outstanding ideas to tackle post-harvest losses in the agricultural sector.

The Director-General of SMEDAN, Mr Charles Odii, commended the participants for their ingenuity at the inauguration in Abuja.

The News Agency of Nigeria (NAN) reports that the ceremony was held under the SMEDAN Talent Hunt initiative, in partnership with Microvis Microfinance Bank and Baobab Microfinance Bank.

The overall winner received a cash prize of N2 million, the first and second runners-up received N1.5 million and N1 million respectively, while other participants also went home with consolation prizes.

The competition, which attracted young talents from across the country, provided a platform for participants to pitch creative solutions aimed at improving food preservation and reducing agricultural waste.

According to Odii, the initiative aligns with President Bola Tinubu’s food security agenda through the GROW strategy, championed by SMEDAN.

“Nigeria’s future lies in the hands of our innovative youth. With the right support, their ideas can solve national problems and create jobs,” he said.

Odii reaffirmed the agency’s commitment to supporting youth-driven innovations and providing opportunities that contribute to national development.

Also present at the event were representatives from the Federal Institute for Industrial Research, Oshodi (FIIRO), and the National Agency for Science and Engineering Infrastructure (NASENI), who pledged continued support for homegrown innovations.

Over the years, the SMEDAN Talent Hunt has featured diverse sectors, including fashion, poetry, film production, ICT, and technology.

It offers not only funding but also national recognition and access to business development support. (NAN)(www.nannews.ng)

Edited by Chioma Ugboma

FG reiterates commitment to improving digital scape

FG reiterates commitment to improving digital scape

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By Ijeoma Olorunfemi

The Federal Government says it is committed to supporting a robust and equitable digital space across West African states.

Dr Bosun Tijani, the Minister of Communications, Innovations and Digital Economy, said this at the opening ceremony of 17th edition of West Africa Internet Governance Forum (WAIGF).

The five-day event had its theme as: “Building a Resilient, Inclusive and Safe Digital Future for West Africa” with participants drawn from ICT experts and government across the sub-region.

Tijjani said Nigeria had various initiatives targeted at developing the digital ecosystem in the region.

“These initiatives include Broadband Infrastructure projects, championing the sub-sea cable resilience, promoting data protection and privacy, and accelerating digital literacy across the nation.

“We are also developing our National Artificial Intelligence Strategy and our Digital Public Infrastructure efforts,’’ he said.

He also said the Federal Government was working to deepen and democratise access to the internet, protect users’ rights and enable innovations that uplift the nation’s economy and empowers its people.

According to him, achieving internet governance in West Africa should involve collaborations with countries and organisations.

The minister called on stakeholders to deepen their efforts in strengthening the foundations of the region’s digital ecosystem.

“Internet governance is more than a policy conversation. It is about shaping the values and architecture of our digital societies.

“As we reflect on global processes like World Summit on the Information Society, Global Digital Compact and regional policy harmonisation efforts, we must put our West African perspectives at the centre,” he said.

Earlier, Malam Kashifu Inuwa, Director-General, National Information Technology Development Agency (NITDA), said that cross-border data transfers had made it very important for countries to work together.

He said that West Africa had the capacity to develop and build on issues around cyber security, internet penetration and governance.

Also speaking, Mrs Mary Uduma, WAIGF Coordinator, said the regional forum would deliberate on issues affecting digital transactions.

“Today, if you want to pay for any purchase you made within Africa, it might be difficult to use our credit card to pay, even if it is a dollar credit card.

“We want integration, inclusivity, safe internet; we want an affordable, reasonable and available internet for all.

“We want our children to be safe online, because safety is everybody’s call and we want people to be responsible in the use of the internet,” she said. (NAN)(www.nannews.ng)

Edited by Abdul Hassan/Uche Anunne

Transcorp launches school recycling drive in Lagos

Transcorp launches school recycling drive in Lagos

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By Grace Alegba
Transnational Corporation Plc (Transcorp) has launched its school recycling initiative at Ireti Senior Grammar School, Falomo, Lagos.

The awareness campaign, with the theme: ‘Transcorp Transforms School Recycling Initiative,’ began with a lecture on waste separation and benefits of recycling.

A waste management team educated students on how recycling plastic bottles could create income while saving the environment.

Some teachers, students and Transcorp Group team during the event

President and Group CEO, Owen Omogiafo, led an interactive session highlighting environmental risks of careless waste disposal.

She stressed the long-term impact of waste mismanagement on future generations and the importance of acting responsibly.

Two large recycling collection bins for paper and plastics were unveiled on the school grounds amid cheers from students and staff.

Omogiafo said the initiative is part of Transcorp’s Corporate Social Responsibility to foster environmental education in schools.

She explained that raising awareness among children helps build a generation that values sustainability and responsible habits.

“We’re seeing floods and disasters globally, including wildfires in California and evacuations in Argentina,” she noted.

Omogiafo added that Transcorp is encouraging other companies to follow suit and support environmental causes across Nigeria.

“This school is one of many. We’ll continue reaching out to more schools nationwide,” she affirmed.

She also revealed that Transcorp-owned schools run similar environmental education campaigns throughout the year.

Transcorp, Nigeria’s largest listed conglomerate, has investments in power, energy, and hospitality, backed by 300,000 shareholders.

Student representative, Utsu Comfort, thanked Transcorp and pledged student participation in improved waste practices.

Principal, Mrs Okuyemi Babafemi, and teacher, Mrs Ruth Aliu, praised the initiative for empowering students with recycling knowledge. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo
Lagos lists achievements in agriculture, woos young agriprenuers through agrinnovation

Lagos lists achievements in agriculture, woos young agriprenuers through agrinnovation

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By Mercy Omoike

The Lagos State Ministry of Agriculture and Food Systems has highlighted landmark achievements of the state in the sector as it woos more young agriprenuers.

The Lagos State Commissioner of Agriculture and Food Systems, Ms Abisola Olusanya, listed the achievements at the Agrinnovation Hangout 6.0 on Friday in Lagos.

The News Agency Nigeria (NAN) reports that the Agrinnovation Hangout 6.0 is an offshoot of the Lagos Agrinnovation Club founded by the ministry in November 2023.

The Agrinnovation Club is a transformative platform uniting agribusiness professionals, policymakers, young agripreneurs, and innovators who share a passion for modernising food systems and addressing the critical challenges facing agriculture today.

Cross section of participants at the Lagos Agrinnovation Hangout 6.0 on Friday in Lagos.

Olusanya noted that the state had witnessed tremendous strides in food security and sustainability since the inception of the club.

The commissioner said the state government would continue to make agriculture more attractive to the younger generation.

Olusanya, however, urged more agriprenuers to be part of the club.

“The Lagos Agrinnovation Hangout is a hangout of like minded individuals, and young people in the food space.

“We want a situation where there is no distinction between a farmer and a logistics provider or a cold-chain solutions service provider.

“A lot of people do not see agriculture or the food space as a nice place or clean space to be in, but people are making very good money here, and obviously it is the way of the future.

“So, we see that we have a duty to ensure that we make agriculture and food systems nicely packaged, very attractive and fun, and at the end of the day, we will see those changes we want.

“And the kind of people we want in this space, will surely come here,” Olusanya said.

The commissioner noted that accountants, economists and bankers were members of the club.

“We have accountants, we have economists, we have bankers, we have architects, a lot of people are part of the Agrinnovation Club.

“They did not study agriculture, but they are in the food space. They are exporting agro-produce out of the country. They are selling far and wide. And so why can we not call on more people to join us?

“We are all in the same ecosystem. So, we understand the need to collaborate. We understand the need to network, to partner hence the Lagos State Ministry of Agriculture and Food Systems created the Lagos Agrinnovation Club,” she said.

Olusanya reiterated Gov. Babajide Sanwo-olu’s continuous support for the agriculture sector.

She urged the young ones to take advantage of the benefits.

“Membership is increasing, but more importantly, it is seeing the cohesion that is happening across the ecosystem and seeing businesses come together to help one another grow are the dividends we are seeing.

“Many members are thriving. They are going into sections of the food space that otherwise they would not have been able to on their own.

“They are benefiting from the utilisation of services of one another, and at the end of the day, everyone is happier.

“Businesses are growing, and more young people are employed, and the food sovereignty, the food security, the food sustainability that we want to see, we will surely get there.

“And Gov. Babajide Sanwo-olu has been very supportive of this idea. Last year, also for the first time, we ran the Lagos Agrithon tailored to the Lagos Agrinnovation Club, where we gave out grants of over N100 million to 26 businesses.

“The intention is to do much bigger than that, and that is why we have actually pushed out partnership talks with so many organisations and with multilateral and bilateral agencies.

“We just want to ensure that if we have a bigger pool, we can definitely help more agri-businesses, and it would encourage more young people to come into the food space,” she said.

On her part, Ms Jette Bjerrum, Consul General/Head of Trade Embassy of the Kingdom of Denmark, promised continuous support for agribusiness in the state and country at large.

“We are building vocational training programmes in agriculture, and we would love to do more partnerships for that.

“We already have a partnership with Milkbond to develop agriculture curriculums. We want agriculture to be attractive to the youth as it is in Denmark.

“It is fancy to work with agriculture in Denmark, it is respectful, it is a passion, but it is also a structured, professionally trained way of working.

“And we hope we can inspire that here, there are so many talents here, so many young people that we think agritech and agrinnovation can mobilise,” Bjerrum said.

Also speaking, Dr Oluwarotimi Fashola, the Special Adviser to Lagos State Governor on Agriculture, urged the agro-innovators to take advantage of the hangout to learn as much as possible.

“We have seen the Agrinnovation Club grow, thrive and impact lives in the agriculture sector.

“There is always something to learn from the Agrinnovation Club, there is something someone will say that will inspire you in agriculture,” Fashola said.

Mr Emmanuel Audu, the Permanent Secretary, Lagos State Ministry of Agriculture and Food Systems, hoped for more success stories from the Agrinnovation Club in subsequent hangouts.

“The Agrinnovation Club has inspired me to start my own agribusiness; I am going to leverage on this relationship to start my own agriculture business.

“We appreciate everyone for being a part of the Agrinnovation Hangout 6.0 and we hope you hear of more success stories in the agric space when next we meet again,” Audu said. (NAN) (www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

CITM urges CBN to back Naira with gold reserves

CITM urges CBN to back Naira with gold reserves

477 total views today

By Aderogba George

The Chartered Institute of Treasury Management (CITM) on Friday called on Nigeria’s monetary authorities to consider partially backing the Naira with gold reserves as a means of stabilising the currency.

The Institute’s Registrar, Mr Adedoyin Olumide, who made the call during an interview with the News Agency of Nigeria (NAN) outlined a strategic approach to restoring confidence in the Naira.

He spoke on the theme: ‘Strengthening the Naira Through Partial Gold Reserve and Gold Sovereign Wealth Fund: A Clarion Call to Monetary Authorities’.

He noted that although Nigeria does not operate a gold standard, the Central Bank of Nigeria (CBN) could implement a partial gold reserve system to support the national currency.

Olumide stressed the need to formalise Nigeria’s largely informal artisanal gold mining sector through licensing and regulatory reforms.

He suggested that the CBN initiate a policy to purchase gold directly from licensed local miners, supported by investment in mining technology and partnerships with international refineries.

He said the establishment of a sovereign gold fund would allow the CBN to accumulate reserves and use gold to stabilise the Naira in the foreign exchange market.

According to him, this would strengthen demand for the Naira, enhance investor confidence, and improve the currency’s competitiveness and value.

He also called for the development of local gold refineries to add value to raw gold, retain profits, and grow national reserves.

The registrar proposed legal reforms to mandate that a percentage of locally mined gold be sold to the CBN, mirroring Ghana’s model of centralised gold purchases.

He emphasised the need to prevent illegal exports and give the CBN first refusal rights on refined gold bars to grow its reserves.

He advocated transparency through ethical sourcing, stamping, and certification to make Nigerian gold more acceptable in international markets.

Olumide said adherence to standards like the London Bullion Market Association (LBMA) would improve traceability and pricing of Nigerian gold.

He argued that holding more gold would enable the CBN to use reserves as collateral for international loans or to issue gold-backed bonds.

He added that this would boost Nigeria’s creditworthiness and reduce borrowing costs, especially during economic uncertainty.

He noted that gold retains value during inflation and currency depreciation, making it a reliable hedge in volatile economic periods.

He said the government must raise awareness among miners, local communities and businesses to ensure buy-in and minimise resistance.

He also called for stakeholder engagement to discourage illegal mining and encourage lawful participation in the formal gold economy.

He encouraged collaboration with international organisations for technical assistance in refining, investment, and infrastructure development.

He warned that challenges such as corruption, insecurity and inadequate funding must be addressed through institutional reforms and stronger oversight.

He said that incorporating gold into Nigeria’s monetary strategy would help stabilise the Naira and reduce inflation.

He added that although a full return to the gold standard may be unrealistic, partial backing would offer a practical path to restoring the currency’s value. (NAN)

Edited by Tosin Kolade

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