Business
Agric budgets hit N874.83bn, food imports gulp N7.81tn
The Federal Government budgeted about N874.83bn for the Federal Ministry of Agriculture and Rural Development from 2016 to 2021, whereas the imports of agricultural goods into Nigeria during same period were estimated at N7.81tn, checks by our correspondent showed.
It was gathered that the highest imports of agricultural goods into the country during the period under review were recorded in 2021, as products valued at N2.74tn were imported last year.
On the other hand, the least imports within the same duration were reported in 2016. Nigeria’s agricultural goods imports in 2016 were estimated at N656.4bn.
Operators in the agric business space frowned at the development, outlining a plethora of reasons for the massive imports when compared to what was budgeted and often not fully released to the agric ministry during the review period.
Data from the 2016 to 2021 budgets for the ministry indicated that the government budgeted about N874.83bn for the ministry to drive the country’s agricultural sector during the six-year period.
Whereas data analysed by our correspondent from 24 different quarterly reports obtained from the National Bureau of Statistics on ‘Foreign Trade in Goods Statistics’ with respect to the total imports of agricultural goods into Nigeria showed that N7.81tn was spent on food imports.
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An analysis of the budgets for the agriculture ministry showed that in 2016, the ministry got a budget of N46.17bn for capital projects and N29.63bn for recurrent expenditures, making it a total of N75.8bn for that year.
Its budget for capital projects in 2017 was N103.79bn, while both the combined capital (N118.98bn) and recurrent (N53.81bn) budgets for the ministry in 2018 was N172.79bn.
In 2019, the FMARD’s capital and recurrent budgets were N107.21bn and N57.68bn respectively, translating into a total of N164.89bn.
Its 2020 capital budget was N124.4bn with a recurrent budget of N58.69bn, making it a total of N183.1bn.
The ministry’s 2021 capital budget was N110.24bn. It got N69.22bn for recurrent expenses, bringing its total budget for last year to N174.46bn.
Meanwhile data from the Foreign Trade in Goods Statistics of the NBS on total imports of agricultural goods imported into the country last year was N2.74tn.
Figures from the bureau’s quarterly reports showed that in the fourth, third, second and first quarters of 2021, the agricultural goods imports were N667.16bn, N789.1bn, N652.08bn and N630.2bn respectively.
Food or agricultural imports in 2020 gulped N1.713tn, as the country spent N532.4bn, N503.4bn, N415.6bn and N261.4bn importing agricultural goods in Q4, Q3, Q2 and Q1 respectively in 2022.
A total of N959.48bn was spent on agro-commodities’ imports in 2019, with N233.3bn spent in Q4, N239.9bn in Q3, N249.95bn in Q2 and N236.33bn in Q1.
For 2018, agricultural goods imports consumed N851.7bn. The amounts spent on imports in the fourth, third, second and first quarters were N218.8bn, N224.3bn, N224.5bn and N184.4bn respectively.
The NBS put the total amount of agricultural goods imported into Nigeria in 2017 at N886.7bn. It stated this in its fourth quarter report for 2017.
The Q4 2017 report also revealed the total amount of agricultural goods that were imported into the country in the preceding year of 2016 was put at N656.4bn.
It was observed in the various quarterly reports that the major agricultural goods imported into Nigeria included Durum wheat, crude palm oil, palm olein, among others.
Operators in the sector decried the huge imports of agricultural products into Nigeria, attributing this to the myriad of challenges in the sector.
The National President, All Farmers Association of Nigeria, Kabir Ibrahim, told our correspondent that the drop in exports and huge imports were due to reduced productivity in Nigeria.
He said the lack of agro-inputs and insecurity were also major constraints confronting industry and its operators in Nigeria.
He said, “Our productivity has gone down now, which means that the quantity available to export has gone down and as such we have to rely on imports to meet local demand. This is worrisome to not just farmers but to every genuine stakeholder in the agricultural industry in this country.”
Punch
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Auto
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.
The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.
Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.
Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.
The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.
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Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.
Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.
According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.
The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.
Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.
With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.
Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.
Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.
The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
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Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
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Auto
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.
The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.
He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.
However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.
“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.
Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.
“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.
He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.
But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.
“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.
He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”
In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.
Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.
He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.
Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.
He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.
According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.
Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.
“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.
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