Business
Nigeria secures 449,000 metric tonnes of fertiliser inputs to boost food security
President Bola Tinubu has announced that Nigeria has secured more than 449,000 metric tonnes of fertiliser inputs—equivalent to about nine million bags—to support agricultural production and strengthen food security across the country.
The president disclosed this in a statement posted on his official X account on Thursday, describing the development as part of broader measures by his administration to fulfil its commitment to making Nigeria food-secure.
“As of May 2026, more than 449,000 metric tonnes of fertiliser inputs, equivalent to about nine million bags, had been secured, with 10 vessels discharged or in transit,” Mr Tinubu said.
He recalled that upon assuming office, his administration identified food security as a central pillar of its Renewed Hope Agenda.
“We promised to support our farmers, strengthen local production, reduce dependence on imports, and build an agricultural system strong enough to withstand shocks from beyond our borders.
“That promise is being kept,” he said.
Fertiliser procurement challenges
Nigeria has long struggled with fertiliser procurement due to rising raw material costs, supply chain bottlenecks, and product diversion, challenges that have limited access for smallholder farmers who account for a significant share of domestic food production.
To address these concerns, the administration of former President Muhammadu Buhari entered strategic partnerships with Morocco in 2016 and Russia in 2019 under the Presidential Fertiliser Initiative (PFI), managed by the Nigeria Sovereign Investment Authority (NSIA).
The initiative began with a Memorandum of Understanding aimed at reviving dormant fertiliser blending plants and importing discounted phosphate from Morocco. In 2021, the partnership expanded into a $1.3 billion basic chemicals platform designed to support local production of ammonia and fertilisers.
The arrangement increased the supply of raw materials to blending plants, boosted domestic production capacity and reduced fertiliser costs. However, challenges, including diversion and sabotage within parts of the value chain continued to limit access for farmers.
Experts have linked inadequate fertiliser availability to declining agricultural yields, rising food prices and worsening food insecurity.
Nigeria’s food system has come under increasing pressure in recent years due to recurrent flooding, insecurity in farming communities, rising transportation costs following fuel subsidy removal, and broader structural challenges.
According to the United Nations World Food Programme (WFP), about 35 million Nigerians are projected to experience acute food insecurity during the 2026 lean season.
Global disruptions
Mr Tinubu said disruptions in global supply chains and rising costs of key fertiliser inputs, worsened by conflict in the Middle East, posed significant risks to countries dependent on imported raw materials.
For Nigeria, he said, the potential consequences included fertiliser shortages, higher input costs, reduced productivity and increased food prices.
“I am pleased to inform you that we moved early,” the president said.
He explained that through the Presidential Fertiliser Initiative, now restructured under the Ministry of Finance Incorporated (MOFI), the government strengthened procurement systems, secured critical raw materials, signed forward contracts and improved coordination across the fertiliser value chain.
According to him, these measures helped shield Nigeria’s fertiliser blending industry from the worst effects of global market disruptions.
Mr Tinubu said the government remains on course to deliver a 1.1 million metric tonne fertiliser programme in 2026, equivalent to about 22 million bags.
He added that strategic contracting for key inputs generated savings of N61.58 billion in 2026 alone, helping to keep fertiliser prices relatively affordable for farmers.
Supporting farmers
The president noted that Nigeria currently has more than 90 operational fertiliser blending plants, giving the country the largest blending capacity in Sub-Saharan Africa.
“This capacity means jobs, local production, industrial growth and greater resilience for our food system,” he said.
Mr Tinubu stressed, however, that securing fertiliser inputs and maintaining production capacity would only be meaningful if the products reach farmers on time.
To address this, he said the government launched the Renewed Hope Farm Input Support Programme (RH-FISP) through the National Agricultural Development Fund (NADF).
READ ALSO: Tinubu speaks on power sector challenges, pledges reforms
Under the programme, 515,720 bags of locally produced fertiliser are being distributed to 128,930 smallholder farmers across 25 states and the Federal Capital Territory during the current planting season.
The NADF is also supporting modern agricultural practices through digital extension services, harmonised fertiliser application guidance and targeted interventions for priority crops such as rice, maize, cassava and soybean.
“Our administration will not relent in its efforts to protect farmers, raise productivity, strengthen the agricultural value chain, support local industry and ease pressure on food prices over time,” Mr Tinubu said.
“This is the meaning of promise made, promise kept. We will continue to take practical steps to strengthen Nigerian agriculture and protect food security for every Nigerian.”
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reiterated its commitment to activating multiple pathways to transform Nigeria into a global gas hub.
According to a statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, the company’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, disclosed this while speaking at the 2026 Gas Technology & Exhibition Conference (GASTECH) in Bangkok, Thailand, on Monday.
Mr Ogunleye spoke during a panel session themed, “The New LNG Order: Leadership Strategies for Energy Security and Growth.”
He said Nigeria was leveraging its more than 215 trillion cubic feet (tcf) of proven gas reserves to drive domestic industrialisation and expand its export market as geopolitical tensions, conflicts and other factors continue to affect global energy supply and demand.
“Gas development and monetisation from Nigeria’s standpoint is a purely commercial play. NNPC Ltd. is implementing a Gas Master Plan (GMP) engineered as a gap-to-potential tool to move Nigeria from a 215tcf reserves position to above 600tcf,” Mr Ogunleye said.
Gas production targets
According to the statement, Mr Ogunleye said NNPC’s strategy is anchored on stronger coordination under the Petroleum Industry Act (PIA), the Decade of Gas Framework and the Gas Master Plan.
He said the near-term targets are to increase Nigeria’s national gas production to 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030.
In January, NNPC unveiled its Gas Master Plan (GMP) 2026, aimed at driving industrialisation and strengthening Nigeria’s energy security.
At the launch, NNPC’s Group Chief Executive Officer, Bayo Ojulari, said Nigeria had about 210 trillion cubic feet (Tcf) of proven gas reserves, with an upside potential of up to 600 Tcf.
He described the resource base as one of the world’s most significant hydrocarbon endowments, saying its development was supported by the Petroleum Industry Act 2021 and the Federal Government’s gas-focused energy transition agenda.
Mr Ojulari said the plan was designed to exceed the presidential mandate of raising national gas production to 10 Bcf/d by 2027 and 12 Bcf/d by 2030.
According to him, the plan is expected to catalyse more than $60 billion in investments across the oil and gas value chain by 2030.
He said the plan prioritises cost optimisation, operational excellence and the systematic conversion of gas resources from 3P to bankable 2P reserves.
The plan also seeks to strengthen gas supply to power generation, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), Mini-LNG and other critical industrial off-takers.
Mr Ojulari said NNPC adopted a collaborative and investor-centric approach in developing the GMP 2026, with input from industry stakeholders, partners and investors.
LNG expansion
At GASTECH, Mr Ogunleye said Nigeria was already a reliable global gas supplier and was pursuing a major expansion of its LNG capacity.
He cited the Nigeria LNG project’s Trains 1-6, which have a combined production capacity of 22 million tonnes per annum (MTPA) and have exported more than 6,000 LNG cargoes since 1999.
He also cited Train 7, which is scheduled for completion in 2027, as part of the country’s ongoing LNG expansion.
READ ALSO: Audit Reports: Reps panel vows to make NNPC, oil marketers account for ₦432bn debt
Mr Ogunleye said Nigeria’s geographical position, which gives it access to both the Atlantic Basin and Asian markets, further strengthens its position as a strategic global gas supplier.
He said this advantage, combined with the country’s substantial gas reserves and renewed national focus on gas development, provides a strong basis for expanding the industry.
According to him, domestic gas utilisation and exports are not mutually exclusive, as Nigeria is pursuing a dual pathway that uses exports to generate foreign exchange while expanding domestic gas use to create jobs, strengthen energy security and improve economic wellbeing.
Mr Ogunleye said Nigeria had also de-risked new LNG projects through a robust legal and regulatory framework backed by attractive fiscal incentives.
“With continued efforts towards stable security, competitive gas pricing and assured gas supply, there is no better time for investors and financiers to participate in the development of Nigeria’s LNG projects confidently,” he said.
GASTECH is a major global conference and exhibition focused on natural gas, LNG, hydrogen and low-carbon solutions.
The 54th edition brings together about 50,000 participants from more than 150 countries, including energy experts, chief executives, policymakers, investors and technology leaders, to discuss energy security, LNG supply, infrastructure investment and decarbonisation.
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Nigerian stocks slid by 1.6 per cent last week, following profit-taking activities across all sectors except oil & gas.
The Insurance Index was worst hit, declining by 5.5 per cent, and remains the only sector index so far this year with a negative yield.
“Stocks with strong earnings, attractive valuations and consistent dividend payouts should also remain in focus,” investment bank United Capital Plc said in a note to investors ahead of the week.
This week, focus will shift to the primary market, where the landmark $1.6 billion initial public offering of Dangote Refinery will be commencing.
PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.
The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.
This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.
Transnational Corporation (Transcorp)
Transcorp tops this week’s list for its strong fundamentals and for trading below its intrinsic value. The net profit ratio (NPR) of the conglomerate is 24.7, while the price-to-earnings (PE) ratio is 4.5x. Its 10-day relative strength index (RSI) is 31.5.
AXA Mansard
AXA Mansard appears on the pick on the basis of its attractive fundamentals. The NPR of the insurer is 3.4, while the PE ratio is 29.8x, while the RSI is 47.3.
Guaranty Trust Holding Company (GTCO)
GTCO makes the selection for its strong fundamentals and for trading below its intrinsic value. The banking group’s NPR is 37.4, while the PE ratio is 5.4x. Its RSI is 47.8.
ALSO READ: Stanbic IBTC, Mutual Benefits, Aradel top stock picks this week
NPF Microfinance Bank
NPF Microfinance Bank makes the cut for its sound fundamentals. The PE ratio of the micro-lender is 7.2x, while the RSI is 22.5.
Neimeth
Neimeth makes the cut for its sound fundamentals. The NPR of the pharmaceutical company is 12.2, while the PE ratio is 33.2x. The RSI is 40.8.
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