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Africa must cut reliance on food imports, says Nigerian billionaire
Abidjan, Ivory Coast (CNN)Food prices have been rising around the world, driven first by the Covid pandemic and poor harvests, and made worse by the conflict in Ukraine, which has hit exports of both wheat and fertilizer.
Even with a new deal that would allow grain exports from Ukrainian Black Sea ports, the impact of elevated prices could still be severe in Africa, which imports most of its food, and where the IMF forecasts inflation could reach as high as 12.2% this year.
Nigerian billionaire Abdul Samad Rabiu says it’s time for African countries to work together to create a food value chain across the continent, and produce more goods for domestic consumption.
Rabiu is the CEO of BUA Group, a conglomerate in food processing, infrastructure, manufacturing and mining. His company has made investments across the continent to cut its reliance on imports from Europe and Asia.
He spoke with CNN’s Eleni Giokos last month at the Africa CEO Forum in Abidjan, Ivory Coast.
High inflation, food insecurity, energy prices: What are you going to do to solve some of these issues?
Rabiu: Part of the problem is that we import 80% of what we consume. For example, Africa imported over 55 million tons of wheat last year, and wheat is one of the commodities that has really been hit hard in terms of high prices. Since the Ukrainian-Russian (conflict) started, we have seen a situation where the price (of wheat) got from $250 to almost $600 per ton. And you know Africa relies heavily on Russian and Ukrainian wheat.
Meet: Abdulsamad Rabiu Founder, Bua Group
Meet: Abdulsamad Rabiu Founder, Bua Group 00:30
So how is your input being affected?
Rabiu: If you import and the price is double, what do you do? You have to increase the prices. And a lot of people cannot really afford that. So we are seeing a decrease in terms of production, processing and consumption, and that is a big issue. That is why I keep saying that we have to look inwards, do as much as we can to add value to what we have. We have to increase (our) production for the food security of the continent.
You have been in the pasta business, for example. Why haven’t you already gotten into farming? I know wheat is difficult to grow.
Rabiu: Wheat is difficult to grow but we are also into sugar and we’re building the most advanced sugar plantation in Nigeria. It’s a 20,000-hectare, four-in-one, fully integrated sugar plantation with sugar mill, sugar refinery, ethanol and power plant. We decided to do that because we realized we were spending a lot of money to import raw sugar and that is something that could be easily planted and produced in Nigeria. Our inputs as far as raw sugar is concerned will come down drastically.
Now for the hard part, says Secretary General of African Continental Free Trade Area
Now for the hard part, says Secretary General of African Continental Free Trade Area
The African Continental Free Trade Area went live (in 2021). Have you seen a real impact on your business?
Rabiu: The free trade area is an amazing arrangement. We all need to come together to enjoy the benefits. Of course, we also have challenges as far as infrastructure is concerned, and for the agreement to succeed, you need to fix your infrastructure space, especially in areas like ports.
You still find that challenging?
Rabiu: I give you an example: it’s more expensive to ship goods from Nigeria to, say, Lomè (in Togo, West Africa) than from Nigeria to Brazil. And that’s because we have the vessels without the ports. So those issues are there and we need to fix our infrastructure.
Joseph Aloba, father of late singer Mohbad, reveals his life improved significantly after his son’s passing, attributing it to divine help
Joseph Aloba, the father of late Nigerian singer Mohbad, has shared how his life has seen a remarkable improvement since the tragic passing of his son in September last year.
Speaking in an interview with media personality Akin Abolade, Aloba expressed gratitude for the unexpected blessings he has received, which he credits to the combined influence of Mohbad’s spirit and God.
In the emotional interview, Aloba revealed that Mohbad had made significant plans to support him, but these ambitions remained unfulfilled due to unforeseen circumstances before the singer’s untimely death.
However, he stated that since Mohbad’s passing, he has experienced an outpouring of support from well-wishers who have provided him with essential items, including a car.
“Let me just say yes, my life got better after Mohbad’s death because he is my friend. He had it in plan to do many things for me, but they didn’t allow him to do them,” Aloba explained.
“After his death, it was the spirit of Mohbad, and that of God combined together that began to send people to assist me. Even the car and everything I have now, it was people that gave them to me, and it is beyond ordinary.”
Reflecting further, Aloba noted that the assistance he now receives mirrors the intentions his son had for him. He added, “Those were the things he was meant to be doing for me, but they didn’t allow him to do them.”
The late Mohbad, born Ilerioluwa Oladimeji Aloba, passed away under mysterious circumstances in September 2024, leaving fans and the Nigerian music industry in mourning. Investigations into the cause of his death remain ongoing, with many still seeking answers.
Kogi State Governor Usman Ododo ends the controversial tax clearance policy, ensuring students’ education rights remain protected
Kogi State Governor, Alhaji Usman Ododo, has ordered an immediate halt to the policy requiring parents to present Tax Clearance Certificates (TCC) for their children’s enrollment in state-owned tertiary institutions.
This decision follows public outcry and protests led by civil society groups, who argued that the policy infringed upon the right to education.
Announcing the directive during a media briefing in Lokoja, the Chairman of the Kogi State Internal Revenue Service (KGIRS), Alhaji Sule Enehe, stated that the move reflects the governor’s commitment to accessible education.
“The governor responded swiftly to public concerns, emphasizing that education must remain accessible to all Kogi State students,” said Enehe.
The policy, introduced to encourage tax compliance, drew criticism for potentially denying access to education for students whose parents were unable to provide TCCs.
With the directive now revoked, students can register and gain admission without the previously mandated requirement.
Enehe, however, reminded residents of their constitutional duty to pay taxes, noting that non-compliance could restrict access to benefits such as bursary allowances.
He added, “Parents must play their part by paying taxes to support state education and other social amenities.”
Highlighting further reforms, Enehe disclosed that KGIRS has ramped up efforts to eliminate illegal tax practices. Since the crackdown began, 43 illegal tax collectors have been prosecuted, while several corrupt staff members have been dismissed.
To streamline operations, the revenue service has digitised tax payment systems, allowing individuals and businesses to fulfil their obligations more efficiently.
KGIRS reported steady revenue growth in recent years, with collections rising from ₦17 billion in 2021 to ₦27.7 billion in 2024.
The service has set an ambitious target of ₦35.1 billion for 2025, aiming to sustain the state’s developmental initiatives.
Governor Ododo’s administration continues to prioritise education, as seen in the establishment of three state-owned universities.
The governor’s directive aligns with the broader goal of ensuring that financial barriers do not hinder educational access for Kogi State students.
This decisive action signals the government’s resolve to balance tax compliance with the constitutional right to education, fostering both development and inclusivity.
Nigeria’s headline inflation rate has risen to 34.80% in December 2024, driven by increased demand during the festive season. The report highlights ongoing economic challenges despite a slight month-on-month decrease
Nigeria’s headline inflation rate surged to 34.80% in December 2024, according to the National Bureau of Statistics (NBS).
This marks a slight increase from 34.60% in November, driven by heightened demand for goods and services during the festive season.
The year-on-year comparison shows a significant 5.87 percentage point rise from 28.92% in December 2023, pointing to a persistent inflationary trend.
However, month-on-month inflation decreased marginally, falling to 2.44% in December from 2.64% in November 2024.
Urban areas experienced a more pronounced inflation rise of 37.29%, while rural areas saw an inflation rate of 32.47%.
Despite this, the month-on-month decrease offers a sign of easing inflationary pressure. Analysts emphasise the need for effective monetary and fiscal measures to stabilise prices and address the persistent economic challenges.
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