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Heritage Bank, CBN adopt novel approach to boost wheat production capacity …To add 750, 000MTs via rain-fed cultivation, reduce annual import by 60%
Heritage Bank, CBN adopt novel approach to boost wheat production capacity
…To add 750, 000MTs via rain-fed cultivation, reduce annual import by 60%
In a bid to meet high demand amid poor production capacity of wheat, the Central Bank of Nigeria and Heritage Bank Plc have adopted a novel but more robust approach to boost local production and reduce dependence on importation.
The partnership is basically to consummate Wheat Seed Multiplication Project in Jos as part of the CBN’s Brown Revolution Initiative, the apex bank’s wheat value chain intervention to address the challenges in Wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap in Nigeria agricultural space.
The novel initiative that will boost wheat production annually is being process via rain-fed cultivation, as this approach is actually the first ever wheat programme that it would be planted in wet season.
Meanwhile, as part of the pilot phase of the initiative, Heritage Bank financed the first ever large scale rain-fed wheat production in Nigeria.
Speaking at the flag-off ceremony for the Brown Revolution Initiative, which was the pilot project and also declared the 2021 dry season farming open in Jos yesterday, the Deputy Governor, CBN, Edward Adamu stated that the short-term benefit is the addition of about 2, 000 metric tonnes (MT) of high yield seed variety to the national wheat seed stock which is 20, 000MT currently.
According to him, this effort has the potential to add about 750, 000MT of wheat annually through rain-fed cultivation.
He noted that estimated that only one per cent or 63,000MT of wheat, out of the five to six million metric tons of wheat consumed annually was produced locally, whilst with the Brown Revolution and in partnership with Heritage Bank and others, CBN seeks to eliminate dependence on imported wheat by 60%.
The MD/CEO of Heritage Bank; Ifie Sekibo who frowned at that the country’s increased wheat importation bills affirmed that this strategic partnership would help reverse the trends and upscale domestic production of wheat to close the wide supply gap in the agricultural space.
As part of the bank’s efforts to support the high yield seed variety to national wheat seed stock, Sekibo represented by the Head Agricbusiness and Export, Ugonwa Ikegwuonu explained that the bank set out to cultivate a total of 1, 000 hectares of farm land at the end of the year with at least producing about 5tonnes of wheat seeds per hectare in terms of yield.
“We set out to cultivate a total of 1,000 hectares of farm land but at the end of the day because of time constraints & other challenges, we have been able to cultivate 357 hectares. The crops according to the project manager are doing very well & in few weeks they will be ripe for harvest, in fact part of the farm is already ripe for harvest. So we set out with this partnership with two anchors which we call service providers,” he further explained.
Speaking during his welcome address, the Governor of Plateau State, Simon Lalong affirmed that Nigeria was on the path of Agricultural food sufficiency with the ‘Brown Revolution’ the rain-fed wheat would help curtail the $2billion spent on importation of wheat.
He further noted that the target of his administration was to attain zero-importation of wheat, attain wheat sufficiency in the economy and commence exportation to raise foreign reserve.
President of Wheat Farmers Association of Nigeria, Salim Muhammad stated that they have good understanding with Heritage Bank for its proactive approach to the objective of the rain-fed wheat production in Agriculture value chain.
He assured, “I assure you that at the end of this programme, by next season, it will be a different scenario/story because we are now doing on a very small scale but I’m sure by next season, the real revolution will start off and it will be seen all over Nigeria. Because, currently we are producing wheat in 16 wheat producing states. By the coming of this wheat dry season, seeds available and practicable; we are going to expand our scope to cover other areas that can produce wheat during the dry season. I’m not saying that we are going to cover the whole 36 states of the Country, but I assure you, by next season we will be thinking of about 20 to 27 states that we have.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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