The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has announced a remarkable rebound in its operations, which has resulted in the facilitation of over ₦70 billion in commercial financing for agribusiness as at Q3 2025, its strongest annual performance since inception.

In operation since 2013, this result represents nearly a quarter of the organisation’s cumulative ₦270 billion facilitated for agriculture and agribusiness to date, an achievement that underscores the impact of NIRSAL’s revamped strategy under its new Board and Executive Management. 

The timing of this turnaround is critical: Bank lending to agriculture had been in steady decline, falling from 6.18% of aggregate lending in 2022 to 4.82% in 2024, while sectoral growth slowed from 2.5% to 1.7% within the same period. By applying its signature tools for value chain modelling to address identified issues, providing technical support to agribusinesses and financial institutions, all while deploying its risk-sharing frameworks, NIRSAL has restored lender confidence thus channelling fresh funds into key value chains, including grains, cocoa, shea, and livestock. 

In terms of impact, there has been an improvement in local production across key commodities and a positive balance of trade for agriculture, with over 32% of the facilitated sum directly supporting value-added commodity export. Most notably, agriculture’s share of bank lending has risen again to 5.33% as of May 2025, reflecting renewed interest from financiers. Two newly licensed banks have also entered the sector relying on NIRSAL’s frameworks, contributing to the ₦70 billion facilitated so far this year.

Commenting on the milestone, NIRSAL’s Managing Director/CEO, Sa’ad Hamidu, said: “₦70 billion may appear modest compared to the size of Nigeria’s agricultural financing needs, but the significance is profound. It proves that agriculture can be commercially and sustainably financed. With the right blend of capital, technical support, and risk mitigation, the sector can become more productive, resilient, and globally competitive.”

Hamidu added that NIRSAL remains confident of hitting its ₦150 billion target for 2025: “This is not yet the peak of the harvest season when merchants typically seek credit for offtake and storage, and when super agro-dealers stock up on fertilisers and inputs ahead of the next planting cycle. Therefore, the opportunities still to come give us every reason for optimism.”

Beyond headline figures, NIRSAL is working to reshape the lending landscape for agriculture. Its integrated model, spanning prospect identification, deal structuring, business advisory, and credit guarantees, handholds agribusinesses from loan origination to disbursement. Also, by providing tailored advisory and risk mitigation, the institution helps businesses once deemed unbankable to gain access to sustainable credit.

Through this approach NIRSAL aid the creation of a pipeline of emerging agribusinesses while supporting established firms to scale. Meanwhile, several borrowers who once engaged NIRSAL have since graduated into routine lending relationships with their bankers whose understanding of the dynamics of agribusiness has grown, leading to greater comfort in lending. This proves that the NIRSAL model is a pathway to long-term sustainability in the agriculture sector.

The ₦70 billion facilitated so far this year is a direct outcome of NIRSAL’s sustained capacity-building efforts for financial institutions. Through targeted training sessions for over 1,100 staff of banks, NIRSAL has deepened understanding of agricultural financing within its risk-sharing framework leading to an increase in loan request approvals. Similar training programs for agricultural value chain actors, including 450 participants trained on feedlot management, commodity export, and climate finance so far, will become increasingly evident over time, as capacity and confidence grow across these sub-sectors.

As part of its forward agenda, NIRSAL is developing a digital network it calls the NIRSAL LandBank portal—a connected ecosystem of agricultural stakeholders, from research and development to markets, to provide data-driven insights for investors, policy makers, and development partners for the identification of opportunities, risk reduction, and informed decision-making.

The LandBank portal would become an additional channel for project development, with climate finance another potential source of funding. NIRSAL continues to deepen its interest in and collaboration around climate finance, recently signing an understanding with the Rural Electrification Agency to provide off-grid power to production and processing clusters in rural locations. These efforts, the institution believes, will build resilience into the agricultural value chain and aid Nigeria’s push toward a $1 trillion economy.

Since its establishment, NIRSAL has remained faithful to its mandate of de-risking agricultural lending, facilitating finance across the value chain, and proving that agriculture is both bankable and sustainable. Its 2025 performance to date signals not just recovery, but a new era of confidence for Nigeria’s farmers, financiers, and the wider economy.

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Lagride, the government backed e-taxi platform for Lagos, has expanded rider choice inside the app and confirmed preparations for the release of Lagride Omni, a mini bus category designed for families, groups and everyday commuters. The announcement reinforces Lagride’s vision of providing Nigeria’s most comprehensive mobility platform with options that serve every need, every budget and every Lagosian.

Expanded Choices Inside the App

Riders opening the Lagride app today will see three clear choices available:

Lagride EVs – Eco-friendly electric vehicles that deliver cleaner, quieter and cost-efficient trips. They represent Lagos’ future of sustainable transport.

Lagride Pro – Brand-new cars operated by professionally trained Captains who have undergone world-class service, safety and hospitality training at the Lagride Academy. Pro represents the premium benchmark for safety, comfort and excellence.

Lagride Legacy – Verified, owner-driven cars from 2022 and above that continue to provide affordable, reliable everyday rides for Lagosians who want trusted value.

This multi-category approach means riders can match the right car to the right moment: an EV for eco-conscious travel, Pro for a business meeting or special outing, and Legacy for everyday mobility.

Omni is Next: More Space, More Value

The Lagride Omni mini bus will become the fourth option on the platform. Spacious enough to seat six passengers plus luggage, Omni is specifically designed for families, school runs, office commutes, weekend trips and social outings.

Omni addresses some of the biggest challenges of urban mobility in Lagos:

Party Ride – One car that fits all friends, creating a better atmosphere at a lower per-person cost than multiple vehicles.

Last-Mile Commute – 3–4 colleagues sharing a ride directly from the bus stop to the office, saving time and money while reducing congestion.

Safe School Runs – Parents booking fixed, daily trips for children with the reassurance of real-time app tracking and certified Captains.

By combining space, safety, affordability and dignity, Omni promises to be a game-changer for groups of three or more.

Supporting Lagosians During the Rains

With heavy rains and flooding disrupting city movement, Lagride is stepping forward to support Lagosians with a 40% discount promotion.

The offer runs from 24 September to 13 October 2025.

Eligible riders can check if they qualify by clicking on the Coupons section in the Lagride app.

This promotion is part of Lagride’s wider commitment to easing the burden of mobility during challenging times.

Voices from Lagride

Chief Diana Chen, Chairman, CIG Group and Lagride; 

“Mobility is at the heart of Lagos life, and it is at the heart of society. When people move safely, affordably and with dignity, families flourish, businesses thrive, and communities feel stronger. Lagride is not just a transport platform,  it is a social contract to move Lagos better.

By expanding choices in the app today, we are giving Lagosians more power to decide how they travel. With Omni launching soon, we are addressing group needs in ways no platform has done before. And by offering a 40% discount during the rains, we are showing empathy and responsibility at a time when the city needs it most.”

Jubril Arogundade, Acting MD, Lagride;

“Choice matters. Lagos is a city of different needs and different rhythms. That is why Lagride now offers EVs for cleaner trips, Pro for premium experiences, and Legacy for everyday mobility. Omni will soon join as the perfect option for families, colleagues and groups of friends.

Every step we take is designed to support the governor’s mobility agenda, to empower drivers with world-class training, and to make riders proud of the service they choose. This is how we are building Nigeria’s most comprehensive e-taxi platform.”

Training, Standards and Opportunities

Lagride is equally focused on empowering its Captains. All Pro and EV drivers undergo rigorous training at the Lagride Academy, delivered in partnership with the Nigerian Police, FRSC, LASTMA and other regulatory bodies. The Academy also includes hospitality training modules, ensuring drivers deliver service that meets international standards and transferable skills they can use anywhere in the world.

In addition, Lagride is actively recruiting 10,000 new drivers and partners under its Drive-to-Own and Drive-to-Earn schemes, giving Lagosians the opportunity to build sustainable livelihoods through the platform.

About Lagride

Lagride is Lagos State’s government backed e-taxi platform, designed to deliver safe, affordable and world-class mobility to the city’s residents. By combining trained drivers, a modern app, and rigorous safety standards, Lagride provides services that Lagosians can trust.

With EVs, Pro, Legacy and soon Omni, Lagride is building Nigeria’s most complete transport ecosystem.

Download the app: https://onelink.to/qryswh

Become a driver: https://forms.gle/LuTN51cNeKkpaMn88

Shareholders of Unity Bank Plc have formally approved the proposed merger with Providus Bank Limited, marking a decisive step toward the creation of a stronger banking institution.

At the Court-Ordered Meeting held on September 26, 2025, in Abeokuta, Ogun State, 295 shareholders voted on the merger scheme. A resounding 99.32% of shareholders (₦4.4 billion in value) supported the deal, while only 0.68% voted against it.

Under the terms of the Scheme Consideration, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 Providus Bank shares (₦0.50 each) for every 17 Unity Bank shares held. Once completed, Unity Bank’s entire share capital will be cancelled, and the institution dissolved without winding up, leaving Providus Bank as the surviving entity.

The enlarged entity will operate under the new name Providus-Unity Bank (PUB), a brand identity crafted to reflect Unity’s strong northern market base.

Commenting on the approval, Hafiz Mohammed Bashir, Chairman of Unity Bank Plc, described it as a “strong vote of confidence,” noting that the merger would deliver greater competitiveness, resilience, and long-term value to customers, shareholders, and the wider economy.

The meeting also noted that the Nigerian Exchange (NGX) had lifted the suspension on Unity Bank shares on September 25, 2025, with a significant crossing of 4.004 billion AMCON shares (34% of Unity Bank) to an existing shareholder, not Providus Bank.

With shareholder backing secured, Unity Bank’s Board and advisers are now tasked with obtaining final Court approval and completing regulatory processes. Analysts have praised the deal, projecting that the combined bank will emerge as a financial powerhouse, leveraging both traditional banking strength and digital innovation to expand market share.

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Shoprite’s Struggles in Nigeria Deepen

Shoprite’s operations in Nigeria appear to be in crisis, four years after the South African retail giant exited the supermarket business.

Reports by Daily Trust confirm that outlets in Ibadan and Ilorin have closed, while stores still operating in Lagos, Abuja, and other major cities now have largely empty shelves.

From Expansion to Decline

Since opening its first Nigerian outlet in Lagos in 2005, Shoprite became a household name, growing into more than 25 stores across eight states and the Federal Capital Territory. At its peak, the chain directly employed over 2,000 workers and supported hundreds of local suppliers, particularly farmers.

But rising inflation, supply chain disruptions, and growing competition from local supermarkets have steadily weakened its dominance, pushing the brand into financial distress.

In 2021, Shoprite Holdings Limited sold its Nigerian business to local investors after retreating from several African markets including Ghana, Kenya, and Uganda—citing harsh operating conditions.

Nigerians React on Social Media

The closures have sparked a wave of reactions across social media, where Nigerians expressed a mix of nostalgia, disappointment, and calls for stronger homegrown supermarket chains.

On X (formerly Twitter), hashtags such as #ShopriteNigeria, #ShopriteClosure, and #NigerianRetail began trending:

“Shoprite shutting down is an end of an era. That place was our mini mall culture in the 2000s.” – @lagos_girl

“This should be a wake-up call. We need to support Nigerian-owned supermarkets like Justrite, Hubmart, and Ebeano.” – @naija_economist

“No more weekend hangouts at Shoprite. Sad, but not surprising with the way inflation is going.” – @femiwrites

“Shoprite was not just a supermarket, it was a social spot. I met my wife there in 2012. This hits different.” – @deji_lagos

“If Shoprite can’t survive here, it tells you everything about Nigeria’s business environment.” – @uchechukwu_onyi

What’s Next for Retail in Nigeria?

While many lament the decline of Shoprite, others see opportunity for local supermarkets to step into the gap. Brands like Justrite, Hubmart, Ebeano, and Spar could potentially take advantage of the vacuum.

With Shoprite’s uncertain future, the question remains: will Nigeria’s supermarket culture fade with its departure—or will indigenous brands reinvent it?

Dangote Refinery has dismissed claims by the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), insisting that it will not bow to pressure to fund a subsidy of more than ₦1.5 trillion annually.

In a statement issued yesterday, the refinery said the controversy with DAPPMAN stems from marketers’ demand for an annual subsidy of ₦1.505 trillion to cover coastal freight, Nigerian Maritime Administration and Safety Agency (NIMASA) charges, Nigerian Ports Authority (NPA) fees, and pumping costs. This, according to Dangote, would translate to an additional ₦75 per litre on petrol and diesel, which the marketers expect the refinery to absorb.

“We will not increase our gantry price to accommodate such demands, nor are we willing to pay a subsidy of over ₦1.5 trillion — a practice that historically defrauded the Federal Government,” the company said. “Marketers are free to lift products directly at our gantry and benefit from our logistics-free initiative.”

The refinery disclosed that it maintains a monthly closing stock of 500 million litres, adding that between June and September it exported 3.2 million metric tonnes of refined products. Over the same period, it alleged, marketers imported 3.6 million metric tonnes, describing the imports as “dumping” that undermines the economy and welfare of Nigerians.

Dangote Petroleum Refinery reaffirmed its support for President Bola Ahmed Tinubu’s reforms, noting that its operations are helping to stabilise the naira, cushion the effect of subsidy removal, strengthen Nigeria’s refining capacity, boost foreign exchange earnings, and create jobs.

The company stressed that it enjoys a strong working relationship with government agencies but will not hesitate to hold institutions accountable where necessary.

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