Business
Disasters cost global agriculture $3.26 trillion over three decades – FAO
FAO discloses this in its new report released in November 2025, tagged ,’ The Impact of Disasters on Agriculture and Food Security 2025.’
The Food and Agriculture Organization of the United Nations (FAO) says that disasters have inflicted an estimated $3.26 trillion in agricultural losses worldwide over the past 33 years – an average of $99 billion annually, roughly 4 percent of global agricultural GDP.
FAO discloses this in its new report released in November 2025, tagged ,’ The Impact of Disasters on Agriculture and Food Security 2025.’
The report highlights how digital technologies are transforming how farmers, governments and communities can monitor risks, anticipate impacts, and protect livelihoods.
The report provides the most comprehensive global assessment to date of how disasters – from droughts and floods to pests and marine heatwaves – are disrupting food production, livelihoods and nutrition.
It also demonstrates how digital innovations are shifting agrifood systems from reactive crisis management to proactive data-driven resilience-building.
“Digital technologies are already revolutionizing how we monitor risks, deliver early warnings and support farmers’ decision-making.
From the 9.1 million farmers now accessing parametric insurance through digital platforms to the communities using our early warning systems to evacuate 90 percent of at-risk populations before disasters strike, we are witnessing a fundamental shift from reactive response to proactive risk reduction.” said FAO Director-General QU Dongyu in the foreword to the report.
Heavy toll on global food security
Between 1991 and 2023, disasters wiped out 4.6 billion tonnes of cereals, 2.8 billion tonnes of fruits and vegetables, and 900 million tonnes of meat and dairy.
These losses translate to a daily per capita reduction of 320 kilocalories – 13–16 percent of average energy needs.
Asia accounts for the largest share of global losses of 47 percent, totaling $1.53 trillion, reflecting both the scale of agricultural production and the region’s high exposure to floods, storms and droughts.
The Americas represent 22 percent of global losses or $713 billion, driven by recurrent droughts, hurricanes, and extreme temperature events that heavily impact large commodity crop systems.
Africa, while recording lower absolute losses of $611 billion, suffers the highest proportional impacts, losing 7.4 percent of agricultural GDP to disasters – the largest relative burden of any region.
In economies where agriculture accounts for a significant share of employment and income, these losses have had severe consequences for food security and rural stability.Small Island Developing States (SIDS) remain among the world’s most vulnerable to disasters such as cyclones, floods, and sea-level rise.
Despite relatively small agricultural output, disaster-related losses represent a disproportionately high share of agricultural GDP.
The report also finds that marine heatwaves caused $6.6 billion in losses between 1985 and 2022, affecting 15 percent of global fisheries. Yet, losses in fisheries and aquaculture remain largely invisible in disaster assessments, despite supporting the livelihoods of 500 million people.
Business
Naira Exchange Rates Thursday July 2, 2026
BLACK MARKET RATES
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GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 585 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,372.41
GREAT BRITISH POUND (GBP) ₦1,821.73
EURO (EUR) ₦1,565.37
SWISS FRANC (CHF) ₦1,695.42
JAPANESE YEN (JPN) ₦8.45
CHINESE YUAN (CNY) ₦201.98
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31
SAUDI RIYAL (SAR) ₦365.45
SOUTH AFRICAN RAND (ZAR) ₦83.80
Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
Business
Naira Exchange Rates Wednesday July 1, 2026
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370. 68
GREAT BRITISH POUND (GBP) ₦1,825.05
EURO (EUR) ₦1,572.98
SWISS FRANC (CHF) ₦1,705.00
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203. 32
WEST AFRICAN CFA (XOF) ₦2.41
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81
SAUDI RIYAL (SAR) ₦367.19
SOUTH AFRICAN RAND (ZAR) ₦84.12
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