ADVERTISEMENT
TechEconomy
Thursday, May 22, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » AFEX Forecasts Higher Prices for Commodities in the 2023/2024 Season

AFEX Forecasts Higher Prices for Commodities in the 2023/2024 Season

Joan Aimuengheuwa by Joan Aimuengheuwa
November 16, 2023
in News
0
AFEX team at the launch of the 2023 Crop Production Report
AFEX team at the launch of the 2023 Crop Production Report

AFEX team at the launch of the 2023 Crop Production Report

RelatedPosts

MTN | NADPA: Ikenna Ikeme, general manager, Regulatory Affairs, MTN Nigeria.

MTN’s Ikenna Ikeme Urges Responsible AI Use at Pan African Data Policy Conference

May 22, 2025

FG to Sell 753-Unit Estate Allegedly Seized from Ex-CBN Governor Emefiele

May 21, 2025

Africa’s leading commodities player, AFEX, unveiled its 2023 Crop Production report in a hybrid event hosted at its Abuja office on the 16th of November, 2023.

Some key findings:

  • Nigerian farmers are rapidly adopting improved inputs such as high-yielding seeds and fertilizers compared to last season. 
  • The report highlights food insecurity and food inflation as a major challenge for Nigeria, with a 5.7 million metric ton shortage across human consumption and agro-processing and a historic high food inflation rate of 30.64%. 
  • The report forecasts an increase in prices for all commodities on the basis of a general due to increasing demand across processing and exports. 
  • Demand for Paddy Rice has increased due to the ban on Indian rice.  But this has also increased its price by 34% and a baseline pricing of NGN353,000/mt, which is expected to rise to NGN400,000/mt.

The crop production report, which delivers insights on six key commodities (Maize, Paddy rice, Soybean, Sorghum, Cocoa, and Sesame) leverages farmer surveys and measurement of transaction-level data to track vital information across crop production, price performance, and market dynamics.

BII Commits $26.5m to AFEX to Address Food Security in Nigeria, Kenya and Uganda

The report will aid the understanding of the current food system while providing stakeholders in the commodities market with intel to make data-driven trading decisions in the coming season.

The report highlights a critical improvement in access to farmland for cultivation in crucial areas, we also witnessed an increase in the usage of improved inputs, such as high-yielding seeds and fertilizers, compared to last season, which contributed to Maize and Paddy rice being forecasted to have a significantly higher production this season.

However, input lending remains a major challenge today, with agriculture making up only 6.16% of bank lending in 2022.

On pricing, the report forecasts an increase in prices for all commodities on the basis of a general decline in production coupled with increasing demand across processing and exports.

Paddy Rice which faced the most notable upswing in 2022/2023, partly due to increased flooding and the India rice ban that contributed to an increase of 34% and a baseline pricing of NGN353,000/mt, which is expected to rise to NGN400,000/mt and projected to stabilize at NGN480,000 to NGN500,000/mt by Q3 2023.

The report highlights food insecurity and food inflation as a major challenge for Nigeria, with a 5.7 million metric ton shortage across human consumption and agro-processing, and a historic high food inflation rate of 30.64%. Currently, Nigeria’s Global Hunger Index score remains alarmingly high, ranking 109th out of 125 countries, indicating a severe food security crisis.

The report notes that as food prices continue to surge, as witnessed in the 2023 season, food security challenges will continue to persist, further reducing the continent’s capacity to achieve Zero hunger by 2030.

Speaking at the launch event, President/CEO of AFEX Nigeria, Akinyinka Akintunde, stated;

“This year, we nearly doubled our sample size from 20,677 to 39,091 to get an accurate reflection of the current state of Agriculture production, and we found that we must take extra care to prioritize improvement in agricultural productivity for these farmers, and this is hinged on investing in the sector, and solving for infrastructure, logistics, and technology gaps. This transformation will substantially enhance food self-sufficiency and increase our ability to meet the nutritional and food security needs of a growing population while also bolstering the economy through foreign exchange earnings.”

A recurring limitation for agriculture on the continent is a shortage of reliable data, which affects the availability of transparent pricing and limits, on the one hand, participation from the side of capital market operators and largely financial market players and on the other hand, farmers’ ability to negotiate equitable contracts for themselves. T

his report attempts to build that gap by building a reliable data bank to promote market education and facilitate accurate trading decisions.

The report is now available for download on afex.africa

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: AFEXFood SecurityPaddy Rice
Previous Post

White Paper Highlights Opportunities for Irish Data Centre Expertise in the African Landscape

Next Post

Avanti Repositions Business with Multi-orbit Strategy

Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Related Posts

MTN | NADPA: Ikenna Ikeme, general manager, Regulatory Affairs, MTN Nigeria.
News

MTN’s Ikenna Ikeme Urges Responsible AI Use at Pan African Data Policy Conference

by Joan Aimuengheuwa
May 22, 2025
0

The use of local content in Artificial Intelligence systems is essential for delivering accurate, region-specific results, according to Ikenna Ikeme,...

Read more
EFCC and Ex-CBN Governor Godwin Emefiele

FG to Sell 753-Unit Estate Allegedly Seized from Ex-CBN Governor Emefiele

May 21, 2025
Femi Falana SAN and Zinox

Falana Vs Zinox, 12 Others: Again, Attorney General Withdraws Fiat from Falana

May 20, 2025
Kashifu Inuwa Abdullahi, NITDA DG | Startup Consultative Forum | NITDA IT projects

FG Saves N300Bn from IT Projects’ Clearance – NITDA

May 19, 2025
SolutionLens launch

Soludo’s Government Launches SolutionLens to Track Projects

May 16, 2025
DL4ALL - NITDA and Cisco train 50 young Nigerians

DL4ALL: NITDA, CISCO Upskill 50 Young Nigerians on Data Science

May 16, 2025
Next Post
Avanti Communications

Avanti Repositions Business with Multi-orbit Strategy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

CYBERSECURITY ESSENTIALS
byTecheconomy

BUILDING STRONGER NETWORKS AND COMMUNITIES

CYBERSECURITY ESSENTIALS
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.