National Economy
Thursday, July 31, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Companies & Markets

Maize, Paddy Rice, Cocoa Prices To Rise In 2024, Says AFEX

by Adejumoke Adeeso
2 years ago
in Companies & Markets
Reading Time: 2 mins read
Maize, Paddy Rice, Cocoa Prices To Rise In 2024, Says AFEX

Maize, Paddy Rice, Cocoa Prices To Rise In 2024, Says AFEX

Share on FacebookShare on TwitterShare on Telegram

 

AFEX, a leading commodities exchange in Nigeria, has forecasted significant price increases for maize and paddy rice in 2024.

The report, released in Lagos on Wednesday, anticipates a 25% rise in maize prices and a 40% increase in paddy rice prices.

In 2023, maize prices experienced considerable fluctuations, peaking at N550,000/mt in the third quarter and closing the year at N480,000/mt. The report attributes the increase to reduced input usage and the impact of the Russia-Ukraine crisis on fertiliser prices.

You May Like

Polaris Bank Empowers Over 3,000 Youths in Ajegunle Community

Wema Bank Wins Best Digital Bank In Nigeria Award

AFEX also expects key export commodities such as cocoa and sorghum to see price hikes of 50% and 20%, respectively, in the domestic market. These increases are underpinned by declining production levels.

Globally, the report predicts a downward trend in commodity prices for 2024, influenced by factors like improved supplies and the expiration of certain trade policies.

Energy prices are projected to drop by 5% in 2024 and decrease further by 0.7% in 2025. Agricultural commodities are expected to see a 2% reduction in 2024 and a 3% decrease in 2025, contingent on the de-escalation of the Middle East conflict.

Oluwafunto Olasemo, Vice President of Financial Markets at AFEX, stressed the importance of the outlook in dictating trading flows and movement across both physical and secondary market players.

He noted the complexities of balancing geopolitical, economic, and environmental factors in the commodities market.

Olasemo stressed the need for enhancing domestic agricultural production, streamlining trade policies, and establishing strategic reserves to mitigate market volatility and ensure food security.

He also recommended looking into alternative investments as a hedge against potential market windfalls.

The report also advocates for the adoption of sustainable farming practices like diversified crop rotation to optimise soil capacity and boost productivity, which can increase farming income by 21%.

A review of the past year revealed global market turbulence due to shocks across energy scarcity, geopolitical tensions, and financial crises. Despite these challenges, the global commodities market saw a 24% decline from its peak in 2022.

The Nigerian market, in contrast, faced the trickle-down effects of inflation and economic reforms, resulting in a growth rate of only 0.63% in the first three quarters of 2023, a significant drop from the 1.90% growth rate in the same period of 2022.

Agricultural commodities in Nigeria experienced price surges primarily due to supply shortages and increased international demand.

Tags: Cocoa Prices To Rise In 2024MaizePaddy RiceSays AFEX
ShareTweetShare
Previous Post

BREAKING: Mali, Niger, Burkina Faso Quit ECOWAS Over Suspension

Next Post

15 Things To Know About World’s Largest Cruise Ship, Icon Of The Seas

ANOTHER GOOD READ

Polaris Bank Empowers Over 3,000 Youths in Ajegunle Community
Companies & Markets

Polaris Bank Empowers Over 3,000 Youths in Ajegunle Community

3 days ago
Wema Bank Wins Best Digital Bank In Nigeria Award
Companies & Markets

Wema Bank Wins Best Digital Bank In Nigeria Award

3 days ago
BUA Cement Records Strong Revenue Growth Of 90.5% To N867.5bn
Companies & Markets

BUA Cement Records Strong Revenue Growth Of 90.5% To N867.5bn

3 days ago
New Horizons Hits 2m Milestone In Tech Talent Devt
News

New Horizons Hits 2m Milestone In Tech Talent Devt

1 week ago
10 Broking Firms Trade N1.112trn Worth Of Stocks In Q2
Companies & Markets

10 Broking Firms Trade N1.112trn Worth Of Stocks In Q2

2 weeks ago
Fuel Importation To Drop Further As BINL Plans 500,000bpd  Refinery
Companies & Markets

Fuel Importation To Drop Further As BINL Plans 500,000bpd Refinery

2 weeks ago
Next Post
15 Things To Know About World’s Largest Cruise Ship, Icon Of The Seas

15 Things To Know About World's Largest Cruise Ship, Icon Of The Seas

Most Recent

Coca-Cola To Sell Chivita|Hollandia To UAC In Major Industry Shake-Up

Coca-Cola To Sell Chivita|Hollandia To UAC In Major Industry Shake-Up

July 30, 2025
Stakeholders Warn Against Weakening FoI Act

Stakeholders Warn Against Weakening FoI Act

July 29, 2025
Impact Of Fake Colleagues In A Workplace

Impact Of Fake Colleagues In A Workplace

July 28, 2025
NYG: Weightlifting Federation Begins Implementation Of New Bodyweight Categories

NYG: Weightlifting Federation Begins Implementation Of New Bodyweight Categories

July 28, 2025
Women’s Basketball Premier League: First Bank Makes Strong Start

Women’s Basketball Premier League: First Bank Makes Strong Start

July 28, 2025
WAFCON 2024: Senate Celebrates Super Falcons

WAFCON 2024: Senate Celebrates Super Falcons

July 28, 2025
Wakama Unveils D’Tigress’ Roster For 2025 AfroBasket Championship

Wakama Unveils D’Tigress’ Roster For 2025 AfroBasket Championship

July 28, 2025
‘Legal Backing Needed For Gratuity Reintroduction Under CPS’

‘Legal Backing Needed For Gratuity Reintroduction Under CPS’

July 28, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy