BUSINESS
Commodities Exchange Predicts Higher Prices for Maize, Rice, Others
AFEX Commodities Exchange Ltd. has predicted price increase for maize, paddy rice and cocoa as well as sesame and sorghum by the end of 2022.
Mr David Ibidapo, AFEX Head of Market Data and Research made the forecast known while presenting the 2022 Wet Season Crop Production Report yesterday in Abuja.
He said while there was a forecast of an average decline in production of up to 11.
5 per cent across maize, paddy rice, sorghum and cocoa, they were projected to attract higher prices.He said maize, which faced a projected decline in production of up to 14 per cent, was projected to have a higher average price point of between N214, 980 per tonne and N220,000 per tonne.
He said the price of maize in 2022 was higher compared to 2021when it sold at N210, 229 per tonne.
Ibidapo said the price of paddy rice, which witnessed close to 22.47 per cent decline in production volumes, was also projected to rise at the end of the last quarter of the year.
He explained that notwithstanding the decline in production of some food commodities, production level for soybean and sesame increased by about 6.5 per cent in 2022.
He said the increased prices and market changes were largely due to flooding, the Russia-Ukraine war, fluctuating exchange rate, and energy crisis, among other factors.
He also said that soybean price was projected to rise by 6 per cent by May 2023.
“Price and market changes across six key commodities have been affected by predictable seasonality effects, activities in the agricultural value chain and macroeconomic as well as global events.
“The projected price hikes across commodities in the report are also tied to incidences of flooding and effects of the Russia-Ukraine war.
“Increases in the prices of fertiliser are another contributory factor.
“Also, access to reliable data is a recurring limitation for agriculture business on the African continent,” Ibidapo said.
The AFEX head of market data and research said the company had consistently advocated for a food balance sheet for the continent to strengthen productivity while enhancing food security.
He said it was important for Nigeria to build food reserves across key staples, spur production and synchronise effort between government and the private sector to position Nigeria against potential global shocks.
Ibidapo said the 2022 crop production report, which was the third edition, surveyed 20,677 farmers as against 9,117 farmers surveyed in 2021.
On AFEX’s contribution to the commodity subsector, Ibidapo said the company was harnessing Africa’s commodities and talents to build shared wealth and prosperity.
He said AFEX was leveraging on its infrastructure and platform investments work outlook to unlock potentials in Africa’s commodities markets.
“Since its inception in 2014, AFEX has developed a viable commodities exchange model for the West African market.
“It is currently on track to impact one million producers, provide services in productivity and access to finance as well as to markets.
“The company is working towards facilitating trade within Africa worth over 500 million dollars in the next five years.
“AFEX’s vision is to be the reference point for commodities in Africa,’’ Ibidapo stressed.
Some major stakeholders in the agricultural value chain such as Mr Oluwatoba Asana, Country Manager OCP Africa Fertilisers Nigeria Ltd. and Mr Sheriff Balogun, President, National Sesame Seed Association of Nigeria were present at the meeting.
They spoke about the need for capacity-building, accurate data, policies, planning, strategic alliances and infrastructure to reposition the agricultural sector and ensure food security in Nigeria. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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