One of Nigeria’s commodities market players, AFEX has forecasted a surge in prices of six food commodities, namely maize, paddy rice, sorghum, soybean, cocoa and sesame by the end of December 2022 to the first half of 2023. AFEX’s forecast is contained in its 2022 Wet Season Crop Production Report unveiled at a hybrid event hosted at the firm’s head office in Abuja on Wednesday. The report said maize which faces a projected decline in production levels of up to 14% will reach a higher average price point ranging between N214, 980/metric ton ($486.72) and N220,000/metric ton ($498.09) by the end of the fourth quarter (Q4) 2022. According to the report, this is compared to an average price of ($475.97) N210, 229/metric ton in Q4 2021, and projected that soybean price will rise by 6% by May 2023. David Ibidapo, AFEX head of market data and research who presented the report said annual crop production research seeks to provide robust market intelligence for agriculture value chain player
News Update | Sport | Entertainment | Photos | Videos | ICT | Computer | Phone .e.t.c.