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Nigeria – Nigeria’s palm oil import from Malaysia increased to 92,961 metric tons (MT) between January-April 2023 from 20,513 MT, a 353 percent jump despite increasing government intervention to ramp up production. Nigeria is the world’s 5th largest producer of palm oil, behind Indonesia, Malaysia, Thailand, and Colombia. In 2022, the country imported 227,035 MT of palm oil from Malaysia. According to…
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NIGERIA –Tingo Group, a global Fintech and Agri-Fintech group of companies has provided a US$6.5 million loan facility to the All-Farmers Association of Nigeria (“AFAN”) aimed at developing 3,000 hectares of agricultural land to cultivate rice and wheat. According to Tingo, the initiative is intended to generate an additional 6,000 Metric Tons of wheat per annum and an additional 16,000…
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NIGERIA – AFEX, Nigeria’s first private agricultural commodities exchange player has announced plans to raise US$65 million to fund its expansion plan into seven new African countries in a bid to capitalize on the growth in intra-African trade. According to Eficon Agency, the leading private agricultural commodity exchange is making a strategic move as it looks to take advantage of…
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NIGERIA – The Tropical General Investments Group (TGI) has said the recently introduced Golden Terra Soya Oil Mega-Fill Pack is gaining positive consumer reviews in the Nigerian market as its popularity has risen steeply, The Punch has reported. The new Golden Terra Soya Oil Mega-Fill pack was launched last month, designed in the form of a tamper-proof refill pouch making…
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NIGERIA – President Muhammadu Buhari has inaugurated an Integrated Rice Mill in Sheda, Abuja, aimed at expanding domestic rice production as well as achieving self-sufficiency in the Country. According to The Guardian, the Sheda Integrated Rice Mill is one of 10 mills initiated under the Buhari administration’s plan under the Public Private Partnership (PPP) model based on the “build, operate…
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NIGERIA- Marble Capital Limited, yesterday offered an N3 billion (US$6.5 million) Marble Halal Commodities Fund to investors, domiciled in the agro-economic sector and its first commodities Fund to be approved by the Securities and Exchange Commission (SEC). This fund will provide investors with investment options that align with the Securities and Exchange Commission (SEC) to deepen the commodities market in…
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NIGERIA – The National Agency for Food and Drug Administration and Control (NAFDAC) has launched an investigation into a popular brand of instant noodles over concerns about the presence of a substance linked to increased cancer risks. According to All Africa, the move follows a recall of “special chicken flavor” noodle brands in Malaysia and Taiwan after Ethylene oxide was…
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NIGERIA – The latest forecast report by the United States Department of Agriculture (USDA) indicates that Nigeria’s palm oil production could reach 1.1 million metric tons (MMT) in MY 2023/24, up by about 22 percent from 900,000MT in 2022/23. According to the report, this level would be achieved in a context marked by an appreciation in the prices of the…
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NIGERIA – The Federal Government of Nigeria has revised Import Adjustment Tax (IAT) as part of the implementation of the Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2022-2026, raising tariffs on the importation of rice and wheat by 10% and 20% respectively. According to Agence Ecofin, the new document titled ‘Revised Import Adjustment Tax (IAT) for…
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NIGERIA – Nigeria’s wheat production is forecast to increase by 42% in the 2023-24 marketing year primarily due to a memorandum of understanding signed by the Flour Millers Association of Nigeria (FMAN) to purchase wheat at a competitive price, the US Department of Agriculture has reported. According to USDA, severe repercussions from Russia- Ukraine war which distracted imports from the…
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