AFEX annual commodity outlook forecasts global maize prices to decline by 8% in 2023

NIGERIA – Global maize prices will decrease by 8% while prices for wheat, which were anticipated to rise by 36% in 2022, will slightly fall in 2023, according to the Annual Commodity Outlook by AFEX. The report further indicated that the fertiliser index which rose by 66% in 2022, is projected to decline by 12% in 2023 as supply disruptions…

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Nigeria to double revenues from cashew nut exports to US$500M in 2023

NIGERIA-The Federal Government of Nigeria has announced that the country earned 250 million US Dollars from the export of cashew nuts in 2022 and is forecasted to fetch about $500 million in 2023. The announcement was made by Dr. Mohammad Mahood Abubarkar, Minister of Agriculture and Rural Development at the lunch of Nigeria Cashew Day and Cashew Season flag-off ceremony…

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President Buhari commissions the Darma Rice mill in katsina in the push to achieve self-sufficiency

NIGERIA-President Muhammad Buhari has today commissioned a private facility, Darma Rice Mill in Katsina owned by business mogul Alhaji Dahiru Barau Mangal. This comes a few days after he commissioned an ultra-modern Imota Rice Mill complex in Lagos which is the largest in Africa and third globally. Darma Rice Mill has an output capacity of 120 tons per day and 250,000 metric…

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Nigerian President Buhari commissions Africa’s largest rice mill, US$1.5bn Lekki Deep Sea Port

NIGERIA – Nigeria president Muhammadu Buhari has commissioned the ultra-modern Imota Rice Mill complex in Lagos as the country pushes toward self-sufficiency in rice production. Imota Rice Mill, which can produce 32 metric tonnes per hour, is the largest in Africa and third globally. Upon full operations, the facility will create 1,500 direct and 254,000 indirectly. Standing on an 8.5-hectare…

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Ukraine to export grain to Nigeria, plans new logistics hub to facilitate food deliveries

NIGERIA-Nigeria is set to receive 25,000 tonnes of grain from Ukraine as part of the European country’s efforts to supply food to the countries in need despite its ongoing war with Russia. The grains will be delivered under the “Grains from Ukraine” program which Ukraine is implementing in partnership with the UN World Food Programme. Ukrainian Minister of Agrarian Policy…

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Ella Lakes, IITA partner to exploit opportunities in Nigeria’s US$780 million soybean market

NIGERIA- Adani Staple Crop Processing Zone Food Company Limited, a subsidiary of Ella Lakes Plc, has partnered with International Institute for Tropical Agriculture (IITA) in quest to tap into Nigeria’s US$780 million soybean market. Ellah Lakes Plc is a Nigerian agribusiness that is currently specializing in Oil Palm, Cassava, and Soybean cultivation and value chains with operations based in Edo,…

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Nigeria’s Kwara State to build US$5.5m shea nut processing facility

NIGERIA – Kwara, a state in Western Nigeria, has approved the contract for the construction of a 2.5 billion Naira (US$5.5 million) shea nut processing factory in the Kaiama local government area. The move is part of the state government’s efforts to hasten industrialization, provide more jobs for the people, and widen the state’s economic base. According to a report…

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Golden Agri Inputs Limited receives US$1.23M investment to boost maize and soybean production in Nigeria

NIGERIA-Golden Agri – Inputs Limited (GAIL), a subsidiary of Flour Mills of Nigeria Plc (FMN), has received 562.9 million naira (US$1.23M) in co-investment grants from Trade and Investment Hub (Trade Hub)- a USAID-funded initiative in West Africa. GAIL is co-investing over 3 billion naira (US$ 6.7M) into the agricultural productivity initiative which targets to help 10,000 small holder farmers to…

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Golden Penny launches new noodles flavor in push to broaden customer options

NIGERIA–Golden Penny Foods, a subsidiary of Flour Mills of Nigeria Plc (FMN), has launched a new noodles flavor named Golden Penny Jollof Hot Hot noodles. Launching just before the festive season, the new spicy noodles came in a 70g pack, are fortified with protein, vitamins, and minerals and are said to be a great source of energy. The move to…

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