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AFEX Unveils 2022 Wet Season Crop Production Report

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Nigeria’s commodities market player, AFEX, has unveiled its 2022 Wet Season Crop Production Report in a hybrid event hosted at the AFEX head office in Abuja on November 16th 2022.

The report, which seeks to provide accurate and reliable data to aid the understanding of the national food system through farmer surveys and measurement of transaction level data, tracks six key commodities and their performance in the preceding season.

As reflected in the report, price and market changes across maize, paddy rice, sorghum, soybean, cocoa, and sesame have been affected due to predictable seasonality effects, activities in the agricultural value chain and larger macroeconomic global events.

The 2022 Wet Season Crop Production Report forecasts an average decline in production levels of up to 11.5% across commodities like maize, paddy rice, sorghum, and cocoa, while soybean and sesame will experience a close to 6.5% increase in production levels.

Nigeria’s most consumed grains are currently faced with declining food balance sheets as consumption levels rise faster than production levels, worsening food insecurity.

AFEX’s Head of Market Data and Research, David Ibidapo, who presented the report findings at the launch event indicated that “AFEX’s annual crop production report seeks to provide robust market intelligence for agriculture value chain players in Nigeria.

“We have more than doubled the count of farmers surveyed for this research, up from 9117 farmers surveyed last year to 20,677 farmers surveyed for this year’s report.” He also specified key indicators measured through the survey, stating that “Factors such as land usage, inputs (quality of seeds and fertilizer usage), weather conditions, and the farmers’ output expectations were put into primary consideration.”

Higher prices were forecasted across all commodities in the report. Maize which faces a projected decline in production levels of up to 14%, is subsequently projected to reach a higher average price point ranging between (486.72USD) NGN214,980/MT and (498.09USD) NGN220,000/MT by the end of Q4 2022, compared to an average price of (475.97USD) NGN210,229/MT in Q4 2021. Also, soybean price is projected to rise by 6% by May 2023.

The projected price hikes across commodities in the report were also tied majorly to incidences of flooding resulting from incessant rainfall in key producing regions. This is indicated to further heighten the gap between production and output levels by farmers.

The effects of the Russia-Ukraine crisis continue to be felt in the local agricultural commodity markets, especially because of the hike in the price of fertiliser. This negative impact was also highlighted in the report as affecting the output level of most commodities.

The report forecasts paddy rice as being the most susceptible to production and output pressures, facing close to a 22.47% decline in production volumes this year in the wake of the crisis-induced fertiliser price hike.

Access to reliable data is a recurring limitation for agriculture on the continent. AFEX has consistently advocated for a food balance sheet for the continent that will strengthen productivity improvement efforts, subsequently enhancing food security.


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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

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Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.

The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.

In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.

He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.

Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.

Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.

Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.

He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.

“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.

Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.

He described it as the most ambitious energy transformation ever undertaken by the state.

Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.

The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.


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Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

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Mr. Freddie Oduro, New Country Manager for Ghana.
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Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Mr. Freddie Oduro, New Country Manager for Ghana.

Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.

Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in  sales, business operations, and market expansion.

In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.

He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.

Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.

“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.

“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”

The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.

The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.

“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.

“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.

“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”

Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.

Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.

This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.

Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its  footprint across Ghana.


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