General News
AFEX Unveils 2022 Wet Season Crop Production Report
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.
PalmPay has opened a new office at 33 Old Yaba Road, Lagos, reinforcing its commitment to innovation, customer service, and operational growth in Nigeria.
The new office represents a continued investment in PalmPay’s people, operations, and infrastructure, supporting the company’s ability to deliver reliable financial services at scale. Designed to accommodate PalmPay’s growing team, the workspace enables closer cross-functional collaboration while strengthening service delivery nationwide. Located in Yaba, one of Lagos’s most established commercial and technology corridors, the office further anchors PalmPay within Nigeria’s innovation and financial ecosystem.
Speaking at the office launch, Managing Director Chika Nwosu highlighted that the new workspace reflects PalmPay’s long-term vision and dedication to excellence. “This new office represents an important step in our growth journey and our commitment to building secure, reliable, and inclusive financial solutions for our users,” he said.
The launch event was attended by PalmPay’s leadership team, employees and customers, who toured the facility and marked the company’s continued growth and progress.
With the opening of its office at 33 Old Yaba Road, PalmPay continues to strengthen its presence in Nigeria and reaffirm its mission to drive financial inclusion through innovative digital solutions.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
The Nigerian Aviation Handling Company Plc has announced the signing of a chain of contracts with major airlines for the provision of total handling solutions.
In a statement on Tuesday, the company announced the signing of contract renewals with Air France, KLM and Virgin Atlantic, as well as the African operator, RwandAir.
NAHCO also signed fresh contracts with United Nigeria – Regional, Bellagio and Malaikair.
According to the statement, the contracts with Air France and KLM are for three years and will run till 2028, respectively. The duration of the contract with Virgin Atlantic was also put at three years.
The duration for the RwandAir contract is for three years, effective 1 October 2025.
The statement read, “The new contract with United – Regional would be for a period of five years, effective from 1 August 2025. For Bellagio and Malaikair, the contracts are for three and five years, respectively.
“Bellagio Air, Nigeria’s rising star in aviation, is redefining air travel with a blend of luxury, efficiency, and reliability. Headquartered in the vibrant city of Ikeja, Lagos, Bellagio Air is committed to providing world-class service across key domestic and regional routes.”
The Group Executive Director, Commercial and Business Development, NAHCO Plc, Saheed Lasisi, who expressed his delight with the new contracts, said NAHCO is already ready to exceed customers’ expectations.
According to Lasisi, NAHCO’s more than 46 years of unblemished excellent service delivery puts it heads and shoulders above any other service provider in the industry.
“This is what we have been doing for almost half of a century. We will continue to delight our customers and make our stakeholders happy by exceeding expectations in all aspects of our service offerings. We are always willing and ready to do more,” Lasisi added.
The Group Managing Director/Chief Executive Officer, NAHCO Plc, Olumuyiwa Olumekun, added that with the new fleet of equipment the company is deploying, service delivery will only be better.
Nigerian Communications Commission (NCC) has unveiled a forward-looking strategy that places satellite-enabled mobile connectivity at the heart of the country’s drive to bridge its long-standing coverage gaps.
The draft Spectrum Roadmap for the Communications Sector for 2025 to 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.
The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.
The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.
The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.
According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.
It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.
The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.
It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.
Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.
It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.
The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.
The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.
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