Connect with us

News

AFEX Forecasts Higher Prices for Commodities in the 2023/2024 Season

Published

on

Kindly share this post

Africa’s leading commodities player, AFEX, unveiled its 2023 Crop Production report in a hybrid event hosted at its Abuja office on the 16th of November, 2023.

The crop production report, which delivers insights on six key commodities (Maize, Paddy rice, Soybean, Sorghum, Cocoa, and Sesame) leverages farmer surveys and measurement of transaction-level data to track vital information across crop production, price performance, and market dynamics.

The report will aid the understanding of the current food system while providing stakeholders in the commodities market with intel to make data-driven trading decisions in the coming season.

The report highlights a critical improvement in access to farmland for cultivation in crucial areas, we also witnessed an increase in the usage of improved inputs, such as high-yielding seeds and fertilizers, compared to last season, which contributed to Maize and Paddy rice being forecasted to have a significantly higher production this season.

However, input lending remains a major challenge today, with agriculture making up only 6.16% of bank lending in 2022.

On pricing, the report forecasts an increase in prices for all commodities on the basis of a general decline in production coupled with increasing demand across processing and exports. Paddy Rice which faced the most notable upswing in 2022/2023, partly due to increased flooding and the India rice ban that contributed to an increase of 34% and a baseline pricing of NGN353,000/mt, which is expected to rise to NGN400,000/mt and projected to stabilize at NGN480,000 to NGN500,000/mt by Q3 2023.

The report highlights food insecurity and food inflation as a major challenge for Nigeria, with a 5.7 million metric ton shortage across human consumption and agro-processing, and a historic high food inflation rate of 30.64%.

Currently, Nigeria’s Global Hunger Index score remains alarmingly high, ranking 109th out of 125 countries, indicating a severe food security crisis. The report notes that as food prices continue to surge, as witnessed in the 2023 season, food security challenges will continue to persist, further reducing the continent’s capacity to achieve Zero hunger by 2030.

Speaking at the launch event, President/CEO of AFEX Nigeria, Akinyinka Akintunde, stated, “This year, we nearly doubled our sample size from 20,677 to 39,091 to get an accurate reflection of the current state of Agriculture production, and we found that we must take extra care to prioritize improvement in agricultural productivity for these farmers, and this is hinged on investing in the sector, and solving for infrastructure, logistics, and technology gaps.

“This transformation will substantially enhance food self-sufficiency and increase our ability to meet the nutritional and food security needs of a growing population while also bolstering the economy through foreign exchange earnings.”

A recurring limitation for agriculture on the continent is a shortage of reliable data, which affects the availability of transparent pricing and limits, on the one hand, participation from the side of capital market operators and largely financial market players and on the other hand, farmers’ ability to negotiate equitable contracts for themselves. This report attempts to build that gap by building a reliable data bank to promote market education and facilitate accurate trading decisions.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Published

on

Kindly share this post

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Pic credit…bokysee.com

The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.

AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection

The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.

These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.

The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.

It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.

“This level of expenditure translates into an average spend in the region of $240m per country.

“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.

“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.

The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.

“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.

“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.

The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.

“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.

The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.

It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.


Kindly share this post
Continue Reading

News

Metaverse Collapses, Horizon Worlds Shuts Down on Quest

Published

on

Kindly share this post

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Metaverse Collapses, Horizon Worlds Shuts Down on Quest

Mark Zuckerberg

Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.

The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.

Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.

Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.

Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.

Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.

Competition and shifting priorities have accelerated the decline.

Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.

Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.

The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.


Kindly share this post
Continue Reading

News

FG Plans New HIV Prevention Injection in 8 States, FCT

Published

on

Kindly share this post

Federal government has commenced is to roll out a new long-acting HIV prevention drug, Lenacapavir, in selected states as part of efforts to reduce new infections and end AIDS as a public health threat by 2030.

FG Plans New HIV Prevention Injection in 8 States, FCT

Dr Iziaq Salako, minister of State for Health and Social Welfare, who disclosed this during a media briefing in Abuja, on Monday said the injectable drug will be deployed in eight states and the FCT.

The states are Anambra, Ebonyi, Gombe, Kwara, Akwa Ibom, Cross River and Benue.

Lenacapavir, a twice-yearly injectable pre-exposure prophylaxis (PrEP), is designed for HIV-negative individuals at substantial risk of infection.

Dr Salako said its introduction marks a significant shift from daily oral prevention options, particularly for individuals who struggle with adherence.

The Minister explained that Nigeria’s adoption of the drug followed its selection by the Global Fund as one of nine early adopter countries, after expressing interest in 2025.

He further said about 52,000 doses have already been secured to support the initial phase, with the first batch delivered and preparations underway for facility-level deployment.

He, however, stressed that the drug is strictly preventive and not a treatment for people living with HIV, warning against misconceptions that could encourage risky behaviour.

“This is not a cure or a licence for unsafe practices. It is an additional layer of protection for those at higher risk,” he said.

The minister explained that the rollout would begin on a controlled scale to allow close monitoring of safety outcomes and effectiveness before expanding nationwide.

He noted that implementation would be guided by the National Pre-Exposure Prophylaxis Implementation Plan covering 2025 to 2028, with focus on service delivery, supply chain management, financing and community engagement.

Adebobola Bashorun, national coordinator of the National AIDS, Viral Hepatitis and Sexually Transmitted Infections Control Programme, said the rollout strategy was informed by data and stakeholder collaboration.

He added that the injectable would complement, not replace, existing prevention methods such as oral PrEP and other long-acting options.

According to him, early observations show minimal side effects, mostly mild pain at the injection site.

Dr Temitope Ilori, director-general, National Agency for the Control of AIDS, described the development as a major boost to HIV prevention strategy, especially among high-risk populations.

She cautioned that the drug does not protect against other sexually transmitted infections or unintended pregnancies and is not recommended for pregnant women.

Similarly, Charles Nzelu, director of Public Health, said the innovation could significantly improve adherence to prevention programmes, given its twice-yearly dosage, but emphasised the need to sustain other preventive measures.

International partners also expressed support for the initiative while Josephine Aseme, chairperson of the Nigeria Key Population Health and Rights Network, described the injectable as long-awaited and potentially transformative for vulnerable groups.

 

 


Kindly share this post
Continue Reading

Trending