General News
AFEX Releases Annual Commodity Outlook for 2023, Predicts a Decline in Production of Grain Commodities

Nigeria’s commodities market player, AFEX, unveiled its Annual Commodities Outlook report for 2023 in a virtual event on Tuesday, forecasting that the impact of flooding, devaluation of the naira, high logistics costs, and the social-political situation in the country will keep commodity prices at historically high levels, amid concerns of an impending food crisis and global recession.

The report attributes this surge in prices to the low production volume of maize, paddy rice, sorghum, and cocoa. These commodities declined by an average of 11.5% in the 2022/23 trading season due to price-induced low fertiliser usage because of the Russia-Ukraine war.
Climate change realities such as flooding also had a significant effect on the market among other unfavourable conditions. The Annual Commodities Outlook by AFEX also alludes to price pressures being exacerbated by the fact that 2023 is an election year, which could cause some market uncertainty.
In his remarks, during the report launch, David Ibidapo, Head, Market Data and Research at AFEX, explained that, “Every year, AFEX reviews Nigeria’s commodity market and gives an in-depth analysis of the outlook for the new year.
In the last 2 to 3 years, we have seen the commodities market susceptible to global shocks, as evidenced by the COVID-19 pandemic’s impact and the ongoing Russia-Ukraine crisis on supply chain and food prices.
It’s then critical to monitor the market closely and give an objective picture of these agricultural commodities which would bring transparency and clarity in a bid to ameliorate the impact of the next global shock.”
Despite the economic slowdown, the report reveals that the agricultural sector still shows resilience as it outperformed most sectors, including trade, oil and gas, telecoms, and manufacturing, contributing 27.6% to Nigeria’s GDP in Q3 of 2022. However, food inflation rose for nine consecutive months in the year reaching an all-high 24.13% in November 2022.
For 2023, the report further reveals that inflationary pressures will continue to rise due to decline in the production of major grain commodities thereby reducing the supply level in the domestic market.
Providing the outlook for the global commodities market, the report predicts that Maize prices will decrease by 8% in 2023, while prices for wheat, which were anticipated to rise by 36% in 2022, will slightly fall in 2023. Meanwhile, the average price of rice which decreased by 5% in 2022 is forecast to remain the same this year.
In the international scene, “The fertiliser index which rose by 66% in 2022, is projected to decline by 12% in 2023 as supply disruptions gradually subside. Increased input costs, new sanctions on Belarus and Russia, and lengthened export restrictions by China are all positive risks to the forecast.
However, the commissioning of some fertiliser plants, which have not yet ramped up to full capacity in 2022, will suppress the positive risks” the report reads.
Speaking on the commodities outlook for the year, Oluwafunto Olasemo, Vice President, Financial Markets at AFEX said, “The shift in global commodities supply has greatly influenced the commodity market and exposed the vulnerabilities in our food system. There is a growing imbalance between the food supply and the demand of the growing population, putting upward pressure on prices.
Developing a holistic approach to mitigate food insecurity and improve the shocks to climatic change, inadequate financing, and low access to efficient markets is a priority. With this report, we seek to provide high-quality, timely, accurate, and accessible data for investors while addressing the real pressing issues of the agricultural sector in Nigeria.”
AFEX has long recognized that farmers are part of the social fabric of Africa’s commodities market, hence, robust data is essential to identifying solutions that address food system challenges, build trust, and increase the capacity of supply chain businesses for farmers, processors, investors, and other key stakeholders in the value chain.
Mainstreaming environmental sustainability, and prioritising policies that encourage public and private sector players to work together to improve farmers’ productivity and transform food systems is thus a key recommendation from the report to pave the way for sustainable solutions.
General News
PalmPay, LASUBEB Deepen Efforts to Keep More Children in School

PalmPay Group has announced a strategic partnership with Lagos State Universal Basic Education Board (LASUBEB) to recognise and reward high-performing students in selected public schools across Lagos, as a broader commitment to supporting ambition and expanding opportunities for young Nigerians.

Nigeria continues to face a significant out-of-school children challenge. According to UNICEF, 18.3 million school age children are currently out of the classroom. While access to education has improved over time, keeping children in school requires more than enrollment alone. It also depends on motivation, support, and visible pathways that show young people the long-term value of education.
Through this collaboration, PalmPay will work with LASUBEB and educators across selected public schools to identify and reward outstanding students. Selected students will be rewarded with scholarships, shopping vouchers and branded school kits designed to support their learning needs and ease part of the burden on their families.
Speaking on the partnership, Chika Nwosu, Managing Director at PalmPay, said: “Recognizing and rewarding high-performing students goes beyond celebrating excellence. It reinforces the value of education, strengthens motivation, and supports families in keeping their children in school. Through our partnership with LASUBEB, we are contributing to an ecosystem where young people are encouraged to stay engaged and pursue their ambitions.”
By working directly within the public education system, the initiative is designed to deliver support where it can make the greatest difference. When students see their efforts recognized and rewarded, it strengthens their commitment to learning and helps families see that academic discipline and consistency can open doors to real opportunity.
The partnership reflects PalmPay’s broader commitment to economic and social inclusion. As the company continues expanding financial access across Nigeria, it is also investing in initiatives that help reduce barriers for families and create more pathways for young people to thrive.
By integrating education-focused support into its wider CSR agenda, PalmPay is contributing to ongoing efforts to strengthen community outcomes, encourage aspiration, and invest in the future workforce that will drive Nigeria’s growth.
General News
NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

Nigeria Centre for Disease Control (NCDC) has intensified nationwide disease surveillance following reports of a Hantavirus infection cluster connected to international cruise ship travel involving several countries.

Dr Jide Idris, director-general, NCDC, in a public health advisory, confirmed that Nigeria has not recorded any confirmed Hantavirus case and stated that the overall public health risk remains low.
According to the agency, the reported outbreak currently involves a limited number of confirmed and suspected infections linked to cruise ship exposure, while international investigations and contact tracing efforts continue.
The NCDC explained that the advisory was released to strengthen national preparedness and encourage vigilance against emerging infectious diseases amid growing global concern surrounding the outbreak.
Health authorities noted that Hantaviruses are mainly transmitted through exposure to infected rodents, their urine, saliva, droppings, or contaminated dust particles. Symptoms may include fever, fatigue, muscle pain, gastrointestinal illness, and in severe cases, respiratory complications.
The current outbreak has reportedly been associated with the Andes virus strain, which has shown limited human-to-human transmission through close contact in previous cases.
The NCDC stated that enhanced monitoring systems have been activated nationwide to support early detection and rapid response efforts.
The agency also urged Nigerians to maintain proper hygiene, prevent rodent infestations, safely store food items, and avoid exposure to rodents and contaminated environments.
Officials further advised the public to rely only on verified information from recognized health authorities and avoid spreading misinformation regarding the outbreak.
General News
Moniepoint Partners GDG Lagos, Women Techmakers to Empower the Next Generation of Women Architects in Tech

In a critical move to bolster talent density and accelerate Nigeria’s digital economy, Africa’s all in one financial ecosystem, Moniepoint hosted an International Women’s Day event bringing together women in technology for a day of leadership development and hands-on product building.

Held at Moniepoint’ Headquarters in Lagos, themed “Break the Pattern,” the event was organised in partnership with Women Techmakers Lagos and Google Developer Group (GDG) Lagos with participants spanning both technical and non-technical backgrounds, reflecting the breadth of women currently active across Nigeria’s digital economy.
In a keynote address delivered by Kemi Nwogu, Head of Product at Moniepoint Inc, titled “Breaking the Pattern: How Women Can Redefine the Future of Tech,” she made the case that progress for women in technology requires not just access to existing structures, but the tools and confidence to reshape them. Furthermore, Nwogu issued a bold call to action, urging attendees to move beyond traditional career playbooks and take ownership of shaping the industry’s future.
“From a young age, many girls have been subtly discouraged from pursuing science and tech. They are told sometimes directly, sometimes indirectly, that tech is too hard, too technical, or simply not for them. These patterns are not facts, they are constructs. And what has been constructed can be deconstructed! The future of tech needs leaders who build people, not just products, cultures, not just systems,”said Nwogu.
On building skills with purpose, she urged women to “show up everyday, make small, steady progress with online courses, coding bootcamps, open-source projects while leveraging the full ecosystem; take on challenging tasks as your greatest classroom using real problems to build real skills; while knowing why you’re building a skill as every learning goal can be tied to a career journey.”
This thematic fare of the event was further explored in a panel discussion, “Unscripted: Leading Beyond the Patterns We Inherited”, moderated by Atinuke Oluwabamikemi Kayode and featuring leaders from fintech, creative design, and software engineering space, including Chukwu Adaeze (Creative Director, CAV Digital), Chinenye Ogbu (Customer Experience Lead, Hydrogen), and Motunrayo Koyejo (Senior Software Engineer, Cowrywise).
The robust and extensive conversation examined the professional archetypes that have historically defined leadership in the Nigerian tech ecosystem: the engineering culture that equates output with exhaustion, the creative industry’s tendency toward top-down authority, the script-driven rigidity of customer-facing roles. The panelists also provided deep insights into how they had navigated and, in places, dismantled those patterns within their teams and organizations.
The event went beyond conversations to a hands-on workshop, Prompt to Production, facilitated by Taiwo Famakinde which guided attendees through modern product development from prompt design through rapid prototyping to the deployment of a functional application using AI tools.
A lot of the participants entered with little to no prior experience building software products. The workshop then fed directly into a Buildathon, where participants developed and deployed their own solutions in real time, with the strongest builds recognised and rewarded at the closing ceremony.
“IWD celebrations are often heavy on inspiration, but we wanted to offer something more, a proof of capability. Oftentimes, there is a gap between having ideas and actually building them, and we set out to bridge that by creating a space where women could easily deploy their ideas into live products with AI in just a few hours. By the end of the day, something that once felt complex due to the fast pace of AI started to feel possible.
“Our participants left with both the technical confidence to build and the leadership frameworks to navigate their careers on their own terms, ensuring they are no longer just participants in the tech ecosystem, but the architects of its future. They are now ready to test their ideas and lead without waiting for perfect conditions or a full team.” said Funke Olasupo, Co-organizer, Women Techmakers Lagos.
Interestingly, the “Break the Pattern” event sits within a broader investment in Nigeria’s technology talent pipeline that Moniepoint has deployed over the years. As one of Nigeria’s most significant fintech employers, the company runs a critical engine that sustains Nigeria’s formal and informal economy.
Moniepoint has invested in developer community partnerships including its ongoing collaboration with GDG Lagos as well as internal programmes designed to build engineering depth across product domains that include its highly successful Women in Tech initiative, DreamDevs, HatchDev and the government’s acclaimed 3MTT programme.
E-Financial3 days agoTranscorp Excites Shareholders with ₦20.3 Billion Dividend @20th AGM
Telecom2 days agoMTN, Airtel, Glo Under Pressure as FG Demands Better Service Delivery
E-Financial3 days agoAfrica Prudential Launches Sabivest to Boost Digital Investment Access
E-Financial2 days agoMastercard, BMONI Launch Multi-Currency Payment Cards in Nigeria
E-Business2 days agoFirm Warns of Phishing Attacks via Compromised Amazon Simple Email Service Accounts
Telecom3 days agoPAFON 3.0: Agency Banking Key to Reaching Millions of Unbanked Nigerians – AMMBAN
General News3 days agoPIN Records 3.07Bn Media Reach, Expands Digital Rights Impact Across Africa in 2025
General News3 days agoInterswitch Inducts 3rd Interns into Its Developer Academy



















