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

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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.


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Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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