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
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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

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.
General News
Lagos Plans New Cybersecurity Centre

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.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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