Maize, paddy rice, sorghum, and cocoa, among other commodities, are expected to see an average decline in production of up to 11.5%, according to AFEX, a player in the Nigerian commodities market.
This was made public by AFEX on Wednesday when it unveiled its “2022 wet season crop production report. “However, it predicted that soybean and sesame production would increase by approximately 6.5%.
According to PUNCH The report was made public at a hybrid event that was held at the AFEX office in Abuja.
The goal of the event was to provide accurate, reliable data that would help people understand the national food system by measuring transaction level in farmer surveys.
The report states that Nigeria’s most widely consumed grains are currently experiencing declining food balances as consumption exceeds production, thereby escalating food insecurity.
The performance of six key commodities over the previous season was tracked in the report. Maize, paddy, soybeans, cocoa, sesame, and sorghum are the products.
It noted that predictable seasonal effects and activities in the agricultural value chain, as well as larger macroeconomic events, had affected price and market changes for maize paddy, sorghum, soybean, cocoa, and sesame.
