Nigeria’s maize and paddy rice prices are projected to rise by 25 and 40 per cent, respectively, in Africa’s most populous country in 2024.
AFEX, a leading commodities player in Africa, disclosed this in its latest commodities market outlook.
According to APEX, the expected price increase in rice comes despite a possible rise in its production in 2024.
Meanwhile, on a global level, commodity prices may decrease due to improved supplies and the expiration of some trade policies.
This comes as energy costs are expected to drop by 5 per cent in 2024.
It said, “Key consumption commodities like Maize and Paddy Rice are projected to rise by 25 per cent and 40 per cent respectively, despite a 4 per cent increase projection on production of Paddy Rice.
“However, the direction of this trend can be significantly influenced by numerous factors, each capable of either posing a downside or upside risk to commodity prices.”
“Energy prices are expected to drop by 5 per cent in 2024 and then further decrease by 0.7 per cent in 2025, while agriculture commodities are projected to decrease by 2 per cent in 2024 and 3 per cent in 2025, provided that the Middle East conflict de-escalates”, it stated
