Business and Economy

AFEX Commodities Index experienced a marginal performance uptick of 0.48%

The AFEX Commodities Index composite experienced a marginal uptick by 0.48% as against the previous week, closing at 249.47 points in the week under review. This is as a result of a positive performance by the Soybean sub-index by 1.54% compared to the previous week, closing the trading week at ₦179,666/MT, ₦148,833/MT, and ₦215,000/MT for Maize, Soybean, and Paddy Rice respectively.  Cocoa increased by 8.18% while Sorghum and Ginger remained unchanged for the week as against the previous week .

Concerns pertaining to the increasing population in Nigeria and the low agricultural yield is expected to lead to food insecurity in Nigeria , of which the low yield is usually as a result of climate situations (excess rainfall, little rainfall, flood, etc) affecting the harvest of small hold farmers in Nigeria. This is expected to cause a strain on the supply of the commodities as demand will by a large extent outweigh the supply of the commodities in the country.

Afex Commodities Composite Index for September 14-18, 2020

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