Commodities Africa Magazine #13 - September 2024

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A commodity is any product that can be bought and sold. Commodities Africa focuses on releasing the latest information, forecasts, and global factors that could affect Food and Agricultural Commodity Supply chains and their active stakeholders.

We hope you enjoy your read.

Editor’s Note

Ghana's decision to abandon foreign loans for its cocoa industry is a significant departure from decades of reliance. Instead of seeking a $1.5 billion syndicated loan, the country plans to use domestic sources to fund cocoa purchases. This shift comes after failed negotiations with foreign lenders and a decline in cocoa production due to unfavorable weather and disease.

Global cocoa prices surged due to dwindling inventories and supply concerns. Reduced shipments from Ivory Coast, the world's largest cocoa producer, and lower-than-expected harvests in West Africa contributed to the price increase.

The Federal Ministry of Agriculture and Food Security has partnered with Origin Tech Group to launch the Greener Hope Agricultural Productivity Program. This initiative aims to boost agricultural production and establish integrated food systems across 150,000 hectares nationwide.

BUA Foods is building four new wheat and flour mills to increase production and improve food security in Nigeria.

COCOA PROCESSORS FEAR NAFDAC EXPORT LAW

The Cocoa Processors Association of Nigeria (COPAN) has criticized the proposed 2024 Export Regulation Bill, arguing that it would harm the cocoa sector by increasing costs and duplicating regulatory roles Specifically, COPAN highlighted sections 3, 4, 17, and 18, which deal with export registration and licensing, as particularly problematic The Association believes that these sections would lead to unnecessary bureaucracy and a duplication of responsibilities with other regulatory bodies

COPAN also expressed concerns about the draconian nature of section 18, which grants NAFDAC the power to seal off processing facilities without a lawful order. They argue that this could be used to harass local processors Additionally, COPAN criticized NAFDAC's inadequate infrastructure and resources to effectively implement the bill

The Association warned that the Bill would exacerbate the already dire situation in Nigeria's cocoa sector, which is facing challenges such as security issues, high energy costs, currency devaluation, and high taxation COPAN emphasized the need for favorable government policies and a review of the proposed Bill to enhance cocoa production in Nigeria and capitalize on the current high demand for cocoa beans due to production shortages in Ghana and Ivory Coast.

NEWS UPDATE

GLOCAL(GLOBAL& LOCAL)

GHANA OPTS FOR LOCAL COCOA FUNDING

hana, the world's second-largest cocoa producer, has made a groundbreaking decision to abandon its decades-long reliance on international loans to finance its cocoa industry. For the first time in 32 years, the country's cocoa board, Cocobod, will not be securing a syndicated loan from foreign banks to fund the upcoming cocoa season Instead, Ghana plans to turn to domestic sources to finance purchases from farmers This shift comes after negotiations for a $1 5 billion syndicated loan with foreign lenders stalled As a result, Cocobod has been negotiating a bridge loan with major cocoa traders. The decision is a significant departure from the norm, as the board typically secures at least $1 billion annually to support the cocoa industry

However, Ghana's recent debt restructuring and a decline in cocoa production have diminished its creditworthiness Coupled with unfavorable weather conditions and disease, the country's cocoa harvest has been impacted, leading to a reduced target for the 2024-25 season Without foreign cocoa funding, the Bank of Ghana will now rely on revenue generated from the gradual sale of cocoa beans to build its foreign reserves This shift could have significant implications for the central bank, which has historically used the substantial foreign exchange influx from cocoa sales to manage exchange rate volatility The decision to break free from international cocoa loans marks a new chapter for Ghana's cocoa industry. It remains to be seen how this shift will impact the country's economy and its ability to compete in the global cocoa market One potential consequence of this decision is increased pressure on domestic financial institutions to provide the necessary funding for the cocoa industry While this could stimulate domestic lending, it also raises concerns about the potential risks associated with relying solely on domestic sources Furthermore, the shift could have implications for Ghana's relationship with international financial institutions The country's decision to forego a syndicated loan could be seen as a sign of increased financial independence, but it also raises questions about Ghana's future borrowing needs and its ability to access international capital markets Ghana's decision to break free from international cocoa loans is a bold move with significant implications for the country's economy and its cocoa industry.

NIRSAL PLC ENABLES OVER 2,000 FARMERS IN 4 STATES TO INCREASE AGRICULTURAL PRODUCTIVITY

NIGERIA - NIRSAL Plc has completed a training program for over 2,000 lead farmers and extension agents in Imo, Sokoto, Kwara, and Oyo States The program aimed to improve farmers’ access to and repayment of commercial loans NIRSAL primarily targets lead farmers for its training programs, as they can share new knowledge with their cooperative members In Imo State, the focus was on efficient fish production models. In Sokoto, Oyo, and Kwara, the focus was on cassava. The program was part of NIRSAL’s Technical Assistance pillar, which provides support to agricultural value chain actors NIRSAL teams were warmly received in all locations The training program discussed cooperative formation, governance, protocol breaches, and early warning systems. Participants were enthusiastic about the new insights gained and pledged to share them with their cooperative members NIRSAL Plc is a CBN initiative established to de-risk agriculture financing in Nigeria It’s Technical Assistance pillar focuses on value chain fixing initiatives

SOUTH AFRICA'S PORK SECTOR IS STRUGGLING DUE TO CATTLE ILLNESS OUTBREAKS

outh African pork industry has been under siege since 2017, facing a barrage of challenges that have forced farmers to adapt or risk closure Despite the daunting circumstances, many producers have chosen to expand their operations, betting on economies of scale and technological advancements to bolster profitability However, the path has been anything but smooth Taaibosch Piggery owner CP Kriek succinctly described the situation as "tough," emphasizing the low profit margins and the industry's ongoing struggles. The pork sector, comprised of commercial producers, production units, and emerging farmers, has experienced a significant decline in profitability A substantial portion of its output is processed into ready-to-eat products like pork chops and bacon, while the remainder is sold as carcasses. The challenges escalated at the beginning of the year with the growing threat of African swine fever (ASF) and other livestock diseases As a leading exporter of animal products, South Africa's farming community is feeling the strain of these outbreaks. A recent report highlighted vulnerabilities in the biosecurity measures on South African farms, contributing to the sector's difficulties In addition to ASF, the report also identified recent outbreaks of foot-and-mouth disease in cattle and highly pathogenic avian influenza in poultry

AGRIBUSINESS FINANCING

The industry's resilience is being tested on multiple fronts The combination of low profit margins, economic pressures, and disease outbreaks has created a challenging environment for pork producers However, the sector's ability to adapt and innovate may be its saving grace. As the industry continues to navigate these challenges, it is crucial to address the underlying issues, such as improving biosecurity measures and exploring new markets for South African pork products

ICO, UNIDO PROPOSE NEW GLOBAL COFFEE FUND

Global - The International Coffee Organization and the United Nations Industrial Development Organization have proposed a new global fund to support the coffee sector. This fund aims to help farmers and other stakeholders in the coffee value chain address issues like climate change, low income, and strict regulations A joint report, titled ‘Sustainability & resilience of the coffee global value chain: towards a global investment vehicle’ , highlights the challenges faced by coffee farmers The report proposes a new global investment vehicle to address these challenges through targeted investments in the coffee sector The report provides insights into the current state of the coffee sector, future demand patterns, and the economic rationale for mobilizing public and private funding It also emphasizes the need for improved data access and knowledge gaps in sustainability interventions to ensure effective allocation of funds The partners believe that a robust partnership between governments, private sector stakeholders, international organizations, and civil society is essential to pool resources, enhance coordination, and leverage expertise to support transformative projects in the coffee value chain The initiative will provide financial incentives and technical assistance to enable the implementation of sustainable, resilient, circular, and regenerative practices, thereby enhancing the longterm viability of the coffee sector This proposal comes just a few months before the implementation of the EU Deforestation Regulation (EUDR), which requires coffee and other agricultural products to be fully traceable before entering or being traded in the EU This regulation is part of the EU's broader effort to reduce global greenhouse gas emissions and biodiversity loss.

RATE CARD

COCOA PRICES RISE AS ICE INVENTORIES DECLINE

GLOBAL - Cocoa prices experienced a significant uptick in the week ending June 28th, primarily driven by dwindling inventories and concerns over supply shortages. The International Exchange (ICE)-monitored cocoa inventories in the United States plummeted to a three-year low, sparking a surge in futures Prices increased by 5.75% in New York and 4.64% in London during this period

A key factor contributing to the price rise was the decline in cocoa shipments from Ivory Coast, the world's largest cocoa producer Data revealed that Ivorian farmers exported 1 57 million tons from October 2023 to June 2024, a 29% decrease compared to the previous season Projections suggest that cocoa production in Ivory Coast will continue to fall in the 2023/2024 season, reaching an eight-year low. The West African mid-crop harvest is also anticipated to be lower than usual, further exacerbating supply concerns. These factors, combined with the recent announcement by Ghana's COCOBOD of delayed cocoa bean deliveries, have intensified fears of a global cocoa shortage.

However, market sentiment has been volatile, with prices experiencing fluctuations While some analysts predicted an increase in harvests due to favorable weather conditions, the overall outlook remains uncertain The Ghanaian cocoa regulator has expressed optimism about a rebound in the 2024/2025 season, but the current supply challenges persist.

Despite these concerns, demand for cocoa appears to be resilient, as evidenced by the robust growth in cocoa grindings The National Confectioners Association reported a 9 3% increase in grindings in the first quarter of 2024, indicating strong consumption across various regions This surge in demand is particularly notable in Asia, where grindings rose by 5.1% during the same period. While the positive demand outlook provides some support for cocoa prices, market analysts remain cautious about the overall market sentiment The current price volatility is expected to persist until the start of the new season in September or October Several factors contribute to this uncertainty, including the ongoing supply challenges, the potential impact of geopolitical events, and the evolving economic conditions in major cocoa-consuming countries.

WEST AFRICA'S COCOA HARVEST IMPROVING

The outlook for cocoa harvests in West Africa has improved, thanks to favorable weather and increased access to pesticides. However, the industry faces significant challenges Swollen shoot disease, an incurable threat, continues to devastate farms, requiring the removal of infected trees This is hindered by limited resources and training

Cocoa prices have reached record highs due to supply shortages, and while a slight dip is anticipated, prices are expected to remain elevated Farmers in Cameroon and Nigeria have benefited more from the price surge compared to their counterparts in Ivory Coast and Ghana, partly due to the rigid farmgate pricing systems in the latter countries

Low farmgate prices have driven some farmers in Ivory Coast and Ghana to illegal gold mining, jeopardizing the future of cocoa cultivation

NIGERIA TRAINS FARMERS TO LOWER MEAT PRICES

NIGERIA - In a significant step towards boosting livestock production and reducing meat prices in Nigeria, the Oyo State government has launched a comprehensive training program on artificial insemination. This initiative, spearheaded by the Oyo State Agribusiness Development Agency (OYSADA), aims to equip over 100 livestock farmers with the skills and knowledge necessary to implement modern reproductive techniques

Dr Debo Akande, a key figure in the state's agribusiness sector, highlighted the transformative potential of this training He emphasized that by adopting artificial insemination, Oyo State can significantly increase both the quantity and quality of its beef and milk production. This, in turn, will make these essential commodities more accessible to the general public

The training curriculum is designed to provide farmers with a solid understanding of reproductive health, semen collection and preservation, and the practical application of insemination techniques Dr Akande stressed the importance of transitioning from traditional livestock rearing methods to more advanced approaches. He argued that by harnessing the power of artificial insemination, farmers can maximize the potential of their cattle and goats, leading to higher productivity and superior products

Beyond the immediate benefits of increased production and improved quality, this training program has the potential to catalyze a broader transformation of the livestock sector in Oyo State. By equipping farmers with the tools and knowledge to adopt modern practices, the government is fostering a more sustainable and resilient agricultural industry This, in turn, can contribute to food security, rural development, and economic growth

“COCOA PRICES HAVE REACHED RECORD HIGHS DUE TO SUPPLY SHORTAGES, AND WHILE A SLIGHT DIP IS ANTICIPATED, PRICES ARE EXPECTED TO REMAIN ELEVATED” SUPPLY CHAINS &

The future of cocoa production in West Africa remains uncertain, influenced by weather conditions and disease management While some farmers anticipate better yields, others continue to face significant challenges. The complexities of the industry highlight both the opportunities for recovery and the ongoing hurdles that must be overcome

As the Nigerian meat market continues to expand, the demand for highquality, affordable beef and milk is likely to increase. The training program in Oyo State represents a proactive response to this growing demand By investing in the skills of livestock farmers, the government is positioning the state as a leader in the production of livestock products

The training program on artificial insemination launched by the Oyo State government is a significant step towards modernizing the livestock sector and improving food security. The potential benefits of this initiative extend beyond increased production and improved quality to include broader economic and social impacts As the Nigerian meat market continues to grow, the training program can play a crucial role in ensuring that Oyo State remains a key player in this important sector

NIGERIA

TANZANIAN SUGAR PRODUCERS DENY PRICE GOUGING AMID IMPORT DIFFICULTIES

The Tanzania Sugar Producers Association (TSPA) has vehemently denied allegations of failing to import sugar and hoarding it to artificially inflate prices In response to a recent parliamentary debate, TSPA emphasized its commitment to increasing domestic sugar production and ensuring adequate supply.

TSPA Chairman Ami Mpungwe explained that the association had forewarned authorities about potential sugar shortages due to the anticipated El Niño rains They urged the government to initiate import procedures early to mitigate the shortfall. Despite repeated warnings, import permits were not issued until December, forcing Kilombero Sugar Company to redirect a shipment intended for another country back to Tanzania. Mpungwe refuted claims that sugar producers were allowed to import and resell sugar but failed to do so He asserted that the association had taken proactive steps to alleviate the shortage by engaging in imports, demonstrating their commitment to ensuring adequate supply He emphasized that Kilombero Sugar Company's primary focus is sugar production, not importation, and would have supported the government's establishment of an agency for sugar imports if it had been proposed earlier.

Despite the accusations, TSPA chose not to engage in a public dispute Instead, they opted for a more measured approach, presenting their case directly to the parliamentary Agriculture and Industry Committee, only for the meeting to be postponed

In June 2024, the government proposed legal amendments to empower the National Food Reserve Agency (NFRA) to buy, stock, and reserve sugar as a national food reserve. This measure aims to prevent hoarding by manufacturers and ensure a constant supply of sugar in the domestic market Additionally, the government proposed a charge on sugar by-products to generate revenue and support the development of the sugar industry

TSPA's response to the accusations underscores the complexities of the sugar industry in Tanzania and the ongoing efforts to balance domestic production, imports, and market stability The association's willingness to engage with the government and present evidence to support its position highlights its commitment to transparency and accountability Furthermore, TSPA's support for government initiatives, such as the establishment of the National Food Reserve Agency, demonstrates its recognition of the importance of a well-regulated and sustainable sugar industry.

AGRIBUSINESS FINANCING & INVESTMENTS

IMPROVED CASHEW NUT PROCESSING IN CÔTE D'IVOIRE

Ivory Coast -The World Bank has recently launched a new cashew nut processing project in Côte d'Ivoire, aiming to boost the country's cashew value chain. The project, named Cajou Foodtech, features a modern production unit capable of processing significant amounts of cashew almonds and apples daily It also offers a range of support services to small and medium-sized enterprises (SMEs) in the sector.

Côte d'Ivoire, despite being the world's largest cashew nut exporter, has lagged behind other countries in processing This is a missed opportunity for the country to capture more value from its cashew exports. By investing in new processing facilities and encouraging domestic processing, the government is working to address this issue The Cajou Foodtech project is a key part of these efforts

The project is expected to contribute to job creation, economic growth, and improved livelihoods for local communities. It will also help to ensure that Côte d'Ivoire captures more value from its cashew nut exports. By processing cashews domestically, the country can add value to its products and create new opportunities for businesses and workers As the country continues to invest in its cashew sector, it is well-positioned to become a major player in the global cashew market. Côte d'Ivoire has a competitive advantage in terms of its climate and soil conditions, which are ideal for cashew production

CSECTOR FOCUS: STAPLE CROPS

THE AERIAL ADVANTAGE: HOW DRONES ARE BOOSTING SOIL HEALTH

over crops, plants grown between cash crops, offer numerous benefits to agricultural systems. They enhance soil health, reduce erosion, and provide habitat for beneficial insects However, the challenge lies in their efficient and timely application, especially for large-scale operations Aerial application emerges as a promising solution, offering several advantages over traditional methods

One of the most significant benefits of aerially applying cover crops is the ability to cover vast areas quickly and efficiently Traditional methods, such as broadcasting or drilling, can be labor-intensive and time-consuming, especially for large farms Aerial application allows for efficient coverage of even uneven terrain, ensuring that cover crops are distributed uniformly across the field. For instance, a farmer in Iowa using aerial application can cover a 100-acre field in a matter of hours, significantly reducing the time and labor required for planting.

Moreover, aerial application provides greater precision and accuracy in seed placement compared to traditional methods Traditional methods can result in uneven seed distribution, leading to gaps in cover crop coverage Aerial application utilizes advanced technology, such as GPS guidance systems, to ensure that seeds are applied at the desired rate and in the correct location This precision is crucial for maximizing the benefits of cover crops, such as erosion control and nutrient uptake

Another advantage of aerial application is its adaptability to various weather conditions. Traditional methods may be limited by factors like soil moisture or wind speed. Aerial application can often be carried out under a wider range of conditions, allowing farmers to plant cover crops more efficiently and timely For example, a farmer in California can use aerial application to plant a cover crop immediately after harvesting a cash crop, even if the soil is dry and the weather is windy

Furthermore, aerial application can help to reduce the risk of soil compaction Traditional methods, such as using heavy machinery for seed planting, can compact the soil, hindering root growth and reducing water infiltration Aerial application minimizes soil disturbance, promoting healthy root development and improving soil structure. While aerial application offers numerous benefits, it is essential to consider the specific needs of the farm and the type of cover crop being used. Factors such as field size, terrain, and crop rotation practices should be taken into account when deciding whether aerial application is the most

THE AERIAL ADVANTAGE: HOW DRONES ARE BOOSTING SOIL HEALTH

suitable method Additionally, it is important to ensure that the equipment and operators are qualified and experienced in aerial application techniques In addition to the benefits mentioned above, aerial application can also help to improve the overall efficiency and sustainability of agricultural operations. By reducing the time and labor required for planting cover crops, farmers can focus on other important tasks, such as managing their livestock or preparing for the next crop season. Furthermore, the precision and accuracy of aerial application can help to optimize the use of inputs, such as seeds and fertilizers, leading to reduced costs and environmental impact

However, it is important to note that aerial application is not universally suitable While it offers numerous advantages, there are certain limitations that must be considered For instance, aerial application may be difficult to use in small fields or areas with obstacles, such as trees, power lines, or buildings These obstructions can interfere with the flight path of the aircraft, making it difficult to distribute the cover crop seeds evenly Furthermore, the cost of aerial application can be higher than traditional methods, especially for smaller farms. The rental or purchase of specialized equipment, as well as the fees for the pilot and aircraft, can add to the overall cost of planting cover crops. This may be a significant factor for farmers with limited budgets Additionally, there are environmental concerns associated with aerial application The use of aircraft can contribute to noise pollution and air emissions

While these impacts are generally minimal, they should be considered, especially in areas with sensitive ecosystems or nearby residential communities. Therefore, before deciding to use aerial application, it is essential to carefully evaluate the potential benefits and drawbacks

Consider factors such as field size, terrain, budget constraints, and environmental concerns If aerial application is not suitable, there may be other effective methods for planting cover crops, such as broadcast seeding or drilling By carefully weighing the options, farmers can choose the most appropriate method for their specific needs and contribute to the goal of sustainable agriculture.

Aerial application of cover crops presents a promising opportunity to enhance sustainability efforts in agriculture By providing efficient, precise, and adaptable means of planting cover crops, aerial application can help to improve soil health, reduce erosion, and promote biodiversity

As farmers continue to seek innovative solutions to address the challenges of sustainable agriculture, aerial application is likely to play an increasingly important role.

“A FARMER IN CALIFORNIA

CAN USE AERIAL APPLICATION TO PLANT A COVER CROP IMMEDIATELY AFTER HARVESTING A CASH CROP, EVEN IF THE SOIL IS DRY AND THE WEATHER IS WINDY."

GHANA HAS INTRODUCED ITS FIRST GENETICALLY MODIFIED CROP FOR LARGE-SCALE FARMING

GHANA - The CSIR-SARI has successfully released a new cowpea variety that is resistant to the pod borer pest, the first genetically modified crop in Ghana This development is the culmination of over a decade of research in partnership with USAID and AATF

The PBR cowpea offers several advantages over traditional varieties, including higher yields, earlier maturity, and resistance to diseases This is particularly significant as the pod borer pest has been causing severe yield losses leading to economic hardship for farmers and food insecurity for many Ghanaians

Professor Aggrey Ambali of AATF highlighted the potential benefits of the PBR cowpea for farmers, including increased productivity, income, and food security Agribusiness stakeholders have also expressed their support for this innovation, recognizing its importance for enhancing agricultural production and food security in Ghana

The Institutional Biosafety Committee commended CSIRSARI for adhering to rigorous safety protocols during the field trials

Dr Nicholas Denwar emphasized the potential benefits of the PBR cowpea for both farmers and consumers including higher yields reduced pesticide use, and lower input costs The release of the PBR cowpea marks a significant milestone in Ghana's efforts to address food security challenges through technological solutions Cowpea is a vital crop for smallholder farmers and a major source of protein for many households in the country This innovation has the potential to make a significant contribution to improving the livelihoods of millions of Ghanaians

FOCUS NEWS: NIGERIA

NIGERIA AND ORIGIN TECH GROUP TEAM UP FOR MECHANIZED FARMING

Federal Ministry of Agriculture and Food Security has partnered with Origin Tech Group to launch the Greener Hope Agricultural Productivity Program, aimed at boosting agricultural production in Nigeria This ambitious initiative will establish integrated food security systems across 150,000 hectares nationwide, encompassing food production, logistics, and market hubs.

The program, which is scheduled to commence in the 2024 dry season, is expected to achieve its goals within the first three years One of its key components is the Agro-Development Syndicated Facility, approved by the Federal Executive Council, which aims to increase food production by a million tons and farmers' incomes by 100%

In addition to enhancing food security, the program will create approximately 1 5 million jobs and reduce food prices by 25% over the next decade

To achieve these objectives, the government will provide irrigation equipment, mechanization tools, and land clearing services for large farms ranging from 2,000 to 25,000 hectares per cluster Origin Tech Group, a multinational agri-tech firm, will play a pivotal role in implementing the program by providing homegrown technological solutions, particularly for the Agro-Development Syndicated Facility The company will also supply machinery and technological solutions to the various mechanization hubs across the country. President Bola Tinubu also expressed his support for the program, highlighting its importance in addressing agricultural mechanization challenges in Nigeria

FEED COSTS RISE, NIGERIAN POULTRY INDUSTRY THREATENED

The poultry industry in Nigeria is facing a dire crisis due to soaring prices of maize and soybeans, the main ingredients in poultry feed. The escalating insecurity in rural areas and unpredictable weather conditions have severely disrupted crop production, leading to a significant shortage of feed This has pushed feed costs to unprecedented levels, making it increasingly difficult for poultry farmers to operate profitably

As feed costs have risen, many poultry farmers have been forced to reduce their operations or even shut down entirely. This has resulted in a substantial loss of jobs, with the Poultry Association of Nigeria reporting a staggering 25 million jobs lost over the past four years

The rising cost of poultry products has also become a major concern. As farmers pass on the increased feed costs to consumers, the prices of eggs and chicken have soared, making them less affordable for the average Nigerian This is particularly worrying in a country with high poverty rates.

The challenges facing the poultry industry are further compounded by foreign exchange shortages, which hinder the importation of essential inputs, and the looming threat of avian influenza These factors have weakened the industry's resilience and left it vulnerable to future disruptions

NIGERIA

FOCUS NEWS: NIGERIA

FOOD PRODUCTION & PARTNERSHIPS

NIGERIA SET TO EXPORT MORE TO SAUDI ARABIA

Saudi Arabia has expressed keen interest in importing a substantial amount of red meat and soybeans from Nigeria annually. This development marks a significant milestone for Nigeria's agricultural sector, as it aims to diversify its exports and bolster its foreign exchange reserves

The Saudi Arabian government's interest was sparked following a visit by their agriculture minister, who met with Nigerian agribusiness leaders This visit led to a swift response from Nigeria, with the country officially expressing its willingness to meet the Kingdom's demand Nigeria's Agriculture Minister, Mohammad Abubakar, announced that the government has developed a comprehensive plan to ensure sustainable supply of the desired products This move aligns with Nigeria's broader economic strategy to reduce its reliance on oil exports and mitigate the impact of global market fluctuations The Nigerian meat industry has been experiencing remarkable growth in recent

years, driven by factors such as increased domestic consumption, improved production practices, and growing export markets The market is projected to reach a revenue of US$40 74 billion by 2024, with an annual growth rate of 12.01%. This positions Nigeria as a major player in the global meat market, although it still lags behind China, the current leader

with a projected revenue of US$273 billion in 2024. Nigeria's meat market is expected to continue expanding, with the volume projected to reach 4 86 billion kilograms by 2029 This growth is driven by several factors, including increasing domestic consumption, expanding export markets, and improvements in production efficiency

team@agricvendor

FOCUS NEWS: NIGERIA

AGRIBUSINESS FINANCING & INPUTS SUPPLY

PROGRAM - YOBE GOVT. DISTRIBUTES INPUTS TO FARMERS

The Yobe State Government has launched a significant agricultural empowerment initiative to bolster food security and stimulate economic growth in the region Under this program, 27,569 goats and essential farming inputs were distributed to 1,590 farmers.

The initiative, spearheaded by Governor Mai Mala Buni's administration, was officially inaugurated by Vice President Kashim Shettima The program aims to equip farmers with the necessary tools and resources to enhance agricultural productivity and ensure a sustainable food supply. A total of 1,060 farmers received a comprehensive package of agricultural inputs, including fertilizers, seeds, agrochemicals, sprayers, water pumps, and essential farm equipment such as hand ploughs, powered tillers, and multipurpose threshers Additionally, 530 female beneficiaries were each provided with three goats for breeding, empowering them to participate actively in the agricultural sector These valuable resources were distributed free of charge to farmers in 53 wards across Yunusari, Geidam, Bursari, Tarmuwa, and Gulani Local Government Areas The government's goal is to reach a total of 5,300 farmers in 178 wards across all 17 local government areas of the state. As the government distributed the agricultural inputs, officials emphasized the importance of responsible stewardship They urged beneficiaries to use the resources wisely and avoid diverting them for personal gain.

The government's goal was to ensure that these valuable assets were utilized to maximize agricultural productivity and improve the livelihoods of the farmers Beneficiaries expressed immense gratitude for the support, highlighting how it would enable them to increase their agricultural production, expand their farmlands, and improve their overall livelihoods.

NIGERIA: COMPANY

BUA FOODS PARTNERS WITH IMAS TÜRKIYE TO BOOSTS WHEAT FLOUR OUTPUT

BUA Foods, a leading Nigerian food manufacturer, has announced a significant partnership with IMAS, a Turkish flour milling equipment manufacturer This collaboration will result in the construction of four state-ofthe-art wheat and flour milling factories, each capable of producing 800 tonnes of flour per day.

The move aligns with BUA Foods' ambitious expansion plans, which were initiated following its successful listing on the Nigerian Exchange These new factories are expected to significantly enhance the company's manufacturing capabilities and capacity, enabling it to deliver higher quality products and contribute to addressing food security challenges in Nigeria

The agreement was formalized in a signing ceremony attended by top executives from both BUA Foods and IMAS, emphasizing BUA Foods' commitment to sustainable growth through increased production capacity across its various business divisions

Addressing the attendees at the ceremony, Abdul Samad Rabiu, the Chairman of BUA Foods, expressed his enthusiasm for the partnership. He highlighted that this collaboration would not only boost the company's ability to produce high-quality flour but also create additional job opportunities within Nigeria. He further emphasized the company's goal of increasing its market share in the Nigerian flour industry, stating that the new mills would provide the flexibility to meet diverse flour needs

A representative from IMAS also expressed their excitement about the partnership, emphasizing IMAS's commitment to contributing to BUA Foods' expansion efforts and ensuring that more people in Africa have access to affordable and healthy food.

OCT NOV

OYO
KADUNA

CROSS RIVER

AIR QU LAGOS

PM10 (Particulate matter less than 10 microns) Good 21.9 µg/m3 SO2 (Sulphur Dioxide) Good 1.02 µg/m3 NO2 (Nitrogen Dioxide) Good 8.55 µg/m3

PM2.5 (Particulate matter less than 2.5 microns) Moderate 13.48µg/m3

Goals for a better world

Commodities Africa Magazine proudly supports Sustainable Development Goals (SDGs) for a sustainable and inclusive agricultural future.

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94, G.R.A. RD, SABO SAGAMU, OGUN. NIGERIA. TEL:08139562432, 08150740089

VETERINARY VENTURES

37, IGANMODE RD, OPP ZION METHODIST SCHOOL(OJU-ORE) TEL:08095988235, 08023043372

KM10, IFESOWOPO RD, CHRISTMAS HALL, OLAMBE

TEL:08038628383, 08083811256

CLASSIFIED ADS

TEL:08037863645,

CLASSIFIED ADS

TEL:08037863645,

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Commodities Africa Magazine #13 - September 2024 by Agricvendor Commodities Africa - Issuu