Agro Preciso Unveils 2024 Crop Production Report: Anticipates Surge in Commodity Prices

ABUJA, Nigeria - Feb. 12, 2024 - PRLog -- Agro Preciso, Africa's leading commodities player, has released its highly anticipated 2024 Crop Production report, providing valuable insights into the upcoming season.

The comprehensive report, launched  in Abuja, focuses on six key commodities (Maize, Paddy Rice, Soybean, Sorghum, Cocoa, and Sesame) and foresees a surge in commodity prices due to a decline in production and rising demand for processing and exports.Based on farmer surveys and transaction-level data measurements, the report offers crucial information on crop production, price trends, and market dynamics.

Agro Preciso anticipates an increase in prices across all commodities, with Paddy Rice experiencing a notable upswing of 34 percent in the 2022/2023 season.Contributing factors to this surge include increased flooding and the India rice ban.

The report indicates that the baseline pricing of N353,000/mt (per metric ton) is expected to rise to N400,000/mt and stabilize at N480,000 to N500,000/mt by Q3 2024.The report highlights the pressing issue of food insecurity in Nigeria, with a historic high food inflation rate of 30.64 percent. It identifies a significant shortage of 5.7 million metric tons in Nigeria, covering both human consumption and agro-processing.

These findings underscore the severity of the food security crisis, with Nigeria ranking 109th out of 125 countries on the Global Hunger Index.Moreover, the report suggests that the surge in food prices witnessed in the 2023 season will further exacerbate these challenges, hindering progress towards achieving Zero Hunger by 2030. In light of these findings, Agro Preciso emphasizes the urgent need for substantial investment in the agricultural sector.Infrastructure, logistics, and technology gaps must be addressed to ensure sustainable growth and resilience in the face of these challenges.

Agro Preciso calls for stakeholders to join forces in driving innovation, promoting efficient farming practices, and uplifting farmers through targeted support and capacity-building initiatives.

As Africa's leading commodities player, Agro Preciso remains committed to providing reliable data and insights to empower stakeholders and guide strategic decision-making within the agricultural sector.For media inquiries or further information,
please contact: info@agrop.co

Agro Preciso is a prominent commodities player in Africa, specializing in the production, processing, and export of key agricultural products. With a commitment to sustainability and innovation, Agro Preciso leverages data-driven insights to drive growth and enhance food security across the continent. For more information, visit: https://agrop.co/