Economy
Maize Sheds 10.43% in One Week as Soybean Gains 11.0%
By Ashemiriogwa Emmanuel
The price of maize per contract in the open market declined by 10.43 per cent week-on-week to N20,170 at the close of last week compared with the N22,518 it recorded in the preceding week.
Data from the AFEX Weekly Commodities Price Report also revealed that the value of the product at the exchange dropped in the week by 3.3 per cent to N23,200 per contract from N24,000 per contract.
It was gathered that the price of maize at the open market depreciated as a result of a supply glut, meaning more of the commodity was in the market than what the buyers could take.
Maize is in the harvest season at the moment and this is why the market has more than it can consume as farmers are flooding the space with the commodity.
Business Post reports that also in the week, the price of soybean increased by 0.74 per cent in the open market to N35,783 from the previous week’s N35.519, while the exchange-traded price appreciated by 11.0 per cent as it closed at N37,183/contract versus N33,500/contract of the earlier week.
However, the paddy rice recorded a decline of 4.33 per cent in the week as its price ended at N16,812 at the open market compared with the preceding week’s N17,573, while at the exchange, it closed flat at N22,000.
As for sorghum, the value went down by 2.80 per cent at the open market to N22,675 from N23,327 and closed flat at the exchange at N20,340, while the price of cocoa appreciated by 0.87 per cent at the open market to N99,022 from N98,167 and also gained 1.38 per cent at the exchange to N97,637 from N96.309
Last week, ginger was sold at the open market at N96,233 per contract in contrast to N92,387 of the earlier week, indicating an appreciation of 4.16 per cent, while the exchange-traded price stood at N27,362, the same price of the preceding week.
Sesame closed flat at the open market and exchange last week at N54,971 and N48,117 respectively, just as cashew remained flat at both markets N47,417 and N44,500 apiece.
It was learned that in the five-day trading week, the total contracts executed on the exchange were 146,289 with maize accounting for 99 per cent of the trades.
A look at the performance of the market in the week showed that the AFEX Commodities Index (ACI) declined by 3.82 per cent, while its Export Index (AEI) dropped 1.42 per cent.
However, the case was different for the Standard & Poor’s Goldman Sachs Commodity Index (S&P GSCI) Agriculture as it improved by 2.31 per cent within the period under review.
Consistently, the ACI outperformed the S&P GSCI Agriculture Index on a season-to-date basis but the AEI underperformed when compared to both indexes.
AFEX noted that its ongoing crop production survey showed that farmers are careful in speculating their yield from the current planting season as some are experiencing heavy rainfall which is not favourable to the growth of their crops.
Consequently, it would be noted that the price of grains in the open market has declined earlier than expected, that is, in three consecutive weeks, unlike in previous years where the prices of grains in the open market reached their peak around the month of August.
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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