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International Food Prices Dip Further in January 2024—FAO

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prices of foodstuffs

By Adedapo Adesanya

Global food prices fell further in January 2024, mainly on lower wheat and maize prices, according to the latest data from the United Nations’ Food and Agriculture Organisation (FAO).

The FAO Food Price Index (FFPI), which is used to gauge aggregate pricing, stood at 118.0 points in January 2024, down 1.2 points (1.0 per cent) from its revised December level.

Decreases in the price indices for cereals and meat more than offset an increase in the sugar price index, while those for dairy and vegetable oils only registered slight adjustments. The index stood 13.7 points (10.4 per cent) below its corresponding value one year ago.

The FAO Cereal Price Index averaged 120.1 points in January, down 2.7 points (2.2 per cent) from December and as much as 27.4 points (18.6 per cent) from its January 2023 value.

Global wheat export prices declined in January, driven by continued strong competition among exporters and the arrival of recently harvested supplies in the southern hemisphere countries. Maize export prices fell sharply month-on-month, reflecting improved crop conditions and the start of the harvest in Argentina as well as larger supplies in the United States of America following an upward revision of its production estimates.

In tandem with wheat and maize prices, world prices of barley and sorghum also decreased in January.

By contrast, the FAO All Rice Price Index increased by a further 1.2 per cent in January, largely reflecting a rise in prices of higher quality Indica rice due to a strong pace of Thai and Pakistani shipments and additional purchases by Indonesia.

The FAO Vegetable Oil Price Index averaged 122.5 points in January, up marginally by 0.2 points (0.1 per cent) from the previous month, but still 17.9 points (12.8 per cent) below its January 2023 reading. The steadiness in the price index month-on-month reflected the combined effects of higher global palm and sunflower seed oil prices offsetting lower soy and rapeseed oil quotations.

International palm oil prices increased moderately in January, primarily underpinned by seasonally lower production in major producing countries and concerns over unfavourable weather conditions in Malaysia. Meanwhile, world sunflower seed oil quotations edged up, driven by increased import demand, particularly from Turkey.

By contrast, international soy and rapeseed oil prices declined on account of, respectively, prospects for large supplies from South America and lingering ample availabilities in Europe.

The FAO Dairy Price Index averaged 118.9 points in January, virtually unchanged from its revised December value and standing 25.8 points (17.8 per cent) below its value in the corresponding month a year ago.

In January, international price quotations for butter and whole milk powder (WMP) increased, nearly offsetting declines in those for skim milk powder (SMP) and cheese. World butter prices rose due to increased demand from Asian buyers, coupled with more robust demand from the retail sector for replenishing stocks and lighter inventories in Western Europe.

Meanwhile, WMP prices also increased, reflecting increased demand for medium-term deliveries, especially by China, and seasonally falling production in New Zealand. By contrast, international prices of SMP and cheese declined as demand for spot supplies remained muted and immediate requirements of buyers were adequately covered.

The FAO Meat Price Index averaged 109.8 points in January, down 1.5 points (1.4 per cent) from December, marking the seventh consecutive monthly decline and standing 1.3 points (1.2 per cent) below its corresponding value last year. International price quotations for poultry meat fell further in January, underpinned by persistent subdued global demand and ample exportable availabilities in leading exporting countries.

Similarly, pig meat quotations declined slightly due to a drop in import purchases by China in line with rising national pig meat production and abundant supplies from some producing countries. World bovine meat prices also fell marginally, primarily reflecting high export supplies from Oceania and South America.

By contrast, international ovine meat prices increased on high global import demand and lower supplies of animals for slaughter in Oceania as recent rains have incentivised farmers to retain animals longer.

The FAO Sugar Price Index averaged 135.3 points in January, up 1.1 points (0.8 per cent) from December and 18.5 points (15.9 per cent) from its value a year ago. The increase in world sugar prices was mainly driven by concerns over the likely impact of below-average rains in Brazil on sugarcane crops to be harvested from April, coupled with the slow start of the new season and unfavourable production prospects in Thailand and India, two major producing countries.

However, large supplies from the recently completed harvest and lower returns from ethanol sales in Brazil, together with the weakening of the Brazilian Real against the United States Dollar, contributed to limiting the month-on-month increase in world sugar prices.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit

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Addis Ababa World Public Summit

By Kestér Kenn Klomegâh

For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”

The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.

The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.

Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.

The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.

The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.

The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.

Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.

On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.

One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.

The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.

According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”

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UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns

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Keir Starmer

By Adedapo Adesanya

The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.

The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.

Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.

Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.

He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.

His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.

Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.

“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.

Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.

It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.

Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.

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AXIAN Energy Secures $60m for Expansion Across Africa

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By Aduragbemi Omiyale

A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.

The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.

It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.

The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.

Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.

Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.

The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”

Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.

“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.

“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”

The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.

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