AFEX Launches 2024 Wet Season Crop Production Report
AFEX Nigeria has launched its 2024 Crop Production Report, emphasizing the urgent need for robust infrastructure and accessible financing to transform Nigeria’s agricultural sector.
The report highlights areas for improvement, urging comprehensive investments in storage, transportation, and financing solutions to stabilize food supply and meet the needs of Nigeria’s growing population.
Akinyinka Akintunde, the President/CEO of AFEX Nigeria, speaking at the report launch underscored the importance of structural reforms to sustain agricultural growth.
Akintunde said: “Without the right infrastructure, addressing food security remains challenging
“We need a resilient system to support production on a scale that can feed our population while maintaining stability in the sector.”
Akintunde highlighted Nigeria’s limited storage capacity, noting that current public storage—under 1.1 million metric tons—is insufficient to handle the annual production of over 20 million metric tons, leading to substantial food wastage.
He explained that improving storage infrastructure and supply chain management is essential to reduce losses and build a secure food system.
The report also identifies financial access as a major bottleneck, particularly for smallholder farmers who face high interest rates and limited access to credit.
Akintunde emphasized that “access to finance is critical to revolutionizing Nigerian agriculture,” noting that high rates, often exceeding 34%, make it nearly impossible for farmers to afford essential inputs.
In addition, he encouraged more accessible financial support, stressing that affordable financing is vital to expand production and curb inflationary pressures on food prices.
Akintunde concluded by calling for collaborative efforts across the public and private sectors to strengthen Nigeria’s agricultural value chain. “Building an efficient, sustainable food system requires unified action,” he said.
“The future of Nigeria’s food security depends on the steps we take today to secure resources, streamline operations, and make agriculture a viable pillar of our economy.”
