THE NIGERIAN

COMMODITIES MARKET
Opportunities for Aspiring Investors

Presented By

Afolabi E. Olowookere, Ph.D.

Managing Director | Chief Economist
Analysts Data Services & Resources Ltd.
olowookere.ae@adsrng.com; +234 (0) 8032734460

@ the STL Webinar Series X 18th April, 2024

 Outline
1 2 3

Introduction The Global Economy and Nigeria’s Economy and

Commodities Market Commodities Market

6 5 4

Opportunities for Outlook on Selected Commodities

Aspiring Investors in Commodities Calendar
the Commodities Market
Market

7 8

Commodity Market Conclusion

Risks and Hedging

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 Introduction
The world of investment offers many options, including equities,
bonds, and exchange-traded funds (ETFs).

Also, commodities are providing popular investment options for

portfolio diversification while hedging against rising inflation and
stock market volatility.

According to the World Bank, the quantity of commodities

consumed globally has increased considerably over the last
century, driven by population and income growth.

Most commodity markets trade in agricultural products (wheat,

sugar, maize, cotton, cocoa), energy and metals through forwards,
futures and options, as well as spot trades.

In Nigeria, there are channels and commodities exchanges that offer

an opportunity to invest in commodities as an alternative asset class
to diversify their portfolios beyond traditional investments in fixed-
income securities and equities.

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Global Economy and

2024
Commodities Market
 Global Economic
Outlook
Last Recent
The global economy is still resilient, with steady growth, Indicators % Change
Country/Region Period
2023 Period
2024 2025
despite recent events
World 3.2 3.2 3.2
Including non-renewal of the Black Sea Initiative and
the Israel-Gaza war, with attacks on vessels in the Red Advanced Eco. 1.6 1.7 1.8
Sea and Iran’s unprecedented attack on Israel Euro Area 0.4 0.8 1.5

The world has avoided a recession, and major emerging EMs & Developing 4.3 4.2 4.2
market economies did not suffer abrupt downturns. Sub-Saharan Africa 3.4 3.8 4.0

Global growth, estimated at 3.2% in 2023, is projected to United States 2.5 2.7 1.9
continue at the same pace in 2024 and 2025 United Kingdom 0.1 0.5 1.5
The forecast for 2024 is revised up by 0.1% from China 5.2 4.6 4.1
January 2024 WEO update.
South Africa 0.6 0.9 1.2
Nigeria’s economic growth is projected to be 3.3% in 2024, Nigeria 2.9 3.3 3.0
Global Outlook (IMF, WE3)
an upward revision of 0.3% from January 2024 WEO
update. Source: World Outlook (IMF, WEO APRIL 2024)

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 Global Commodities The latest conflict in the Middle East has raised
geopolitical risks for commodity markets as it
Markets continues to threaten disruptions to
commodities production and exports.
Indicators
According to the World Bank’s Monthly report,
Major price indexes; Index US$ (2010=100)
Brent crude oil prices reached US$87/bbl by the
end of March, an increase from $84 in February,
Driven by solid global oil demand outlook
and concerns regarding potential supply
constraints stemming from the ongoing
OPEC+ cuts

Natural gas prices in the United States

decreased by nearly 13%, while European natural
gas prices increased by about 5%.

Agricultural prices increased in March, with

Cocoa prices reaching over $10,000/mt by the
end of March
due to lower-than-expected output in Côte
d'Ivoire and Ghana, the world's major
Source: World Bank Commodity Pink sheet
producers
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 Global Commodities
Markets Contd.
Last Recent
Indicators % Change
Period Period
Energy prices increased by 2% in March,
led by coal (+5.9%) and natural gas Europe
(+5) while non-energy prices gained 2.3%.

Agricultural prices gained 2.9%, as food prices

rose by 0.6%.

Beverages surged by 14.03%.

Raw materials gained 1.1%, while fertilizer prices

eased by 2.3%.
Metal prices rose by 1.4%,
driven by nickel (+6.7%) and tin (+5.2%).

Precious metals increased by 6.8%.

Source: World Bank Commodity Pink sheet

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Nigerian Economy and
Commodities Market

2024
 Nigeria’s Economic Overview
The Nigerian economy is still battling the
Recent % problems of low growth, high inflation, a
Indicators Last Period
Period depreciating currency, and rapidly increasing
Change Indicators % Change

GDP Growth (%) - 2023'Q4 3.10 2.74 (0.36) debt.

Inflation Rate (%) - March 22.04 33.20 11.16 Compared to the same period last year, many of
the key macroeconomic indicators have
Crude Oil Price (S/bn) - April 86.80 95.81 10.38 underperformed.
Official Exchange Rate (N/$) - April 459.83 1246.17 63.10 The effects of recent policy reforms are still
Parallel Exchange Rate (N/$) - April 740 1240 40.32 lingering, as businesses face high production
costs and forex shortages.
External Reserves ($’mil) - April 35,386.03 33,361.18 (5.72)
Although the naira crashed to over N1,800/$ in
Petrol Price (N/Ltr) - Feb 263.76 679.36 157.57 Feb. 2024 at the parallel market, it gained some of
Total Public Debt (N’trn) - 2023'Q4 46.25 97.34 110.47 its lost value at the beginning of Q3’2024.
Inflation rate is still very high at 33.20%
To curb inflation and attract capital inflow, MPC,
in the last two meetings, has raised MPR from
18.75% to 24.75% and CRR to 45% from 32.5%.
LDR has also been reduced from 65% to 50%
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 Outlook on Nigeria’s Economy
IMF, in its April 2024 edition of the World Economic
Outlook (WEO), is projecting a growth rate of 3.3% for
Nigeria.
The President has announced the plan of his administration
to achieve a GDP of US$1 trillion economy before 2030.
Therefore, Nigeria needs to grow beyond these numbers to
attain its new GDP target.
Growth is expected to be driven mainly by agriculture,
construction, services, and trade.
In March 2024, the CBN announced an upward review of the
minimum capital requirements for Nigeria’s commercial,
merchant, and non-interest banks,
with a two-year compliance window from April 1, 2024,
As a result, Nigeria will is expectd to have bigger and banks
to effectively perform their primary role of financial
intermediation and provide the necessary finance to boost
productive activities in the country.
Will also presents investment opportunities as banks
raise fresh capital
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In 2024, the Federal Government of Nigeria plans to
Indicators spend a total of N28.78 trillion, and all the States
combined have a budget of N16.14 trillion,
making a total of N44.9 trillion planned public
spending for 2024, about 15% of GDP.
Such an amount is expected to greatly impact the
economy, especially with the energy subsidy reforms,
which have increased fiscal space.
However, to achieve such a huge impact, the level of
efficiency in government spending and tax administration
has to be improved.
Equally, expectations are high for the commencement
of Dangote Refinery and other domestic refineries.
This is expected to enhance output within Nigeria's oil
and gas sector in 2024 due to the increased capacity for
local refining and the opportunities for growth in local
crude demand that they offer.
The country can attempt higher daily output and
possibly meet the budget production target of 1.78
million barrels/day.
 Nigeria’s Commodity Market
Indicators
The commodities market in Nigeria is
experiencing an increase in trade volumes,
indicating increased investor interest in
diversification.

As such, the nominal value in Nigeria’s

commodities market is projected to reach
US$416.27bn in 2024.
with energy products valued at US$179.40,
followed by industrial metals (US$121.10),
agriculture (US$86.76) and precious
metals valued at US$29.01

With a compound annual growth rate (CAGR)

of 2.11%, the value of Nigeria’s commodity
market is anticipated to reach US$452.49bn
by 2028. Source: Statista Market Insights

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 Nigeria’s Top Imports Value Share in Total
Products Y-O-Y (%)
₦’billion Imports (%)
Vehicles, aircraft and parts 5,710.31 1496.56 40.48
According to the latest NBS report, the top-
ranked group import was “vehicles, aircraft, Mineral products 3401.44 -78.05 24.11
and parts” with ₦5.71trn (40.48% of total Boilers, machinery and
1,559.45 64.26 11.05
imports), appliances
Products of the chemical and
This was followed by “mineral products” with 732.27 51.91 5.19
allied industries
₦3.40trn (24.11% of total imports), “boilers and
Vegetable products 522.50 83.30 3.70
machinery” with ₦1.56trn (11.05% of total
imports), “products of chemical” with Prepared foodstuffs;
505.88 107.62 3.59
₦732.27bn (5.19% of total imports) beverages, etc.
Plastic, rubber and articles 438.58 78.27 3.11
Vegetable products ranked 5th with Base metals and articles of
₦522.50bn (3.70%). 329.60 43.41 2.34
base metals
This shows opportunities in the vegetable Paper making material; paper
180.58 114.91 1.28
product space. and paperboard, articles
Live animals; animal products 176.06 45.27 1.25

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 Nigeria’s Top Exports

Value Share in Total

The top-ranked group export was “mineral Products Y-O-Y (%)
₦’billion Imports (%)
products” with ₦11.67trn (91.90% of total
Mineral products 11,665.07 105.83 91.90
exports).
Vegetable products 266.38 282.62 2.10
This was followed by “vegetable products,” Products of the chemical 266.32 57.34 2.10
“products of the chemical,” and “prepared
Prepared foodstufs 245.93 80.01 1.94
foodstuffs,” with 2.10%, 2.10%, and 1.94% of total
exports. Base metals 105.05 64.79 0.83
Vehicles, aircraft and parts 36.76 -81.55 0.29
Thus, exports of vegetable products,
products of chemicals, prepared foodstuffs, Articles of stone, plaster etc 31.65 64.02 0.25
raw hides, and animals present some Live animals; animal products 12.32 89.08 0.10
opportunities. Boilers, machinery and
11.71 140.63 0.09
appliances
Raw hides and skins, etc. 11.38 21.10 0.09

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 Top Agricultural Exports

Products Value (₦’million)

The value of agricultural goods traded in Sesame Seeds 124,487.04
2023’Q4 stood at ₦1,1175.11bn of which
Superior-quality Cocoa beans 100,664.80
exports were valued at ₦463.97bn.
Soya beans (Excluding seeds) 67,312.62
The most traded agricultural products in
Standard quality Cocal beans 56,199.71
2023’Q4 was sesame seeds with
₦124.49bn Flours and meals of soya beans 23,524.62
Other cut flowers & flower buds 17,413.59
This was followed by “superior quality
Natural cocal butter 14,427.16
cocoa beans” and “soyabeans,” with
₦100.66bn and ₦67.31bn, respectively. Cashew nuts shelled 10,104.54
Soya beans seed 9,487.45
Cashew nuts in shell 8,177.28

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 Top Agricultural Imports
Durum Wheat
(not in seeds)
₦303,387.94
Imports of agricultural goods in
2023’Q4 stood at ₦711.14 billion.

The major agriculture goods

Malt not roasted
imported in 2023’Q4 includes
₦38,892.02
‘Durum wheat (not in seeds)’ with
₦303.39bn

This was followed by ‘Malt not

Mackerel
roasted.’ and mackerel valued at
₦23,746.87
₦38.89bn and ₦23.75bn respectively.

Fractions of Palm oil

and its fractions
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₦22,478.34
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Selected Commodities

2024
Calender
 Selected Commodities -
Maize
On a quarterly basis, global prices of maize
decreased by 7.74% in 2024’Q1.
This may be due to the ongoing harvesting under
mixed conditions in Brazil and Argentina with
favorable conditions.
According to USDA, maize prices are anticipated
to decrease by 8% and 4% in 2024 and 2025,
respectively, following a 22% decline in 2023.
However, AFEX projections for 2024 indicate that
despite the estimated 7% increase in production
volume, the price of maize will still surge by over
25% compared to 2023’s average.
This increase will be primarily driven by SourSource: World Bank Commodity Pink sheet
sustained high demand and relatively low
initial stock levels.

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 Selected Commodities -
Wheat
Global wheat prices fell by 5.60% quarter-
on-year and 25.68% year-on-year.
largely driven by ample supplies and
strong competition among exporters
According to USDA, wheat production for
2023/24 is slightly higher, with increases
for Australia, Russia, and Argentina.
This is likely to reduce global wheat
prices.
Also, it predicts in its grain report that
Nigeria's wheat production will increase
by 42% between July 2023 and 2024. SourSource: World Bank Commodity Pink sheet

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 Selected Commodities -
Rice
Global rice prices are 28.78% higher year-to-year, however, it
fell by 4.81% quarter-on-quarter.
due to the ongoing harvest in Vietnam and lower
international demand for rice in Thailand
In the world rice market, 2023/24 global production is
projected at 513.7 million tons.
Pakistan and the United States are projected to achieve
the largest production gains
However, the World Bank predicted that rice prices would
remain high into 2024, assuming India maintains its export
restrictions.
Despite a projected 4% increase in production, according to
the AFEX crop production survey, the price of rice in Nigeria is
expected to rise further this year due to its initial base price SourSource: World Bank Commodity Pink sheet
starting the year at over N400,000 per metric ton.

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 Selected Commodities -
Soybean
In 2024, prices of soybeans globally are 10.95% lower
quarter-on-quarter.
Soybean production is expected to increase in 2024,
owing to anticipation of significant output
recovery in Argentina and continued expansion
of cultivation areas in Brazil, assuming normal
weather conditions prevail in both countries.
This is likely to reduce global soybean prices.
However, AFEX predicts that soybean prices in
Nigeria will increase significantly in 2024.
This upward trend is primarily attributed to a
confluence of factors, including severe supply chain
constraints and persistently high demand.
Source: World Bank Commodity Pink sheet

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Outlook on
Commodities Market

2024
 Outlook on Global Commodity Markets
Energy
Widespread geopolitical tensions
present major risks to the energy
market outlook
.
A deepening or extension of OPEC+
production cutbacks might tighten
global oil markets, putting upward
pressure on prices.
However, sustained output
from non-OPEC nations is
projected to offset the
reductions from OPEC+
producers.
Thus, the Brent crude oil price
forecast is expected to average
$81/bbl for 2024.
Natural gas prices are projected to
decline 4% in 2024 on slower
demand.
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Agriculture Metal
Extreme weather, especially the current El Niño phenomenon, Base metal prices are
will continue to dampen 2024’s output. forecast to fall 5% in 2024
This is especially true for food commodities grown in the due to slowing demand,
most affected areas, such as cocoa, sugar, coffee, rice, and then rebound in 2025 on
wheat. recovering global industrial
For instance, the Indian Sugar Mills Association predicts that activity.
sugar output in India, the world's largest producer, would
decline by 10% in the marketing year 2023-2024, which ends Key risks to these pricing
forecasts include lower-
in September.
than-expected demand
Also, cocoa prices reached a record high due to El Niño-
from China and advanced
induced heatwaves and dryness in Côte d'Ivoire and Ghana
Food commodity prices are predicted to continue a
nations or major disruptions
to production.
downward trend over 2024, owing to moderate global
demand and ample supplies of main crops, notably maize
and soybeans. The worsening of the latest
Middle East crisis might
The grains price index is projected to fall by 4% on average in
potentially affect trade and,
2024 and 2025.
therefore, prices.
However, the cost of rice continues to be high till 2024,
assuming India retains its export restrictions.
 Outlook on Commodity Markets in Nigeria
Energy
In 2024, Nigeria's oil and gas
industry is expected to
experience a notable surge.
driven by the
commencement of diesel
and aviation fuel production
by Dangote Refinery
Also, one of the most likely
developments is the Nigerian
National Petroleum Corporation
(NNPC)'s probable listing on the
NGX.
Further growth in the renewable
energy industry is expected due
to recent provisions in the 2023
Electricity Act.
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Agriculture Metal
Despite a 4% increase in production, rice prices are
expected to rise further, according to AFEX Crop In 2023, Nigeria exported
Production Survey, mostly tin ore and
projecting a potential increase of over 65% year- concentrates worth about
on-year., due to the impact of more stringent 137.59 billion naira ($108.34
trade policies from key producing regions like million), mainly to China and
India’s bank on exports in 2023. Malaysia, according to NBS.
Cocoa prices will also sustain their elevated levels,
with a projection of about an increase of 50% year- In a bid to encourage private
on-year. sector participation in the solid
According to the 2024 Annual Commodity Review minerals sector, the
and Outlook Report by AFEX, it is expected that the government plans to hold not
upward trend in agricultural commodity prices will more than 25% plans stake in
persist throughout 2024. the proposed Nigerian Solid
Minerals Corp, leaving the rest
For instance, the price of maize will increase by
to private investors and the
more than 25% compared to last year's average
public.
Also, soybean prices are expected to rise by over
35% year on year due to decreased production and
increased international demand.
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Opportunities for
Aspiring Investors in the
Commodities Market

2024
 Stakeholders in the Commodity Trading Ecosystem

There are many

stakeholders and
investment
opportunities in the
commodities trading
ecosystem

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 Investment Opportunities In Commodities
Agriculture Metals and Solid Energy
Minerals
Food processing •Exploration of solid mineral Surveying
Agricultural input supplies products, mining and quarrying Drilling and pipelining operations
and machinery gold, iron ore, lead, zinc, tin Crude oil transportation and storage
Commodity trading and lithium, barite, Exploration and production of oil and
transportation bitumen, coal, limestone. gas products
Production of improved seeds *Processing and value addition Production of refined mineral oil,
and agrochemicals to minerals petroleum jelly and grease
Market Research Domestic Manufacturing of LPG
Mating/ Breeding and cylinders
Hatching Retail distribution
Packaging/ St Small-scale production of chemicals
and solvents from natural gas
Production of solar panel

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 Investment Opportunities – Agriculture
Investing in agriculture in Nigeria can be a lucrative
opportunity due to the country's growing population and
increasing demand for food products.
Sesame seeds, soybeans, cocoa, and cashew nuts are the
leading exported agricultural produce as of 2023’Q4.
Globally, the total untapped export potential of sesame
seeds stands at US$3.2bn, according to the International
Trade Center (ITC) export trade map.
Investing in sesame farming, for example, allows investors to
become vital players in the agricultural value chain while
reaping the benefits of a growing worldwide market.
Similarly, one of the leading commodities exchanges in Nigeria,
AFEX, has predicted the increase in prices of major agricultural
produce, including maize, rice, cocoa, and sorghum.
Financial investors can, therefore, take advantage of
commodity exchanges and allocate their funds to these
commodities

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 Investment Opportunities – Agriculture Contd.
Also, there is substantial untapped potential in the agricultural
value chain.
According to the World Bank, an alarming 40% of the food
Nigeria produces every year is lost before it even reaches
consumers.
This highlights a significant demand for efficient cold storage
facilities and transportation services.
For instance, ColdHubs, a Nigerian company, operates solar-
powered cold rooms, providing a pay-as-you-store service for
fresh produce to smallholder farmers and market merchants.

Soilless Farm Lab, produces fruits spices, vegetables, flowers,

and potatoes
The facility combines the use of protected technology
(commonly called greenhouse farming) with soilless
farming technology
In addition, they also make use of artificial intelligence in
the irrigation for precision-based farming.
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 Investment Opportunities – Metals
Nigeria has gold, manganese, bitumen, lithium,
iron, amongst others
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Recently, there has been increased demand for lithium,
an essential component for manufacturing batteries
used in electric vehicles, electronics, and high
smartphones.
According to the World Bank, the demand for lithium is
expected to triple by 2040
Nigeria is richly endowed with Lithium in commercial
quantities in Nasarawa, Kogi, Kwara, Ekiti, and Cross River
States.
Also, to encourage private sector participation in the solid
minerals sector, the government plans to hold not more
than a 25% stake in the proposed Nigerian Solid Minerals
Corp, leaving the rest to private investors and the public.
Precious metals such as gold and silver are also viable
investment options as they offer portfolio diversification
help and hedge against inflation and currency
fluctuations.
Nigeria's abundant iron ore, lead, and zinc reserves also
offer significant investment opportunities in the metal
industry.
 Investment Opportunities – Oil and Gas
Despite the possible challenges, the oil and gas sector in Nigeria
offers investors and stakeholders a compelling opportunity
With the commencement of domestic refining of crude oil, the
petroleum sector is expected to remain attractive in 2024.
Furthermore, present projections indicate that oil prices may remain
stable or potentially increase in 2024.
This is encouraging for the profitability of oil and gas firms, both
upstream and downstream, since it may result in increased share
prices and lucrative capital gains for investors.
The government has also announced reforms in 2024 to attract
investment and revitalize the oil and gas sector.
tax credits and streamline contracting processes for new oil and
gas projects.
a 25% gas utilization investment allowance for equipment and
plant for new and ongoing projects.
extending the duration of third-party contracts from three to five
years
Commencement of Dangote Refinery will also provide opportunities
to obtain some local inputs for chemical and allied manufacturing

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 Investment Opportunities –
Renewable Energy With rising worldwide awareness of climate change and a drive
for sustainable practices, the renewable energy sector has
emerged as a viable investment option.
Companies that produce renewable energy, such as solar, wind,
and hydroelectric electricity, are expanding at a rapid pace.
The renewable energy market potential is huge in Nigeria, yet it
is slowly evolving.
However, the increase in fuel prices is causing Nigerians to take
a closer look at the potential in the renewable energy sector.
Also, the 2023 Electricity Act encourages the integration of
renewable energy technologies into the existing grid system.
By introducing measures to incentivize investment in
renewable energy projects, such as feed-in tariffs (a policy
that ensures a fixed price for renewable electricity supplied
into the grid) and tax incentives.

Therefore, investing in renewable energy companies may

provide both long-term stability and substantial returns.
The recent increase in electricity tariff for Band A and the
possible increase for other Bands soon, will encourage
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 Mode of Investment
Real Direct Financial Indirect Financial Derivatives
Investment Investment Investment (Hedging)
Here, investors identify Indirect investment Investors (direct or
This involves owning indirect) can hedge
those in real methods include
and producing the against risk through
participation investing in commodity
physical commodity. derivatives such as
An agreement is stocks
This method of futures
reached between both Commodity exchanges
investment may involve options
parties in terms of and portfolio managers
planting crops or forwards
returns. help investors diversify
obtaining license for insurance
There is close their portfolio and
mining activities or
monitoring of maximize their returns,
crude oil exploration.
investment. which reduces risk.
Here, the investor own
all risks and returns
from the investment

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 Commodity Exchanges
Operating in Nigeria
AFEX Commodities
Exchange Limited Gezawa Commodity
(AFEX) Exchange (GZX) Others

The Nigerian Lagos Commodity Prime Commodity

Commodity and Future Exchange Exchange
Exchange (NCX) (LCFE)

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 Comparative Returns on Different Investment

From 2020, inflation rate remained

higher than the FGN 5-year Bond Ave
Coupon
Commodities, gold and agricultural,
can provide some defense
Some studies have shown that gold
and commodities offered a better
hedge than equities in the Short-term
(one year) against inflation,
especially when unexpected,
Although they come with higher
volatilities than equities
But over a longer term 5-20 years,
equities are likely to give positive real
returns with lower risk than
commodities.

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2024
Commodity Market
Risks and Hedging
 Commodity
Market Risks
Price Risk
The risk of loss resulting from
adverse price movements in a
commodity.
This risk arises when the price
of a commodity change in a
direction that is unfavorable to
a business or investor.
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Supply Risk
This is the risk of loss due to
supply disruptions that affect the
availability of a commodity.
It can arise due to weather
events, natural disasters,
geopolitical tensions, or other
factors.
Demand Risk
This is due to changes in
demand for a commodity.
It can arise as a result of
changes in consumer
preferences, shifts in
economic conditions, or
changes in government
policies
Currency Risk
This is the risk of loss due to
changes in exchange rates
between currencies.
It can affect the cost of
imports or exports of
commodities.
Credit Risk
This happens when a
counterparty fails to fulfill its
contractual obligations
related to commodity
transactions.
It can arise due to
counterparty default,
insolvency, or other factors.
 Commodity Market
Hedging
Diversification
Spreading resources
across different
commodities, markets, or
geographic regions can
help mitigate the impact
of a downturn in any single
sector.
Launching commodity-
focused funds, exchange-
traded funds (ETFs), and
structured products
provides investors with
diversified exposure to the
commodities market and
investment opportunities
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Hedging with Futures Market Information and
and Options Analysis
Futures and options Staying informed about
contracts provide a means market trends, global factors,
to lock in prices for future and emerging risks is
deliveries. essential.
These financial instruments Advanced data analytics and
allow investors to manage predictive tools can also aid in
price risk by hedging against making informed decisions.
adverse market movements.
Risk Assessment and Planning
Conducting thorough risk
assessments and developing
contingency plans for
potential risks can help
investors respond swiftly to
unexpected events.
 Conclusion
The ever-growing population, combined with the emergence of
new economies, is one of the prominent factors driving
opportunities in the commodity market.

As the world's population continues to expand, so does the

demand for essential resources like agricultural products, energy,
and metals.

This surge in demand provides an attractive opportunity for

investors to capitalize on the long-term growth potential of
commodities.

Some key tips for successful commodities trading include

Understand the market by conducting thorough research.
Diversify your portfolio
Mitigate risk by creating and implementing risk management
strategies to ensure sustainable profitability.

The commodity market in Nigeria shows excellent future

prospects and growth potential, fueled by attempts to diversify,
explore export options, and innovate technologically.
THANK YOU