WATCH THE VIDEO HERE Soybean prices have risen above N950.00 in the commodities market, increasing by 15% and marking the fourth time in 2025 that the commodity has reached this level. This rise follows a prediction from Africa Exchange (AFEX), which estimated a 23% year-on-year increase in soybean prices in 2025 after the prior year’s spike. According to AFEX, soybean prices in Nigeria surged by 133% year-on-year in 2024, surpassing N1,000,000 per metric ton, with a peak price of N1,180,000 in the third quarter. Several factors contributed to this increase, including a decrease in domestic production during the 2023/2024 season and strong export demand supported by favourable international prices. In 2025, soybean prices have gained 15% since falling to a low of N843 on April 2, outperforming paddy rice and maize so far in April. According to AFEX, soybean prices in Nigeria spiked by 133% year-on-year in 2024, surpassing N1,000,000 per metric ton, with a peak price of approximately N1,180,000 per metric ton in the third quarter. The soaring prices significantly impacted the poultry sector, leading to increased costs for chicken and eggs. Africa Exchange (AFEX) projects a 23% year-over-year increase in soybean prices, driven primarily by a decline in domestic production, which is expected to place upward pressure on prices. “Exchange rate volatility and a slight reduction in domestic production are anticipated to contribute to this upward trend,” the exchange stated. This optimistic outlook, however, stands in contrast to a more bearish perspective on global commodity prices. AFEX noted that this growth could lead to an overall 9% increase in global soybean production in 2025.
Soybean prices surge beyond N950.00 in the commodities market, eyes analysts’ forecast for 2025
