Soybean prices have climbed above ₦950 in Nigeria’s commodities market, marking a 15% increase and the fourth time this year the commodity has reached such a high.
This rise follows projections by Africa Exchange, which had earlier forecast a 23% year-on-year increase in soybean prices for 2025.
The current price surge comes on the heels of last year’s significant market rally, where soybean prices skyrocketed by 133% year-on-year in 2024, surpassing ₦1 million per metric ton and peaking at around ₦1,180,000 in the third quarter.