The common onion is a vegetable and a major cooking ingredient in Nigeria. Apart from its use for cooking, it is a major part of a salad basket. The Nigerian elite like onions because of its antibacterial properties and versatility.
Nigeria produces approximately one million tonnes of onions annually and is the largest producer in Sub-Saharan Africa. However, consumption level of 1.72 million tonnes creates a demand gap of about 720,000 tonnes, which is being bridged by imports. It is expected that in a few years, Nigeria will become self sufficient in onion production and could become a major exporter.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!