The FGN announced a plan to prohibit the importation of tomato paste into Nigeria as from December as part of its import substitution and diversification strategy. As an integral part of the common external tariff of the ECOWAS region, Nigeria runs the risk of being in default of WTO and ECOWAS free trade protocols.
The measures are however meant to incentivize local manufacturers like Dangote and Olam. Nigeria produces 2.3mn tonnes of tomatoes a year and is poised to be a leading player in that space in the next few years.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!