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Disasters cost global agriculture $3.26 trillion over three decades – FAO

FAO discloses this in its new report released in November 2025, tagged ,’ The Impact of Disasters on Agriculture and Food Security 2025.’

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The Food and Agriculture Organization of the United Nations (FAO) says that disasters have inflicted an estimated $3.26 trillion in agricultural losses worldwide over the past 33 years – an average of $99 billion annually, roughly 4 percent of global agricultural GDP.

FAO discloses this in its new report released in November 2025, tagged ,’ The Impact of Disasters on Agriculture and Food Security 2025.’

The report highlights how digital technologies are transforming how farmers, governments and communities can monitor risks, anticipate impacts, and protect livelihoods.

The report provides the most comprehensive global assessment to date of how disasters – from droughts and floods to pests and marine heatwaves – are disrupting food production, livelihoods and nutrition.

It also demonstrates how digital innovations are shifting agrifood systems from reactive crisis management to proactive data-driven resilience-building.

“Digital technologies are already revolutionizing how we monitor risks, deliver early warnings and support farmers’ decision-making.

From the 9.1 million farmers now accessing parametric insurance through digital platforms to the communities using our early warning systems to evacuate 90 percent of at-risk populations before disasters strike, we are witnessing a fundamental shift from reactive response to proactive risk reduction.” said FAO Director-General QU Dongyu in the foreword to the report.

Heavy toll on global food security

Between 1991 and 2023, disasters wiped out 4.6 billion tonnes of cereals, 2.8 billion tonnes of fruits and vegetables, and 900 million tonnes of meat and dairy.

These losses translate to a daily per capita reduction of 320 kilocalories – 13–16 percent of average energy needs.

Asia accounts for the largest share of global losses of 47 percent, totaling $1.53 trillion, reflecting both the scale of agricultural production and the region’s high exposure to floods, storms and droughts.

The Americas represent 22 percent of global losses or $713 billion, driven by recurrent droughts, hurricanes, and extreme temperature events that heavily impact large commodity crop systems.

Africa, while recording lower absolute losses of $611 billion, suffers the highest proportional impacts, losing 7.4 percent of agricultural GDP to disasters – the largest relative burden of any region.

In economies where agriculture accounts for a significant share of employment and income, these losses have had severe consequences for food security and rural stability.Small Island Developing States (SIDS) remain among the world’s most vulnerable to disasters such as cyclones, floods, and sea-level rise.

Despite relatively small agricultural output, disaster-related losses represent a disproportionately high share of agricultural GDP.

The report also finds that marine heatwaves caused $6.6 billion in losses between 1985 and 2022, affecting 15 percent of global fisheries. Yet, losses in fisheries and aquaculture remain largely invisible in disaster assessments, despite supporting the livelihoods of 500 million people.

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Business

Naira Exchange Rates Friday, August 14

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN Exchange Rates

US DOLLAR (USD) ₦1,357. 65

GREAT BRITISH POUND (GBP) ₦1,834.04

EURO (EUR) ₦1,567.00

SWISS FRANC (CHF) ₦1,671. 98

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦201. 34

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02

SAUDI RIYAL (SAR) ₦361.62

SOUTH AFRICAN RAND (ZAR) ₦84.23

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Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

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All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.

The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.

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Nigeria’s oil production dropped by 4% in July – NUPRC

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”

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The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.

According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.

The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”

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