The latest national accounts show that the agriculture sector grew by 2.3% y/y in Q1 '21, compared with 3.4% the previous quarter. Crop production accounted for 88% of agriculture GDP, and expanded by 2.3% y/y. We also note that the forestry, livestock and fisheries segments grew by 1.3% y/y, 1.7% and 3.2% y/y respectively.
The FGN bond market witnessed a major short squeeze on selected bond papers due to persistent short-covering by traders, which triggered a rally across the entire bond yield curve. The 2045s saw the largest movement in yield terms as bids dropped to the sub 13% level at the early hours of trading with desperate buyers scrambling to lift any available offer in the market.