Friday 25th August 2017 9:11AM/ FDC
The price of sugar has been relatively stable both in the global and domestic markets. Nigeria’s dependence on imported sugar will reduce sharply as Dangote’s $450mn initiative in Niger State takes off.
In another positive development, Shell will produce 175,000bpd more from Gwara-Ubie by 2019. This represents roughly 10% of Nigeria’s current oil production.
The attached bulletin summarises these and other issues in the domestic commodities market.
1. Domestic Commodity Prices Remained Flat Despite August Break, Harvest Season & Improved Logistics
2. US Shale Production to Climb to 6.14mbpd
3. Bonny Light Slipped to $50.26pb Following Slowdown in Chinese Refining
4. Brent Crude Now Trading Above July 2017 Average
5. Domestic Commodity Prices Remain Static In Spite of MPC Hold Decision
6. Price of Rice Still High at N18,500 per bag
7. Threat To Agric Policy Emerge as AFEX Warehouse in Kaduna Invaded by The Police (1)
8. Staple Food Prices Remain High Due to Shortages Arising From Heavy Rains
9. Domestic Commodities Remained Relatively Flat During The Break