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Commodities | |
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Thursday,
February 15, 2018 /6:55 PM /FDC
Nigeria
is the largest importer of sugar in Sub-Saharan Africa, with an import level of
1.56MMT in 2016. Meanwhile, it only produces about 7% (70,000MT) of local
demand estimated at 1MMT. The major users of sugar in Nigeria are the
carbonated soft drinks industry (Coke, Pepsi and Sprite) and the brewers (NB
and Guinness). Dangote industries are embarking on major backward integration
projects across the country.
In
the meantime, Brent crude recovered from recent losses to cross $65pb, on the
back of lower-than-expected US inventories (1.84bn barrels). However, oil
prices have retreated to $63.70pb.
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