Friday, July 26, 2019 /10:01AM / by
Garlic is widely consumed in Nigeria because of its high nutritional and health benefits. Global demand for garlic is forecast to increase by 4.7% over 2019-2024. Nigeria produces approximately 150,000 tonnes annually, accounting for 0.5% of global production. This makes it a fringe and sub-optimal producer. The drive for economic diversification is likely to see greater emphasis on the production of vegetables like garlic.
Brent has remained above $63pb in July, slightly below the average for H1’19 ($65.85pb). The relatively high oil price is buoying export revenues of oil producers like Nigeria.
The attached slides addresses these and other issues in the domestic and global commodity markets.