Saturday, June 16, 2018 07:18 AM /FDC
Oil price fell by 1% after the Fed increased interest rates by 25 basis points and confirmed its intention to raise rates again in 2018.
A rise in the value of the dollar depressed oil prices ahead of the OPEC meeting next week. Nigeria’s oil production also fell by 3% due to a disruption to facilities.
In spite of these developments, the naira remained steady at N362/$ in the forex market due to the resilience of the external reserves.
The attached slides contain a snapshot of recent commodity market movements and burning economic issues in Nigeria.
1. Nigeria Produces About 600,000tonnes of Soybean, Ranked 2nd in SSA
2. Nigeria Produces 837,000 Tonnes of Papaya, 6.34% of Global Output
3. Cocoa Price Gains 7% in April 2018 as Ivory Coast Is Seeking to Reduce Output
4. Cocoa Rallies to 18-month High Amid Concerns of Tightening Global Supply
5. Consumer Confidence Index Fell Sharply by 23 Points to -6.4 Points in Q1 2018
6. Shrimps And Prawns Are Nigeria’s Third Largest Agricultural Export
7. Corn Futures Traded Flat at $3.98 per Bushel
8. Improved Wheat Production: An Aid to Nigeria’s Diversification Strategy
9. Nigeria Produces 461,000mt of Sesame Seeds a Year
10. Nigeria is World Second Largest Producer of Cashew Nuts
11. Urban Retail Price Tracker - Strong Demand Push Commodity Prices Up
12. Commodities Markets Diverged From Stock Markets and Inched Upwards
13. Domestic Commodity Prices Such as Rice (10%) Have Increased In The Days Leading Up To Easter
14. Nigeria is the Largest Producer of Yam in the World, With an Annual Production of 44.1 MT
15. Cocoa Prices Down Slightly by 0.04% to $2,557 per MT
16. Nigeria Produces 250,000 Tonnes Of Coconut Annually and is Ranked 18th in the World
17. Nigeria Aggregate Demand for Rice In Excess Of 6mn Tonnes