Friday, August 31, 2018 10:09 PM / FDC
The price of Brent oil has increased 2.7% to $77.28pb, underpinned by supply disruptions in Iran and Venezuela. This is 8% above the 2018 average ($71pb) and is dollar accretive to Nigeria.
President Buhari has withheld his assent to the Petroleum Industry Governance Bill (PIGB). The 10-year delay in enacting the legislation has led to chronic underinvestment in the petroleum sector. The sharp fall in the petroleum sector’s Q2 GDP growth to -3.95% from 14.77% in the previous quarter is evidence of the need to expedite sector reform.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.