Nigeria Consumes An Estimated 1m Tons Of Vegetable Oil Annually

Proshare

Friday, October 25, 2019 / 11:16 AM /by FDC Ltd / Header Image Credit: FDC Ltd

 

OPEC considers deeper oil production cuts

 

Brent oil has increased 1.9% in the last 2 days to $61.33pb on reports that OPEC and its allies are considering implementing deeper production cuts at its next bi-annual meeting in December.

 

If OPEC increases its production cuts and enforces the quota, Nigeria’s oil revenues will suffer in spite of the higher oil price.  The Nigerian economy is more sensitive to oil production than price.


Nigeria's vegetable oil consumption set to increase

 

Nigeria consumes an estimated 1 million tons of vegetable oil annually. Demand is set to increase as the festive season approaches. However, demand exceeds supply with the shortfall estimated at 300,000 tons.

 

The current initiatives to improve agricultural yields is likely to result in higher domestic production of vegetable oil in Nigeria.

 

In the slides below, these and other issues were discussed on the Channels TV Business Morning programme. 


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Related News

    1. Border Closure Takes Its Toll On The Price Of Rice
    2. AFEX Prepares for New Season with Fresh Products and Outlook
    3. Lower Than Expected US Harvest Could Push Up Grain Prices In The Near Term
    4. Coffee Output In Nigeria Estimated At 1,900 Tonnes
    5. 7 Important Facts and Benefits of Gold Investment
    6. Okro Output In Nigeria Estimated At 1.98mn Tonnes
    7. AFEX Discusses Cocoa as the Future for Export Marketers in Nigeria
    8. Cocoa Prices Slipped By 0.23% On Expectations Of A Large Harvest From Ivory Coast
    9. Why Gold Prices Are About To Skyrocket Even Higher
    10. Yam Output In Nigeria Estimated At 44mn Tonnes
    11. Sugar Prices Dropped By 0.42% Due To Improved Weather Conditions In India
    12. Grain Prices To Fall In The Coming Weeks As US Wheat Supply Increases
    13. Cocoa Prices Jumped 3.13%, Supported By Strong European Demand
    14. From Ice Cream To Toilet Seats: The Most Bizarre Uses For Gold


    Proshare Nigeria Pvt. Ltd.

    Proshare Nigeria Pvt. Ltd.


    READ MORE:
    Related News
    SCROLL TO TOP