Wednesday, February 21 2018 / 10:20 AM / FDC
Nigeria currently produces 990,000tons of palm oil and is the world’s 5th largest producer of the commodity. Global consumption is expected to grow by 2.7% in 2018 and the world’s leading users are India, Indonesia and the EU. It is primarily used for the manufacture of detergents, margarine, noodles and cosmetics.
Nigeria’s major palm oil manufacturers, Presco and Okomu, have been reporting stellar earnings and have been the poster boys of stockbrokers. The stocks have gained 6.58% in the last three months – with earnings growth of 7.09%. Meanwhile the Bloomberg commodity index has gained 0.11% today. Most notably, LNG, Nigeria’s second most important export commodity saw a price increase of 3.40% to $2.65MBtu.
- Nigeria is the Largest Importer of Sugar in Sub-Saharan Africa, With an Import Level of 1.56mmt
- Nigeria is the Largest Producer of Peanuts in Sub-Saharan Africa, and 3rd in the World
- First Week of February 2018 Saw a Meltdown in Commodity Market
- Nigeria is World’s Largest Consumer and Producer of Cassava With an Annual Output of 57.13m Tonnes
- Sugar Prices Down by 0.15% - FDC
- World Avocado Production Currently Valued at $10bn
- Oil Price Volatility Is a Feature of Commodity Markets
- The Delayed Impact of the Fuel Scarcity on Inflation is Expected in January 2018.
- Nigeria’s non-oil exports increased by 55% to $1.26bn in 9M’2017
- The Nigerian Economy: Riding On Global Commodities Market Waves
- Drop in MoM Inflation Attributed to Massive Increase in Aggregate Output in December 2017
- Nigeria is the nation with the 5th largest agric output in the world
- Nigeria is the Largest Producer of Tomatoes in Sub-Saharan Africa and 13th in the World
- Nigeria is Now the World’s Second Largest Producer of Sorghum
- Consumers Are Bracing Themselves for a Challenging Christmas