Friday, January 05, 2018 09:29AM / FDC
Nigeria is now the world’s second largest producer of sorghum, with an annual output of 6.94 million tonnes. This highlights significant progress in the federal government’s efforts to boost self-sufficiency for key commodities and diversify the export base.
Meanwhile, Brent Oil jumped to a three-year high of $68.13pb underpinned by strong global demand and tensions in Iran. However, rising shale production poses a threat to the recent rally. Goldman Sachs forecasts an average price of $62pb in 2018, 11% above 2017’s average of $52pb.
The attached slides summarises the events that took place in the domestic and global commodity markets this week.
2. Nigeria is a Fringe Player in Global Rice Production
3. Growing Global Supplies to Keep Prices of Grains Down
4. Oil Prices Slipped 0.26% in Sympathy with A 5% Slump in Copper Prices
5. Naira Strengthened In October to N363 - $ as Food Inflation Jumped to 15.34%
6. Nigeria Produced a Meager 348,000 Tonnes of Cotton in 2016
7. Most Food Prices In Nigeria Have Shrugged off The Currency Gains and Remained Relatively Static