January 12, 2018 /9:00 AM /FDC
With an agricultural output of approximately $120bn, Nigeria is the nation with the 5th largest agric output in the world, just ahead of Brazil (6th). The sector is growing at 3% (2017), higher than GDP growth (0.8%). This performance is driven primarily by import substitution, policy initiatives and favourable weather.
Agriculture’s growth is higher than the population growth and is primarily responsible for the non-oil sector’s superior performance.
The attached bulletin addresses this and other issues in the domestic and global commodities market.
1. Nigeria is the Largest Producer of Tomatoes in Sub-Saharan Africa and 13th in the World
2. Nigeria is Now the World’s Second Largest Producer of Sorghum
3. Consumers Are Bracing Themselves for a Challenging Christmas
4. Nigeria is a Fringe Player in Global Rice Production
5. Growing Global Supplies to Keep Prices of Grains Down
6. Oil Prices Slipped 0.26% in Sympathy with A 5% Slump in Copper Prices
7. Naira Strengthened In October to N363 - $ as Food Inflation Jumped to 15.34%
8. Nigeria Produced a Meager 348,000 Tonnes of Cotton in 2016
9. Most Food Prices In Nigeria Have Shrugged off The Currency Gains and Remained Relatively Static
10. Commodity with a 150-Day Lag Could Be a Game Changer for Economic Diversification
11. Diesel Prices Increased by 20.4% Despite the Improvement in on-grid Power Generation
12. Domestic Commodity Prices Responding to the Increased Harvest Output
13. Harvest Season Has Begun; Expected to Increase Supply and Moderate Prices