Dear Subscriber,

Nigeria is the largest importer of sugar in Sub-Saharan Africa, with an import level of 1.56MMT in 2016. Meanwhile, it only produces about 7% (70,000MT) of local demand estimated at 1MMT.

The major users of sugar in Nigeria are the carbonated soft drinks industry (Coke, Pepsi and Sprite) and the brewers (NB and Guinness). Dangote industries are embarking on major backward integration projects across the country.

In the meantime, Brent crude recovered from recent losses to cross $65pb, on the back of lower-than-expected US inventories (1.84bn barrels). However, oil prices have retreated to $63.70pb

The attached slides contain a snapshot of recent commodity market movements and burning economic issues.

Enjoy your read.