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.
Enjoy your read!