Oil prices have recovered strongly since December 2018, with Brent now hovering above $61pb. This is likely to boost fiscal and export revenues in Q1’19. An increase in oil revenues could be partly responsible for the spike in the consumer confidence (a measure of consumer optimism) to 64.3 points after a mixed movement in 2018. Nigerian consumers may be becoming more optimistic in anticipation of the new minimum wage.
The attached document contains a snapshot of the global and domestic developments in the commodities market this week.
Enjoy your read!