FDC COMMODITY UPDATE – JULY 25, 2019

Dear Subscriber,

Garlic is widely consumed in Nigeria because of its high nutritional and health benefits. Global demand for garlic is forecast to increase by 4.7% over 2019-2024. Nigeria produces approximately 150,000 tonnes annually, accounting for 0.5% of global production. This makes it a fringe and sub-optimal producer. The drive for economic diversification is likely to see greater emphasis on the production of vegetables like garlic.

Brent has remained above $63pb in July, slightly below the average for H1’19 ($65.85pb). The relatively high oil price is buoying export revenues of oil producers like Nigeria.

The slides address these and other issues in the domestic and global commodity markets.

Enjoy your read!