Nigeria’s manufacturing and agricultural exports jumped 577% and 24% to $1.21bn and $203.16mn respectively in Q1’18. Oil and gas sales now account for 87.22% of exports, down from 94.6% in Q4’17. This means that Nigeria has made limited progress in economic diversification. However, these numbers do not include the huge level of commodity export smuggling, which has become a thriving business ever since the naira adjustment.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!