Oil prices are now in bear territory – down 13.91% since April to $62.67pb and trading precariously close to the budget benchmark ($60pb). This could be a big threat to Nigeria’s macroeconomic stability. In the same vein, the country’s trade surplus declined by 67.65% to $2.2bn in Q1’19 from $6.8bn in Q4’18.
Avocado is a product consumed by the affluent in Nigeria but is becoming more widely patronised for health reasons. It is produced by small-scale farmers and during the off-season is smuggled from neighbouring countries. It is a $10bn global commodity and remains a big opportunity for exports and domestic consumption.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!