The price of cocoa has jumped 3.8% this week on expectations of lower production from Ivory Coast, the world’s largest producer. Cocoa is Nigeria’s fourth largest source of foreign exchange.
The IMF has reiterated that the level of Nigeria’s economic growth (0.83%) is insufficient to reduce poverty and unemployment. The Fund urged the government to continue to implement pro-market reform policies to consolidate the economy’s recovery. The FGN is likely to announce a sharp increase in the national minimum wage in September. This should help alleviate the plight of the decline in disposable income for workers.
The attached slides summarise the events that took place in the domestic and global commodity markets this week.
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