Nigeria’s oil rig count has jumped 128% since 2017, from 7 to 16. The rig count is one of the most reliable indicators of investment in the exploration and production of crude oil.
This spike in rigs is also consistent with global trends and the rise in oil prices. The relative calm in the Niger Delta may have served as an incentive for upstream investor interest.
Kebbi state is set to produce 2.5mmt of rice in 2018, approximately 40% of Nigeria’s total output. Thanks to subsidy regimes and Public Private Partnerships, the country is now close to becoming self sufficient in its most consumed staple.
The attached slides contain a breakdown of recent market highlights and trends in the commodities market.
Enjoy your read!