Nigeria is the largest producer of yam in the world (67% of global output), with an annual production of 44.1 million tonnes. The commodity has the potential of becoming the leading Nigerian export after oil, if fully harnessed. Production has been constrained by outdated farming techniques and temporarily by herdsmen/pastoral conflict.
Meanwhile, oil prices have traded at $70pb since last week, supported by the Venezuelan political and economic crisis, and the geopolitical tension in the Middle East. This is positive for Nigeria’s trade balance and external reserves.
The attached slides contain a snapshot of major developments in the global and domestic commodities market.
Enjoy your read!