Nigeria was a leading producer of timber in the 1950s. It then boasted of the world’s largest sawmill in Sapele, Delta State. Today, with massive deforestation of 5% a year, the country is a fringe player in timber production in an industry with global production of 2.05 billion cubic metres.
Nigeria is now a major contributor to global warming and shifting rainfall patterns. There is an urgent need for reafforestation to redress the imbalance.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!