Oil prices failed to blink at $30pb in spite of Saudi Arabia’s announcement of an additional cut of 1mbpd in its oil output. This is an indication that market fundamentals are still tilted towards an oversupplied market.
Meanwhile, Nigerian households spent an aggregate of N40trn in 2019, with food accounting for 56.65% (N22.78trn). This trend is reflective of the CPI which also has the food basket accounting for about 51%. With the COVID-19 induced contraction in economic activities, household expenditure is expected to fall in 2020 as disposable income contracts.
In the slides, the FDC Think Tank discussed these and other burning issues on Channels TV Business Morning programme.