Cotton was one of Nigeria’s main exports prior to the discovery of oil in 1956. Today, the country produces a paltry 348,000 tonnes partly because of infrastructure constraints. The Federal government has implemented several policy initiatives like the anchors borrowers programme to boost production. This should manifest in an uptick in cotton output in subsequent years.
In the global energy market, Brent oil eased slightly by 0.04% to $78.20pb. Nonetheless, prospects of lower oil production from Iran and robust global demand would continue to provide support to the market in the short term.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
Enjoy your read!