Nigeria’s major export, oil, has fallen sharply below the $70 threshold to $68.46pb with significant implications on government revenue, external reserves and the value of the naira. However, it is still 14.1% above the budget benchmark ($60pb).
A non-oil commodity, corn, is widely consumed in various forms- cornflour, cornmeal (pap), animal feed etc. We expect a further decline in maize price (N82/kg) as the harvest season is upon us.
The attached slides address these and other issues in the domestic and global commodity markets.
Enjoy your read!