Nigeria is the world’s 15th largest producer of Soybean. It earns a paltry $200mn and contributes only 0.05% of GDP. This commodity which has a 150-day lag between planting and harvesting could be a game changer in the quest for economic diversification. It is currently trading at $369 per tonne and is used for bio-fuels, animal feed, vegetable oil, soymilk, soy flour etc.
Brent oil is trading at a 2 year high of $63.72pb, which is excellent news for Nigeria.
The attached bulletin addresses price movements in the domestic and global commodities market.
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