OPEC has again lowered its forecast for 2019 oil demand growth and is warning of oversupply next year. With external reserves sliding and the naira weakening there is need for a re-evaluation of the fiscal consolidation strategy.
As diversification away from oil dependence intensifies, we notice that global grapefruit output in 2017 was approximately 6 million tonnes. Nigeria accounts for less than 1% of this output. The commodity is now widely consumed for its health and weight loss benefits. There is huge potential for converting the product from subsistence to commercial agriculture.
The attached document contains a snapshot of the developments in the global and domestic commodities market.
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