Coconut is a commodity with multi-functionality and use. Given the extended Nigerian coastal front from Lagos to Calabar, coconut production should be much higher than the current 284,000 tonnes. With earnings from the commodity now in aggregate of $426mn, this could be a major revenue earner.
In spite of evidence of activity diversification, policymakers and investors continue to be obsessed with the price of oil. If the price of oil falls below $80pb, it could pose some problems for external economic equilibrium. Luckily Brent is trading at $84pb which is comforting at least for the moment.
The attached document contains a snapshot of the global and domestic developments in the commodities market this week.
Enjoy your read!