Nigeria is the world’s second largest producer of sweet potatoes, with an annual output of 3.92 million tonnes. However, production is 44% below the potential capacity of 7 million tonnes. This suggests an opportunity to boost domestic production and improve efforts to diversify the export base.
Meanwhile, Brent oil jumped to a 56-month high of $85pb underpinned by robust global demand and strong compliance with US’ sanctions on Iran. The domestic price of PMS in the US is now $2.87 per gallon and likely to increase before the midterm elections.
The attached slides summarises the events that took place in the domestic and global commodity markets this week.
Enjoy your read!