Brent oil is trading at approximately $79pb, 54.9% above the budget oil price benchmark ($51pb). However, the downside is its effect on landing costs and subsidy payments to oil marketers in Nigeria.
Nigeria is currently the largest producer of cowpea in the world, accounting for 43% of global supply (7mn tonnes). Output yield in the $4.5bn worth industry is however being hindered by pest infection and diseases. With the right technology and equipment, cowpea production in Nigeria can reach its potential of 6mn tonnes.
The attached document contains a snapshot of the global and domestic developments in the commodities market.
Enjoy your read!