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Brent futures jump to $92pb for the first time in 2023

Brent gained 1.69% ($92.17pb) today, following Russia and Saudi Arabia’s joint output reduction of 1.3mbpd in September and OPEC+’s forecast of robust oil demand growth in 2023. The global oil markets are projected to experience a 3mbpd supply shortfall in the next quarter, which could bolster oil prices further. Nigeria, Africa’s largest oil exporter, stands to benefit from higher oil prices. It, however, has to address the issues of oil theft and vandalism within the country.

The price of plantain spikes to ₦7,000 in September

The price of a bunch of plantains surged by 250% to ₦7,000 in September from ₦2,000 in January. This price increase can be attributed to a number of factors, including the seasonality (out-of-season) effect, post-harvest losses, and higher logistics costs. However, despite the elevated price, plantain production is yet to be optimised in the country as its export potential remains relatively modest. Exporters of this commodity are faced with the challenge of preserving the plantains before they reach their destination, which disincentivises exports.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Bolanle Agbaje.

Click the link below to watch the video.

Enjoy your read!