Dear Subscriber,

Brent increased to $67.40pb  

Brent futures climbed by 0.84% to $67.40pb as US crude inventories fell by 1.41% to 420.7 million barrels, surpassing analyst expectations. However, uncertainty persists over the proposed Russia-Ukraine peace deal.

Nigeria’s Oil Minister pledged adherence to OPEC’s production quota.

Nigeria’s Minister of State for Petroleum pledged adherence to OPEC’s 1.5mbpd quota, which the country met in June and July. Nigeria will have to prune its production so as not to offend other members of the oil cartel.

The price of a large pizza soared to N13,000

The price of a large-size pizza surged by 44% (yoy) to N13,000 from N9,000, driven by higher import costs. Prices may ease slightly with the support of a stable exchange rate and declining flour costs. Additionally, consumers’ preference for more affordable substitutes like shawarma and burgers could moderate demand pressure.

FDC’s M.D. Mr. Bismarck Rewane, and analyst, Al-Amin Vincent, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!