Dear Subscriber,

FBN Quest’s Purchasing Manager’s Index (PMI) fell to 54.6 in January from 68.7 in the previous month. All five sub-indices declined, with employment moving into negative territory. The sharp decline highlights the high carrying cost of inventory and the urgent need to lower interest rates.

The FG has reached an agreement with Niger Republic to build a new refinery in the border town between the Republic of Niger and Katstina State. Once completed, the refinery should help quell cross-border smuggling of petroleum products.

The attached slides summarises the events that took place in the domestic and global commodity markets this week.

Enjoy your read!