Dear Subscriber,

A kilo of chicken now costs ₦2,800, 17.4% up since March

The domestic price of a kilo of chicken rose by 3.7% to ₦2,800 in April from ₦2,700 in March due to increased festive demand (Ramadan and Easter season) and the availability of cash in the economy. At the peak of the naira scarcity in February, the price of a kilo of chicken fell to ₦2,300 from ₦2,600 in January.

Nigeria’s oil production bucks the rising trend, falls for the first time this year

In March, Nigeria’s oil production dropped by 1.9% to 1.52 mbpd from 1.55 mbpd in February, as domestic challenges outweighed the government’s continuous efforts to curb oil theft and vandalism. Although this is the first decline of the year, domestic oil production is still 15.6% lower than OPEC’s quota of 1.8 million barrels per day.

At its last meeting, OPEC+ decided to voluntarily cut its oil output further by 1.66 million barrels per day. This raised its overall output cut to 3.66mbpd when combined with the output reductions of some allies such as Saudi Arabia (500,000 bpd) and Russia, which recently reduced its output by 700,000 bpd in March. This has caused Brent price to rise by 0.43% to $84.97pb from $84.61pb on April 3.

These and other burning economic issues were discussed on the Business Morning program by FDC’s Assistant Vice President, Dr. Clement Igbanugo on Channels TV.

Click on the link below to watch the video.

Enjoy your read!