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Brent lost 0.72% to $87.39 as U.S. economic growth slowed to 1.6% in Q1 2024

Brent retreated after an initial gain of 0.72% to trade at $87.39pb driven by the Bureau of Economic Analysis’s announcement of slower U.S. economic growth on Thursday. The report showed that U.S. GDP increased by a mere 1.6% compared to 3.4% in Q4’23, falling far short of analysts’ expectations of 2.4%.

The price of palm oil in Nigeria declined by 16.67% to N25,000 per (keg)

In April, the average price of 25 litres (keg) of palm oil fell by 16.67% to N25,000 from N30,000 (YTD). The decrease in the average price of palm oil is attributed to increased production, likely due to favourable weather conditions and cultivation techniques. Though Nigeria is not among the top 10 exporters of palm oil in the world, its ability to meet domestic demand suggests strong domestic supply. Okomu oil and Presco have reported strong earnings on the back of improved farm yields.

FDC’s Research managers, Dr Desola Sunmoni and Terver Kumeka discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated Programmes, respectively.

Click the link to watch the video.