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Nigeria’s July oil production increased to 1.51 mbpd

Nigeria’s oil output rose 0.67% in July to 1.51 mbpd, meeting OPEC+’s 1.5 mbpd quota for the third time this year. However, production still falls below the 2025 benchmark target of 2.06 mbpd, though a slight increase is anticipated in August.

Dangote refinery reduced ex-depot price of PMS to N820/litre

Dangote Refinery has cut its ex-depot PMS price by 3.53% to N820/litre from N850/litre, potentially pushing pump prices below the current N915/liters reduction will be further supported by the refinery’s free distribution of refined petroleum products, set to begin on August 15.

The price of soybeans increased to $1,040/bushel

Global soybean prices have risen 5.91% (YTD) to N1,040/bushel, driven by strong demand and supply shortages. Domestically, prices surged 15% to N950/kg, buoyed by robust export demand pushing up the costs of soybean oil and animal feed.  However, with September’s harvest season approaching and bumper yields expected in Brazil and Argentina, prices are projected to fall.

FDC’s AVP, Dr. Ifeoma Nwokolo, and economic associate, Ajibola Ayodeji, 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!