While domestic commodity prices remained mostly flat, Brent continued its free-fall as it plunged to $52.66pb on coronavirus fears and uncertainty about production cuts by OPEC+. If oil prices stay at current levels, it will worsen the government’s fiscal position and exacerbate external sector vulnerabilities. This will have dire consequences on GDP growth and macro-economic stability.
Nigeria is the second largest producer of Sorghum in the world (11% of global output) with a value of $1.12 billion. It is the largest producer in the African continent and has the potential of doubling its output to 12 million tonnes on better mechanization and higher yield seedlings.
In the slide, these issues and their impact were discussed by analysts at the FDC Think Tank on Channels TV Business Morning programme today.
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