Nigeria’s Purchasing Managers Index spiked to 60.2 in December. The only component of the five variables that declined was delivery times. Seasonality of demand played a major role in the surge.
Nigeria’s oil production will jump by 200,000bpd as the Egina field production commences this week. However, as a deep offshore asset, its revenue impact on Nigeria will be very limited because of the structure of the production sharing agreement under the PSCs. These contracts are skewed in favor of the producing company.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!