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Nigeria’s gasoline imports plunged as Dangote refinery maintains production

From January 1 to 24, gasoline shipments to Nigeria fell to 110,000 bpd, marking an eight-year low. This decline is attributed to reduced supplies from foreign sources as the Dangote refinery ramps up local production, enhancing the nation’s fuel independence.

Brent lost 0.48% to $76.21pb as the U.S. crude stockpiles increase

Brent futures fell 0.48% to $76.21pb due to an unexpected 3.5mbpd rise in U.S. crude stockpiles, which 9.38% above analysts’ expectations of 3.2mbpd. Meanwhile, the U.S. Fed held rates at the 4.25%-4.50% range, keeping rates higher for longer. This will further lower oil prices in the near term.

The price of 3 medium-sized tubers of yam plunged to N10,500

The price of a medium-size yam sharply decreased by 42% to N10,500 for three tubers due to increased supply. Prices peaked at N18,000 in June 2024. In the near term, this decline will enhance affordability, improve food security, and potentially ease inflationary pressures.

FDC’s Manager, Dr. Ifeoma Nwokolo, and senior analyst, Tomiwa Ajewole, 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!