Dear Subscriber,

Brent gained 0.16% to $87.48pb due to U.S. crude drawdown

Oil prices rose by 0.16% to $87.48 per barrel due to a larger-than-expected 2.65% decline in U.S. crude inventories to 448.5 million barrels. This exceeded analysts’ expectations and contributed to a positive outlook for U.S. fuel demand, suggesting near-term bullish oil prices. Additionally, NNPC Ltd. has declared a state of emergency on Nigeria’s oil and gas production, targeting 2mbpd by 2025 to boost oil revenue.

Nigerians seek alternatives to chicken as the price surged by 22% to N5,500 per kilo

In June, the price of a kilogram of chicken drumsticks increased by 22% to N5,500 from N4,500 in January. This rise was mainly due to higher production costs driven by expensive feed and supply chain disruptions, leading consumers to shift to alternative proteins such as pork and fish. With government incentives and subsidies for domestic feed production, chicken prices could become cheaper in the near term.

FDC’s senior associate, Dumebi Oduwole, 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 to watch the video.

Enjoy your read!