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Brent lost 0.68% to $70.47pb

Brent futures slipped 0.68% to $70.47pb due to economic uncertainty and rising trade tension, which has dampened global market sentiment. Prices are expected to decline further on weak Chinese demand, OPEC+ planned output hikes, and potential Russia-Ukraine peace talks.

Nigeria’s oil output lower

Nigeria’s oil production fell 4.5% in February to 1.47 mbpd from January’s 1.54 mbpd, exacerbating fiscal challenges. This represents a 28.64% shortfall from the 2025 budget target of 2.06 mbpd.

Nigeria’s wheat flour price falls

The price of flour in the Nigerian domestic market has fallen by 8% to N60,000. However, the price of bread has remained stable at N1,600 for a big loaf. It is expected that flour prices will fall further after the ceasefire between Ukraine and Russia.

FDC’s manager, Terver Kumeka, and senior analyst Ajibola Ayodeji, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link to watch the video.

Enjoy your read!