Dear Subscriber,

Oil prices rebound on concerns over Hurricane Francine

Brent futures rose by 1.71% to $71.82 per barrel, fueled by disruptions from Hurricane Francine, which halted approximately 1.5 million barrels of U.S. oil production. The storm also impacted the Louisiana Offshore Oil Port, responsible for 15% of U.S. oil production, tightening supply further. However, demand risks persist as the International Energy Agency (IEA) reduced its 2024 oil demand growth forecast by 7.2% to 900,000 barrels per day.

Cashew nuts prices skyrocketed by 150% to N7,000 per bottle in 3 months

The price of a bottle of cashew nuts surged by 150% to N7,000 in September. This price increase is buoyed by an increase in international demand following a ban on Ivory Coast cashew exports. Low yields and increased production cost also contributed to the price hike. To improve production substantially, more investment is needed in Nigeria’s cashew value chain in the medium term.

FDC’s senior analysts, Victoria Momoh, and Michael Ilozobhie 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!