A bumper cocoa crop in Ivory Coast has depressed the world price of cocoa ($1,990.00/mt). Nigerian farmers and export revenues will be negatively impacted.
The good news is that Nigeria’s total exports increased by 37.3% in Q2’2017 to $8.3bn (annualised $33.2bn). The higher price of oil, now trading above $55pb, has more than compensated for any cocoa shortfalls.
The attached bulletin summarises these and other events that took place in the domestic and global commodity markets this week.
Enjoy your read!