{"id":122209,"date":"2024-11-15T19:19:08","date_gmt":"2024-11-15T19:19:08","guid":{"rendered":"https:\/\/fdcng.com\/?p=122209"},"modified":"2024-11-15T19:19:08","modified_gmt":"2024-11-15T19:19:08","slug":"fdc-commodity-update-november-15-2024","status":"publish","type":"post","link":"https:\/\/fdcng.com\/fdc-commodity-update-november-15-2024\/","title":{"rendered":"FDC COMMODITY UPDATE – November 15, 2024"},"content":{"rendered":"

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DOWNLOAD PDF<\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber,<\/p>\n

FEC proposes 66.44% increase in 2025 budget to N47.9trn <\/em><\/strong><\/p>\n

The Nigerian government announced a N47.9 trillion budget for 2025, a 66.44% increase from the nominal budget of N28.78trn in 2024. The increase becomes only 37% when you take the supplementary budget of N6.6trn into consideration. In U.S. dollar terms, the total spending actually declined by 21% to $34bn based on FGN exchange rate assumptions. Of the many assumptions of the budget, the most unrealistic is the benchmark price of $75pb which is $4.75 above the spot price today. The benchmark price determines the level of savings accruing into the excess crude account.<\/p>\n

The global price of lithium plunged to $10,800\/tonnes<\/em><\/strong><\/p>\n

Lithium prices fell nearly 90% in October, from $84,880\/tonne in 2022 to $10,800\/tonne, driven by oversupply and a slowdown in electric vehicle (EV) sales. This price drop could lower EV production costs, as lithium accounts for 30-40% of raw material expenses. This price decline could make the production of Lithium in Nigeria relatively unattractive.<\/p>\n

FDC\u2019s M.D., Mr. Bismarck Rewane, and analyst, Chidiebere Osuji, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.<\/p>\n

Click the link to watch the video.<\/p>\n

Enjoy your read!<\/p>\n

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[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, FEC proposes 66.44% increase in 2025 budget to N47.9trn The Nigerian government announced a N47.9 trillion budget for…<\/p>\n","protected":false},"author":11,"featured_media":122208,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,110],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122209"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=122209"}],"version-history":[{"count":1,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122209\/revisions"}],"predecessor-version":[{"id":122210,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122209\/revisions\/122210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media\/122208"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=122209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=122209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=122209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}