Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns. This is just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures
The Nigerian economy has over the years relied heavily on crude oil for foreign exchange earnings and government revenues. As with mono-economies, this reliance makes Nigeria vulnerable to fluctuations in crude oil prices and production. This year, the twin shock of the coronavirus pandemic and
Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian oil company Seplat. OPEC
This year has been brutal for the oil patch. Dual shock waves slammed the sector earlier in the year as OPEC and Russia ignited a price war just as oil demand started cratering because of the COVID-19 outbreak. But global oil producers have since called
Millions of coffee farmers across Africa are facing economic devastation as coffee prices offered to them continue to be on a downward trajectory, often below production costs, a report by Selina Wamucii has revealed. In a statement by Selina Wamucii, on Tuesday titled ‘Misery at the Farm:
While the coronavirus pandemic may have done permanent damage to oil consumption in the transport sector, strong growth in petrochemicals suggests peak oil demand could still be a couple of decades away. Changing demand patterns also raise big questions as to how refineries and producers
The association of maize farmers in Nigeria said its members have reduced their 25 million metric tons production target for 2020 by 30 per cent due to the ongoing coronavirus pandemic and insecurity in the country. The chairman, Maize Association of Nigeria Nigeria (MAAN), Abubakar
The United Nations Food and Agriculture Organization (FAO) said it is calling for an initial investment fund of $1.2 billion to support the COVID-19 Response and Recovery Programme, so as to scale up the fight of preventing a global food emergency crisis during and after the COVID-19
Gold is getting all the attention in the metals arena this year and rightfully so, but there are encouraging signs for the copper exchange traded products, such as the iShares MSCI Chile ETF (NYSEArca: ECH) and the iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC). Crimped
Nigeria has produced more rice in the last five years than at any other time since the return of democracy in 1999, data from the United Nations Food and Agriculture Organization (FAO) shows. The FAO data shows that between 2014 and 2019, Nigeria maintained top