Nigeria is expected to be self-sufficient in rice production by November 2017. This is because investors including Dangote are adjusting to policy initiatives and favourable market conditions by increasing private investment in locally produced commodities.
In spite of this, the price of rice is still high at N18,500 per bag.
In the global market, oil price jumped 3.28% to $48.42pb on lower-than-expected decline in US crude oil inventories. The sustainability of this trajectory is subject to a continuous drawdown of global oil inventory. This remains positive for the naira.
The attached report summarizes the impact of domestic and global developments on the commodities market.