Nigeria cashes in big as Price of Bonny Light hits $74.68 per barrel

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Nigeria to cash in big as Price of Bonny Light hits $74.68 per barrel     For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel. The bullish market was bouyed by rising demand and efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability This indicates an excess of $34.68 per barrel on the nation’s 2021 budget benchmark of $40 per barrel and 1.86 million barrels per day, mb/d, including Condensate. Similarly, the prices of other…

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Crude oil prices drop, pressured by stronger U.S. dollar

Crude oil prices drop, pressured by stronger U.S. dollar

Crude oil prices drop, pressured by stronger U.S. dollar     Crude oil prices fell on Thursday pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. Brent crude oil futures dropped by 74 cents, or 1%, to $73.65 a barrel by 0103 GMT after reaching its highest since April 2019 in the previous session. U.S. crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its highest…

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Brent price surpasses $74 per barrel to trade 32-month high

Crude oil prices drop, pressured by stronger U.S. dollar

Brent price surpasses $74 per barrel to trade 32-month high     Crude oil prices have jumped on growing demand optimism as Brent crude trades over $74 per barrel, indicating a 32-month high. The Brent Crude against which Nigeria’s oil is benchmarked gained 1.84% on Tuesday to close at $74.2, while WTI recorded a gain of 1.75% to close at $72.12. The surge in crude oil price is largely attributed to increased demand for oil after a report from American Petroleum Institute (API) showed a substantial draw in US crude…

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UN worried as global food prices soar to a ten year high

UN worried as global food prices soar to a ten year high

UN worried as global food prices soar to a ten year high     The United Nations (UN) has expressed worries as global food commodity prices rose in May at their fastest monthly rate to their highest value since September 2011. The spike in food prices was led by oils, sugar and cereals, the Food and Agriculture Organisation of the United Nations (FAO) has said. Details of this were highlighted in the FAO Food Price Index report released on Thursday. The index tracks the international prices of the most commonly…

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Nigeria’s new cassava policy to stem $6.1bn annual wheat importation

Nigeria’s new cassava policy to stem $6.1bn annual wheat importation

Nigeria’s new cassava policy to stem $6.1bn annual wheat importation     The Nigerian Government says the policy of 10 per cent of cassava flour in bread and other confectionery would reduce wheat importation while the demand for cassava would have positive effect on the economy. According to record, importers of wheat in Nigeria spend N2.86 trillion ($6.1 billion) annually despite several initiatives targeted at reducing the capital flight. The government stated that the policy has huge potential to generate massive employment, save billions of naira on wheat import, provide…

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Oil price sustains steady rise to near $72 per barrel

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Oil price sustains steady rise to near $72 per barrel     Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism and an American Petroleum Institute (API) report of larger than expected draw in crude oil inventories of 5.36 million barrels for the week ending May 28. Analysts had predicted a draw of 2.114 million barrels for the week. Business Metrics reported that the API, in the previous week reported a draw in oil inventories of 439,000 barrels after analysts had predicted…

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Flour Mills Signs $300m sugar production deal with Nasarawa

Flour Mills Signs $300m sugar production deal with Nasarawa

Flour Mills Signs $300m sugar production deal with Nasarawa     Flour Mills Nigeria at the weekend ramped up its Backward Integration Programme (BIP) in the in-country production of sugar, with the signing of a $300 million deal with the Nasarawa state government, north-central Nigeria. At the event which witnessed the presence of the Governor of the state, Abdullahi Sule, his colleague from Borno state, Prof. Umar Zulum and the Governor of Kwara State, Abdulrahman Abdulrazaq, the company disclosed that the project would be located on 20,450 hectares of land.…

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SEC moves to address solid minerals challenges via commodity exchanges

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SEC moves to address solid minerals challenges via commodity exchanges     The Securities and Exchange Commission (SEC) is seeking to collaborate with the Ministry of Mines and Steel Development to address some of the challenges faced by the solid minerals sector through the commodity exchanges. This was stated by Director General of SEC, Mr. Lamido Yuguda, during a meeting with the Minister of State for Solid Mineral, Dr. Uchechukwu Ogah, in Abuja, at the weekend Yuguda disclosed that the core function of a commodity exchange is to create markets…

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Nigeria targets $700m yearly from sugar backward integration

Nigeria targets $700m yearly from sugar backward integration

Nigeria targets $700m yearly from sugar backward integration     Dangote Sugar Refinery Plc has urged the government to faithfully follow through with the Backward Integration Policy (BIP) in the sugar industry as the nation stands to rake in foreign exchange up to $700millon yearly from Sugar production self-sufficiency. Chairman of Dangote Sugar Refinery Aliko Dangote while addressing shareholders, at the company’s 15th yearly general meeting held in Lagos recently said, allowing for distortions in the sugar masterplan framework will adversely affect the target of the nation attaining self-sufficiency as…

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Oil rises on bullish API inventory report

Crude oil prices drop, pressured by stronger U.S. dollar

Oil rises on bullish API inventory report     The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ending May 21. Analysts had predicted a draw of 1.050 million barrels for the week. In the previous week, the API reported a modest build in oil inventories of 620,000 barrels after analysts had predicted a larger build of 1.680 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices started…

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