Connect with us

Markets

Nigeria Tops Countries with Highest Consumption of Champagne

Published

on

Champagne
  • Nigeria Tops Countries with Highest Consumption of Champagne

Despite the prevalent recession, Nigeria is still rated the highest consumer of Champagne in the world.

This was disclosed by the Head of Market Development, German Engineering Federation, Mrs. Martina Claus, who presented the figure at the unveiling of the 2017 trade fair, known at Drinktec in Lagos recently.

Drinktec is the world’s leading trade fair for the beverage and liquid food industry taking place in Munich Germany from September 11 to 25.

Clause also revealed that Nigeria is the fourth market in the world with the biggest consumers of soft drinks.

Nigeria is ranked number four in the world coming after United State of America (USA), China and Mexico which ranked number one, two and three respectively according to the global soft drinks market analysis.

Nigeria was ranked fourth in 2016 according to the facts and figures released by the organisers of the trade fair with specific focus on Nigeria.

According to Clause, the fair is expected to attract 1,600 exhibitors from over 70 countries where the entire process chain in the beverage and liquid food industry: from manufacturing, filling and packaging through marketing, among others, are to be showcased.

Claus said Nigeria recorded 38.682 tonnes global volume sales in 2016 with the volume projected to rise to 51.422 in 2020. The projection is a 32.9 per cent growth.

In the year under review, the country was similarly ranked among the top 10 markets for alcoholic drinks while the country was ranked 147th in the consumption of drinking milk products just as the country ranked 101th in the edible oils market.

The official said no other event attracts so many trade visitors from Germany and around the world, adding there was a 14 per cent increase in visitor numbers. He said overall 66,886 trade visitors came to Drinktec in 2013.

According to her, the world comes together at the fair.
“Drinktec brings together companies large and small and attracts visitors from all business areas…The trade visitors really do come from all parts of the production chainb and from all areas of the beverage and liquid food industry”, she said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Dip Amidst Middle East Tensions, Market Reaction Limited

Published

on

Oil

Oil prices fell on Monday as market participants reevaluated their risk premiums in the wake of Iran’s weekend attack on Israel, which the Israeli government said caused limited damage.

Brent crude oil, against which Nigerian oil is priced,  dipped by 50 cents, or 0.5%, to $89.95 a barrel while West Texas Intermediate (WTI) oil fell by 52 cents, or 0.6%, to $85.14 a barrel.

The attack, involving over 300 missiles and drones, marked the first assault on Israel from another country in more than three decades. It heightened concerns over a potential broader regional conflict impacting oil traffic through the Middle East.

However, Israel’s Iron Dome defense system intercepted many of the missiles, and the attack resulted in only modest damage and no reported loss of life.

Warren Patterson, head of commodities strategy at ING, noted that the market had largely priced in the potential attack in the days leading up to it. The limited damage and the absence of casualties suggest that Israel’s response may be more measured, which could help stabilize the oil market.

Iran, a major oil producer within OPEC, currently produces over 3 million barrels per day (bpd) of crude oil. The potential risks include stricter enforcement of oil sanctions and the possibility of Israeli targeting of Iran’s energy infrastructure, according to ING.

Nevertheless, OPEC possesses over 5 million bpd of spare production capacity, which could help mitigate any supply disruptions.

Analysts from ANZ Research and Citi Research have suggested that further significant impact on oil prices would require a material disruption to supply, such as constraints on shipping in the Strait of Hormuz. So far, the Israel-Hamas conflict has not had a notable effect on oil supply.

The market remains watchful of Israel’s response to the attack, which could influence the future trajectory of oil prices and broader geopolitical tensions in the region.

Continue Reading

Crude Oil

Nigeria’s Crude Oil Production Falls for Second Consecutive Month, OPEC Reports

Published

on

Crude Oil

Nigeria’s crude oil production declined for the second consecutive month in March, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC).

Data obtained from OPEC’s Monthly Oil Market Report for April 2024 reveals that Nigeria’s crude oil production depreciated from 1.322 million barrels per day (mbpd) in February to 1.231 mbpd in March.

This decline underscores the challenges faced by Africa’s largest oil-producing nation in maintaining consistent output levels.

Despite efforts to stabilize production, Nigeria has struggled to curb the impact of oil theft and pipeline vandalism, which continue to plague the industry.

The theft and sabotage of oil infrastructure have resulted in significant disruptions, contributing to the decline in crude oil production observed in recent months.

The Nigerian National Petroleum Company Limited (NNPCL) recently disclosed alarming statistics regarding oil theft incidents in the country.

According to reports, the NNPCL recorded 155 oil theft incidents within a single week, these incidents included illegal pipeline connections, refinery operations, vessel infractions, and oil spills, among others.

The persistent menace of oil theft poses a considerable threat to Nigeria’s economy and its position as a key player in the global oil market.

The illicit activities not only lead to revenue losses for the government but also disrupt the operations of oil companies and undermine investor confidence in the sector.

In response to the escalating problem, the Nigerian government has intensified efforts to combat oil theft and vandalism.

However, addressing these challenges requires a multi-faceted approach, including enhanced security measures, regulatory reforms, and community engagement initiatives.

Continue Reading

Crude Oil

Oil Prices Edge Higher Amidst Fear of Middle East Conflict

Published

on

Crude Oil

Amidst growing apprehensions of a potential conflict in the Middle East, oil prices have inched higher as investors anticipate a strike from Iran.

The specter of a showdown between Iran or its proxies and Israel has sent tremors across the oil market as traders brace for possible supply disruptions in the region.

Brent crude oil climbed above the $90 price level following a 1.1% gain on Wednesday while West Texas Intermediate (WTI) hovered near $86.

The anticipation of a strike, believed to be imminent by the United States and its allies, has cast a shadow over market sentiment. Such an escalation would follow Iran’s recent threat to retaliate against Israel for an attack on a diplomatic compound in Syria.

The trajectory of oil prices this year has been heavily influenced by geopolitical tensions and supply dynamics. Geopolitical unrest, coupled with ongoing OPEC+ supply cuts, has propelled oil prices nearly 18% higher since the beginning of the year.

However, this upward momentum is tempered by concerns such as swelling US crude stockpiles, now at their highest since July, and the impact of a hot US inflation print on Federal Reserve rate-cut expectations.

Despite the bullish sentiment prevailing among many of the world’s top traders and Wall Street banks, with some envisioning a return to $100 for the global benchmark, caution lingers.

Macquarie Group has cautioned that Brent could enter a bear market in the second half of the year if geopolitical events fail to materialize into actual supply disruptions.

“The current geopolitical environment continues to provide support to oil prices,” remarked Warren Patterson, head of commodities strategy for ING Groep NV in Singapore. However, he added, “further upside is limited without a fresh catalyst or further escalation in the Middle East.”

The rhetoric from Iran’s Supreme Leader, Ayatollah Ali Khamenei, reaffirming a vow to retaliate against Israel, has only heightened tensions in the region.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending