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Brent futures surge by 2.30% to $97.68pb
Brent futures climbed 2.30% to $97.68 per barrel, as markets factored in uncertainty over Iran’s participation in a second round of talks scheduled for Wednesday. This has ignited concerns over sustained supply disruptions, which continued to drive volatility in oil markets.
Dangote Refinery begins oil production from its upstream oil asset
Dangote Refinery has commenced oil production at 4,000 bpd, with output projected to reach 15,000 bpd by May. This will strengthen its downstream operations through secured crude supply while reducing reliance on external sources. Additionally, it is expected to lower logistics costs via its shipping expansion.
Price of lithium surges by 40% (YTD) to $21,452/ton
Lithium prices surged 40% (YTD) to $21,452/ton in April, from $15,323, driven by strong demand for energy storage systems and rising logistics costs linked to the US-Iran conflict. Expectations of a supply deficit of 22,000–80,000 metric tons have further supported the rally. With prices projected to remain elevated, Nigerians may see some relief from the 2026 fiscal policy, which reduced tariffs on vehicles, electrical equipment, and other related goods.
FDC’s Assistant Vice President and Head of Research, Dr. Ifeoma Nwokolo, and Economic associate Tomiwa Ajewole discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.