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Nigeria Agriculture Sector - Q3'20 Earnings Preview
| In spite of pandemic related disruptions to the economy and mobility pressures caused by the lockdowns implemented to contain it, the Agriculture sector further expanded by 1.6% y/y in real terms, albeit slower than Q1’20 growth (2.2%). | |||||
| While H1’19 was characterized by weak domestic CPO prices due to an oversupply in the Nigerian market, the decision of the FG to close the land borders in Q3’19 had an immediate impact on prices. With the borders remaining closed through 2020, we note that the improved prices have driven improvements in topline across major CPO producers. | |||||
| With the Agriculture sector relatively unaffected by the effects of the pandemic, investors have maintained interest in major oil pam producers, with both key producers on the exchange recording high double-digit YTD gains as at time of writing. | |||||
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