Akintunde Oyedokun

Research Analyst

Oil prices fluctuated on Tuesday as a truce between Russia and Ukraine eased supply fears, while U.S. tariff threats on Venezuelan oil added pressure. Brent crude rose slightly to $73.02, while WTI fell to $69. The U.S. brokered a ceasefire, but doubts remain over its enforcement. Meanwhile, Trump’s tariff threats could disrupt Venezuela’s exports, impacting China’s refineries. Chevron’s possible exit from Venezuela may further cut production. Despite uncertainties, OPEC+ plans to increase output in May.

U.S. Consumer Confidence Hits 4-Year Low at 92.9

Consumer confidence in the U.S. fell to 92.9 in March, the lowest level since January 2021. This marks the fourth consecutive monthly drop, as fears of a recession and rising inflation grow. The expectations index also hit a 12-year low, signaling concerns about future economic stability.

Confidence declined across most age and income groups, except for high earners making over $125,000 and consumers under 35 years old, who remained slightly optimistic. Economists attribute the decline to uncertainty over trade policies and shifting tariffs, making it harder for businesses and consumers to plan ahead.

UK to Increase Bond Issuance Amid Economic Pressures

Britain is preparing to raise its government bond issuance for 2025/26 due to weak economic growth and rising borrowing costs. The Debt Management Office (DMO) is expected to announce a bond issuance of around £304 billion, the second-largest on record. The government is also anticipated to focus more on shorter-term gilts, as long-term borrowing becomes increasingly expensive. Investors will closely watch Finance Minister Rachel Reeves’ upcoming budget update for further fiscal details.

Kenya Airways Reports Profit After 10 Years of Losses

Kenya Airways recorded a 5.53 billion shillings ($42.82 million) pretax profit in 2024, reversing a loss of 22.86 billion shillings in 2023. This marks the airline’s first profit since 2013, fueled by foreign-exchange gains of 10.55 billion shillings. Operating profit also increased to 16.62 billion shillings, driven by higher revenues and reduced costs. Despite past financial troubles and government bailouts, the airline anticipates further growth with airport improvements and fleet expansion.

Tinubu Unveils Nigerian Youth Academy To Boost Skills, Cut Unemployment to 4.3%

President Bola Ahmed Tinubu inaugurated the Nigerian Youth Academy (NiYA) on Monday to tackle Nigeria’s low human capital index, high youth unemployment, and other economic challenges. The academy will focus on training in digital literacy, technical skills, entrepreneurship, and the creative industries, with a target to empower millions of young Nigerians within two years. This comes as Nigeria’s unemployment rate dropped to 4.3% in Q2 2024, reflecting a 1% decrease from Q1. Vice President Kashim Shettima, speaking on behalf of Tinubu, noted that NiYA’s initiatives, such as the Youth Investment Fund, will support economic empowerment, leadership, and skills development across the nation.