Akintunde Oyedokun
Research Analyst
Oil futures fell Friday as traders braced for OPEC+ to raise July production beyond earlier forecasts. Brent crude dropped 25 cents to $63.90, and U.S. WTI slid 15 cents to $60.79. The more active Brent August contract lost 71 cents to $62.64, with both benchmarks heading for weekly losses over 1%.
Reports of a possible larger supply boost weighed on prices, as the global oil surplus hit 2.2 million bpd. Analysts noted this could force a market adjustment. Additional pressure came from a post by President Trump suggesting possible new tariffs on China.
Canada’s Q1 Growth Beats Expectations On U.S. Export Surge, Domestic Struggles Persist
Canada’s economy grew by 2.2% annualized in Q1, slightly above expectations, driven mainly by a surge in exports as U.S. firms stockpiled goods ahead of Trump’s tariffs. However, rising imports, weak household spending, and sluggish domestic demand signaled internal economic challenges. March GDP rose 0.1% after February’s 0.2% decline, supported by rebounds in mining and construction. With the Bank of Canada’s rate decision due Wednesday, market bets for a rate pause rose to 82%.
Germany’s Labour Agency Warns Of €11.9bn Deficit By 2029 As Unemployment Rises
Germany’s labour office projects a €11.9 billion funding gap by 2029, driven by rising unemployment and a stagnant economy. A €5.27 billion shortfall is expected this year, wiping out reserves and requiring €2.35 billion in government loans. An additional €3.8 billion may be needed in 2026. Nearly 1 million people are set to receive jobless benefits annually. The weak economy, compounded by potential U.S. tariffs, threatens to push Germany into a third consecutive year of recession, challenging Chancellor Merz’s recovery plans.
Tunisia Holds Interest Rate At 7.5% As Inflation Drops, Reserves Decline
Tunisia’s central bank kept its benchmark rate at 7.5% after a March cut from 8%, the first in five years. Inflation eased to 5.6% in April, the lowest in five years, with 2025 inflation projected at 6.2% (down from 7% in 2024). Meanwhile, the current account deficit widened to 3.26 billion dinars, and foreign reserves dropped to 22.7 billion dinars, covering 98 days of imports—down from 121 days at 2024’s end.
NELFUND Extends ₦56.85bn In Student Loans, Eyes Expansion To Vocational Centres
NELFUND has disbursed ₦56.85 billion in student loans to 298,124 students across 198 higher institutions since launching its portal in May 2024. Of this, ₦30.17 billion went to schools for tuition, and ₦26.67 billion to students as upkeep.
So far, 607,326 students have registered, with a 92% loan application success rate. Daily engagement remains strong, with thousands applying and registering regularly.
The Fund plans to expand its coverage to vocational and skills acquisition centres, starting in Enugu by mid-July 2025, to support technical education. IT integration with school portals is also underway to ease application processes.
