Akintunde Oyedokun

Research Analyst

Oil prices dropped 1% on Monday amid concerns that U.S. tariffs on Canada, Mexico, and China could slow global economic growth and weaken energy demand. Brent crude fell to $69.28 per barrel (-1.5%), while WTI dropped to $66.03 per barrel (-1.5%), extending WTI’s losing streak to seven weeks. Market uncertainty is fueled by trade tensions, OPEC+ plans to boost output in April, and potential U.S. sanctions on Iran and Russia. While geopolitical risks may provide short-term price support, analysts caution that oil rallies may be short-lived.

Tariff Turmoil Threatens North American Economies

Unpredictable U.S. tariff policies are intensifying economic risks across Mexico, Canada, and the U.S., according to economists. Rising inflation, recession concerns, and volatile markets have made forecasting difficult, with businesses delaying investments. Wall Street has lost post-election gains, and central banks face tough decisions on interest rates. As uncertainty persists, economic growth remains at risk.

Japan Posts First Current Account Deficit In 2 Years Amid Weak Yen, Rising Imports

Japan recorded a ¥257.6 billion ($1.75 billion) current account deficit in January, exceeding market forecasts. A weak yen drove up import costs, while a surge in smartphone and electronic part imports ahead of the Lunar New Year further widened the gap. Imports jumped 17.7% year-on-year, outpacing a 2.1% rise in exports, according to finance ministry data.

U.S. Considers Mineral Partnership With Congo Amid Security Discussions

The U.S. is considering a minerals partnership with the Democratic Republic of Congo (DRC) following outreach from a Congolese senator, according to a State Department statement. DRC, rich in cobalt, lithium, and uranium, is battling Rwanda-backed M23 rebels and seeks diversified investment partners. While Kinshasa has not formally proposed a deal, discussions are ongoing. A Congolese delegation recently canceled a scheduled U.S. meeting, but multiple initiatives remain in early stages.

Nigeria Secures $200m Deal For Rural Renewable Energy Expansion

Nigeria has signed a $200 million agreement with WeLight, a pan-African Distributed Renewable Energy (DRE) company, to deploy 400 mini grids and 50 MetroGrids, expanding electricity access to 1.5–2 million people in rural and peri-urban areas. Backed by the World Bank and the African Development Bank, the project supports Nigeria’s goal of increasing renewable energy in its electricity mix from 22% to 50%. WeLight, supported by Axian Group, Sagemcom, and Norfund, signed an MOU with Nigeria’s Rural Electrification Agency (REA) to drive the initiative.