Akintunde Oyedokun
Research Analyst
Oil prices fell Wednesday as U.S. crude inventories unexpectedly rose, raising supply concerns. Brent dropped 54 cents to $66.09, while WTI slid 52 cents to $63.15. The decline followed a 3.5 million-barrel stockpile increase, far exceeding analysts’ expectations of a 1.1 million-barrel draw. Additional pressure came from rising U.S. crude imports, API-reported builds, and a stronger dollar. OPEC+ continues to raise output, though it trimmed non-OPEC supply growth forecasts.
German Inflation Slows to 2.2% in April, Confirming Preliminary Estimates
Germany’s inflation rate slowed to 2.2% in April, according to final data released by the Federal Statistics Office on Wednesday, confirming earlier preliminary figures. This continued easing signals progress in taming price pressures in Europe’s largest economy.
In March, consumer prices harmonised to align with European Union standards had risen by 2.3% year-on-year, highlighting a slight downward trend in inflation as the eurozone aims to return to its 2% target.
Malaysia’s Economic Growth Hits One-Year Low As Trade, Spending Cool
Malaysia’s economy grew 4.5% in Q1 2025, its slowest rate in a year, down from 5% in the previous quarter, as consumer spending and exports declined. Reuters economists cited weaker performance in services and manufacturing, driven by global trade tensions and reduced household demand.
With a potential 24% U.S. tariff looming, and muted domestic activity, the 2025 growth forecast was lowered to 4.3%, while the IMF projects 4.1%. To counter slowing momentum, the central bank cut the statutory reserve ratio, releasing 19 billion ringgit into the banking system. Analysts now anticipate an interest rate cut later in the year.
Africa Global Logistics Commits €60M To Decentralize Ivory Coast Trade Routes
Africa Global Logistics plans to invest over €60 million in developing inland logistics hubs across Ivory Coast to ease congestion at Abidjan’s port and strengthen regional trade links. New facilities in Ferkessedougou, Bouake, and San Pedro will include dry warehouses with cooling systems.
The company, which manages shipments for landlocked countries like Mali and Burkina Faso, expects a 50% rise in port traffic this year, driven by regional economic growth, rising consumer demand, and improved port infrastructure that now accommodates larger international vessels.
Nigerian Senate Approves N1.7tr 2025 FCTA Budget, Emphasizes Capital Projects
The Nigerian Senate has approved the N1.7 trillion 2025 FCTA budget, with over 70% allocated to capital projects. Presented by President Bola Tinubu, the budget includes N150 billion for personnel, N343 billion for overheads, and the rest for infrastructure development.
Senate Leader Opeyemi Bamidele called for quick approval to complete ongoing projects.
The bill is now with the Senate Committee on FCT for review.
