Akintunde Oyedokun
Research Analyst
Oil prices fell on Friday, with Brent at $71.12 per barrel, down 1.4%, and WTI at $67.20, a 1.6% drop. Weekly losses reached 2.5% for Brent and 1.2% for WTI as weak global demand, rising U.S. production, and surplus fears outweighed OPEC+’s extended production cuts.
Analysts predict Brent could average $65 per barrel by 2025 amid ongoing demand challenges and supply growth.
U.S. Job Market Rebounds in November, Unemployment Rises to 4.2%
November saw a strong recovery in U.S. job growth, with 227,000 jobs added after disruptions from hurricanes and strikes. Revised data showed 56,000 more jobs were created in September and October than previously reported.
Despite the gains, the unemployment rate climbed to 4.2%, hinting at a cooling labor market. Economists believe this could prompt the Federal Reserve to cut interest rates again this month.
Underlying growth remains solid, with 157,000 jobs added after accounting for temporary factors, signaling a steady labor market recovery.
UK Growth Forecast Cut as Businesses Face Rising Costs
The Confederation of British Industry (CBI) has lowered its 2025 growth projection to 1.6% from 1.9%, citing rising costs from the new budget. Policies such as higher employer social security contributions and a near 7% minimum wage hike are expected to drive up prices and hinder hiring and investment.
The Bank of England reports over half of firms plan to raise prices and cut jobs in response, while inflation is expected to remain above target until 2027, posing further challenges for the UK economy.
AfDB Pledges €350M Loan to Morocco, Eyes €650M for World Cup Projects
The African Development Bank (AfDB) has signed a €350 million loan agreement with Morocco to improve economic governance, water resources, and industrial development at Nador West Med port. The deal, finalized at the Africa Investment Forum in Rabat, comes as the AfDB considers an additional €650 million to upgrade Morocco’s rail and airport infrastructure for the 2030 World Cup, co-hosted with Spain and Portugal. AfDB’s investments in Morocco total $3.6 billion across 37 projects.
Nigeria Senate Passes Bill To Ban Unprocessed Corn Exports Amid Rising Hunger
To tackle food insecurity, Nigeria’s Senate has approved a bill prohibiting the export of unprocessed corn exceeding 1 metric ton. Violators could face fines or up to one year in prison, pending presidential approval of the law.
The move aims to curb informal corn exports fueled by naira devaluation and exchange rate gaps with neighboring nations. Corn is a critical staple in Nigeria, with annual consumption at 12 million metric tons, while imports stand at 100,000 metric tons.
Economic hardships, driven by inflation and reforms under President Tinubu, have worsened hunger, with over 30 million Nigerians expected to face food insecurity in 2024.
