Akintunde Oyedokun
Research Analyst
Oil prices slipped on Thursday, with Brent crude closing at $67.52 per barrel and U.S. WTI at $62.84, as markets reacted to weaker demand forecasts and expectations of higher supply.
The International Energy Agency reported that global oil demand growth in 2026 will be slower than previously expected, while supply surpluses are likely to persist despite January outages. Early gains fueled by Middle East tensions faded after the report, as ongoing negotiations between the U.S. and Iran eased fears of conflict.
India Inflation Rises to 2.75% in January
India’s inflation hit 2.75% in January under a revised data series, returning to the RBI’s 2–6% target band. The update reduces food’s weight in the basket and includes new categories like e-commerce, digital services, and streaming. Core inflation, excluding volatile items, is around 3%, while food prices rose modestly. The RBI is expected to maintain a rate pause, supported by steady growth and improved confidence from the U.S.–India trade deal.
UK Economy Barely Grows Amid Budget, Political Uncertainty
Britain’s GDP grew just 0.1% in Q4 2025, matching Q3, with business investment falling nearly 3%—its largest drop since early 2021. Manufacturing supported growth, while services were flat and construction declined. Budget uncertainty and political instability weighed on business confidence. The weak data has increased expectations that the Bank of England may cut interest rates in March. For the year, the UK economy expanded 1.3%, outperforming major European peers, though per capita growth fell slightly in the second half of the year.
Ghana Cuts Cocoa Prices to Boost Sales
Ghana has lowered its cocoa farmgate price to 41,392 cedis ($3,580) per ton to match global markets and stimulate demand after a slump in international cocoa prices left many farmers unpaid. The government will repay outstanding dues immediately and introduce a financing model using domestic cocoa bonds. Plans are also underway to link farmgate rates to global prices and increase local cocoa processing to 50% in the 2026/27 season. Farmers have expressed willingness to accept lower future prices once their pending payments are cleared.
Nigeria, Singapore Launch AI Diploma in Technical Education
Nigeria is partnering with Singapore to introduce a two-year AI diploma across TVET institutions. The programme will feature curriculum development, train-the-trainer initiatives, leadership training, and nationwide performance assessments. The move is part of wider TVET reforms emphasizing practical skills, hands-on learning, and improved transparency, boosting enrolment and applications. The initiative aims to equip students with advanced digital skills to meet future labour market demands.
