Akintunde Oyedokun
Research Analyst
Oil prices remained largely unchanged on Monday as OPEC+ rescheduled its meeting on voluntary output cuts to May 31. Brent crude slipped slightly to $64.74 a barrel, while WTI stayed flat at $61.53.
Low trading volumes due to the U.S. Memorial Day holiday contributed to muted market activity. Earlier gains, triggered by the U.S. decision to delay EU tariffs and consider new sanctions on Russia, faded as investors awaited clear direction on future oil supply.
India’s GDP Growth Rises To 6.7%, But Recovery Remains Uneven
India’s GDP likely grew 6.7% in the January–March quarter, up from 6.2% in the previous period, driven by stronger rural consumption from better agricultural output, according to a Reuters poll. However, urban demand remained subdued. Gross Value Added (GVA), a more stable growth measure, expanded by 6.4%, indicating modest underlying economic activity. Despite expected interest rate cuts by the Reserve Bank of India, economists warn that weak private investment, low rural wages, and struggles in the manufacturing sector could hinder sustained growth. Global uncertainties, particularly around U.S. trade policies, also pose risks to India’s economic outlook.
China’s Industrial Profits Show Resilience Amid Trade Tensions, Deflationary Pressures
China’s industrial profits grew by 1.4% year-on-year to 2.1 trillion yuan ($292.28 billion) in the first four months of 2025, signaling economic resilience despite trade tensions with the U.S. and ongoing deflation concerns. April saw a 3.0% rise in profits, up from 2.6% in March. However, factory-gate prices continued to decline, raising concerns over deflation. The government has introduced measures, including interest rate cuts and liquidity injections, to support recovery. While state-owned firms saw a decline in profits, private and foreign companies posted gains.
FMBN Approves N71.5bn In Loans for 2024, Nearly Double 2023 Total
The Federal Mortgage Bank of Nigeria (FMBN) has approved N71.5bn in housing loans for 2024, a sharp increase from the N39.7bn approved in 2023. FMBN’s Managing Director, Shehu Osidi, credited this growth to enhanced mortgage access for Nigerians. The bank also recorded a N11.5bn surplus in 2024 and a N6.5bn surplus in Q1 2025.
Additionally, FMBN cleared a four-year backlog of unaudited accounts and saw a rise in National Housing Fund contributions. The bank launched task teams to recover N18.9bn from bad loans and plans to introduce new mortgage products by mid-2025, including non-interest ethical mortgages approved by the Central Bank of Nigeria.
