Akintunde Oyedokun

Research Analyst

Oil prices rose by 1% on Friday, with Brent crude closing at $70.58 per barrel and WTI at $67.18, yet remained nearly unchanged for the week. Market sentiment was influenced by fading hopes for a swift Ukraine ceasefire, which could prolong sanctions on Russian oil. Analysts noted Brent’s stability around $70, with future movements dependent on geopolitical developments. Meanwhile, the IEA warned of potential oversupply due to rising U.S. production and weakening global demand.

Spain’s February Inflation Steady at 2.9%, Core Inflation Drops

Spain’s EU-harmonized inflation rate remained at 2.9% in February, confirming earlier estimates, according to final data from the National Statistics Institute (INE). Core inflation, excluding fresh food and energy, fell to 2.2% from 2.4% in January. Meanwhile, national consumer prices rose to 3.0% year-on-year, aligning with analysts’ forecasts.

U.S. Consumer Sentiment Hits 2.5-Year Low Amid Trade War Fears

U.S. consumer sentiment plummeted in March to its lowest level since November 2022, as inflation fears surged due to President Trump’s tariffs. The University of Michigan’s Consumer Sentiment Index fell to 57.9 from 64.7 in February, reflecting concerns over rising prices, economic uncertainty, and volatile trade policies. The decline spanned all political affiliations, with expectations for personal finances, employment, and business conditions worsening. Trump’s fluctuating tariff policies, including a recent 200% threat on European alcohol imports, have fueled market selloffs, adding to economic anxiety.

Niger Junta Expels Chinese Oil Executives Amid Resource Disputes

Niger’s military government has expelled three Chinese oil executives over disputes related to local wages and project delays, reinforcing its push for greater control over national resources. This follows recent actions against foreign businesses, including revoking a Chinese hotel’s license and seizing a French uranium mine. Similar moves in Mali and Burkina Faso highlight a regional shift toward tighter state control of key industries.

Nigeria’s Economy To Grow With Net Fuel Exports, Rising Investments

Nigeria’s economy is expected to grow from 3.0% in 2024 to 3.6% in 2025, fueled by the Dangote refinery, policy reforms, and decreasing inflation. The refinery will surpass domestic fuel demand, making Nigeria a net fuel exporter for the first time, which will improve trade balance and reduce reliance on imports.

Ongoing reforms, including financial sector adjustments and foreign exchange changes, are boosting investor confidence. Investments in manufacturing, especially within Export Processing Zones, and the healthcare sector are also rising, positioning Nigeria for further economic growth.