Akintunde Oyedokun
Research Analyst
Oil prices rose 2% on Thursday as stalled US-Iran talks heightened concerns over Middle East supply.
Brent gained 2% to $105.11 a barrel, while WTI rose 1.6% to $93.64. Uncertainty over a possible US diesel export ban also supported prices, despite a White House denial of the report.
Canada Retail Sales Fall 0.7% in July
Canada’s retail sales fell 0.7% to C$73.7 billion in July, driven by weaker sales at general merchandise and motor vehicle stores.
Sales declined in eight of nine subsectors, while volumes dropped 1.1%. Statistics Canada expects sales to rebound 1.3% in August.
Argentina Economy Contracts 1.4% in July
Argentina’s economic activity fell 1.4% year-on-year in July, missing forecasts for 1.8% growth and slowing from June’s 2.7% rise.
Wholesale and retail trade fell 5.1%, while manufacturing declined 4.6%. Fishing surged 425.5%, with mining and quarrying up 8.4%.
Egypt Holds Rates at 19% Amid Easing Inflation
Egypt’s central bank kept its deposit rate at 19% and lending rate at 20% on Thursday, citing easing inflation and regional risks.
Urban inflation fell to 14.5% in August from 14.9% in July, while core inflation rose slightly to 14.9%
Lagos Leads States in IGR
Lagos generated N1.77 trillion in IGR in 2025, accounting for 34.4% of the N5.15 trillion raised by Nigeria’s states and the FCT.
Total IGR rose 40.93% from N3.65 trillion in 2024, with Rivers and Enugu following Lagos at N428.42 billion and N406.77 billion.
Tax revenue contributed N3.79 trillion, led by PAYE at N2.64 trillion.
