Akintunde Oyedokun
Research Analyst
Oil prices gained about 2% on Friday, lifted by concerns over possible supply disruptions from escalating protests in Iran and renewed tensions in the Russia–Ukraine war. Brent settled at $63.34 per barrel, while WTI closed at $59.12, rounding off a solid week of gains.
Market sentiment remained cautious as geopolitical risks continued to dominate global energy trade.
Canada Job Growth Loses Steam as Unemployment Rises
Canada added just 8,200 jobs in December, while the unemployment rate climbed to 6.8% as more people entered the labour force. Slower wage growth and softer hiring are unlikely to alter expectations that interest rates will stay unchanged.
The data points to lingering slack in the labour market despite earlier months of strong job gains.
U.S. Job Growth Slows in December, but Falling Unemployment Eases Fed Concerns
U.S. job growth slowed sharply in December, with only 50,000 jobs added as losses hit construction, retail, and manufacturing. The unemployment rate fell to 4.4% and wages grew strongly, signaling the labor market isn’t rapidly deteriorating. Policy uncertainty and AI investments are keeping hiring cautious, supporting expectations that the Federal Reserve will maintain interest rates.
South African Manufacturing Sentiment Hits 2025 Low
South Africa’s manufacturing sector fell further into contraction in December, with the PMI dropping to 40.5. Employment and inventories declined sharply, constrained by weak sales, skill shortages, and external pressures like U.S. tariffs. Recovery in hiring depends on stronger economic growth. The downturn signals ongoing challenges for the country’s industrial output and job market.
Nigeria to Get $9.5 Million for Abuja–Kano Road
Nigeria will receive $9.5 million repatriated from Jersey to fund the final stages of the Abuja–Kano Road. The funds, forfeited after a court ruled they came from corruption involving Nigerian officials, follow a December 2025 MoU between both governments. This builds on prior returns of over $300 million, which financed projects like the Lagos-Ibadan Expressway and Second Niger Bridge. Officials on both sides hailed the move as a win for international cooperation and anti-corruption efforts.
