Akintunde Oyedokun
Research Analyst
Oil prices climbed over $1 on Thursday, with Brent crude at $75.93 per barrel and U.S. WTI at $73.13, driven by confidence in China’s 2025 growth plans.
President Xi Jinping’s pledge for economic expansion boosted sentiment, though weaker December factory data hinted at possible stimulus.
Rising U.S. fuel inventories, with gasoline up 7.7 million barrels and distillates up 6.4 million, limited further gains, reflecting weaker demand.
Singapore Posts 4% Growth In 2024, Fastest Since Pandemic Recovery
Singapore’s economy grew 4.0% in 2024, its strongest annual performance since the pandemic, up from 1.1% in 2023 and 3.8% in 2022. Fourth-quarter GDP rose 4.3% year-on-year, beating expectations, with quarter-on-quarter growth at 0.1%.
Economists attribute the growth to strong manufacturing and low inflation, which hit a near three-year low of 1.9% in November. The trade ministry forecasts 2025 growth between 1.0% and 3.0%, though potential U.S. tariffs could pose risks. Analysts believe the central bank may adjust monetary policy later in 2025, depending on global conditions.
Canadian Manufacturing Sees Strongest Growth In 2 Years Amid Tariff Concerns
Canadian manufacturing activity expanded in December at its fastest pace since February 2023, with the PMI rising to 52.2. U.S. clients’ stockpiling ahead of potential 25% tariffs under incoming President Donald Trump boosted export sales.
A weaker Canadian dollar supported export competitiveness, while production expectations improved despite ongoing uncertainty about trade policies.
However, supply chain disruptions, driven by strikes and higher input costs, posed challenges. Input costs hit their highest since April 2023, while delivery delays persisted for the sixth month in a row.
Tullow Oil Exempted From $320m Tax In Ghana
Tullow Oil has revealed that the International Chamber of Commerce (ICC) has ruled in its favor regarding the Branch Profit Remittance Tax (BPRT). The ICC decision clarified that the BPRT does not apply to Tullow’s operations in Ghana’s Deepwater Tano and West Cape Three Points offshore fields. This ruling means the company is no longer required to pay the $320 million tax assessment and will not face any future BPRT liabilities for these operations.
Despite this significant relief, Tullow Oil stated that it continues to engage with the Government of Ghana to resolve two other outstanding tax claims. The company remains committed to working collaboratively to address these matters.
Nigeria’s Labour Demands Inflation-Based Annual Minimum Wage Review
Organised Labour is advocating for an annual adjustment of the ₦70,000 minimum wage to counter Nigeria’s inflationary pressures. TUC President Festus Osifo argued that waiting three to five years for wage reviews is inadequate, proposing yearly adjustments based on inflation rates reported by the National Bureau of Statistics.
The proposal aims to align wages with real-time economic realities, addressing the rising cost of living exacerbated by subsidy removal and increased energy costs. Labour’s demand coincides with President Tinubu’s pledge to curb inflation to 15% by the end of 2025.
