Akintunde Oyedokun
Research Analyst
Oil prices fell on Thursday as renewed US-Iran diplomatic efforts eased supply disruption concerns. Brent crude dropped 1.34% to $113.77 per barrel, while WTI declined 1.95% to $100.78.
However, continued Houthi attacks on Saudi Arabia and tensions around the Strait of Hormuz limited losses. Expectations of higher Russian oil production also weighed on prices.
US Inflation Hits 3.6%, Raising December Rate Hike Bets
US inflation rose to 3.6% in September from 3.4% in August, driven by higher fuel and goods prices. Core inflation climbed to 3.1%, while the economy grew 3.4% in Q3. Markets now price in an 84.6% chance of a Federal Reserve rate hike in December.
Brazil’s Interest Payments Hit 10-Year High
Brazil’s interest payments climbed to 8.99% of GDP in the year to September, the highest since January 2016, pushing its nominal fiscal deficit to 9.51% of GDP. Gross public debt stood at 82.9% of GDP, as rising borrowing costs and government spending continue to pressure public finances.
South Africa Widens Economic Lead Over Nigeria After GDP Rebasing
South Africa’s economy has been revised upward by 5% to 8.04 trillion rand ($483 billion) following GDP rebasing, widening its lead over Nigeria, whose 2025 GDP stood at ₦441.5 trillion ($328 billion). The exercise captured previously unrecorded economic activities, including illegal mining and private electricity generation.
Tinubu Defends Foreign Borrowing to Achieve $1trn Economy Target
President Bola Tinubu has defended Nigeria’s foreign borrowing, saying infrastructure investment is critical to achieving a $1 trillion economy by 2030.
He said funds would support major highways, electricity upgrades and port modernisation to boost trade, reduce logistics costs and attract investment.
Tinubu added that borrowing should be measured by the economic value it creates, job opportunities and improvements in living standards.
