Akintunde Oyedokun
Research Analyst
Oil prices fell Friday as concerns over U.S. tariff wars fueled recession fears. Brent crude dropped 0.5% to $73.63 per barrel, while WTI declined 0.8% to $69.36. Despite this, both posted weekly gains, with Brent rising 1.9% and WTI up 1.6%.
Tighter supply concerns persist as U.S. sanctions on Venezuela and Iran disrupt crude exports. Meanwhile, OPEC+ is set to begin gradual production increases in April, shaping the market outlook for the coming months.
Canada’s Economy Grows 0.4% In January, But Faces Trade Risks
Canada’s GDP grew 0.4% in January, driven by strong goods and services sectors, particularly mining, oil and gas, and manufacturing. However, the Bank of Canada warns of economic uncertainty due to U.S. tariffs, which could dampen investment and consumer spending. February growth is expected to remain flat, with gains in manufacturing offset by declines in real estate and retail trade.
Italian Business, Consumer Confidence Drops, Weakening Economic Outlook
Italian business and consumer confidence fell sharply in March, signaling economic concerns. ISTAT’s composite business confidence index dropped to 93.3, its lowest since November, driven by a steep decline in the service sector. Consumer confidence also plunged to 95.0, missing forecasts. With Italy’s 2024 growth at 0.7%, below the government’s 1% target, economic prospects remain uncertain amid geopolitical tensions and trade risks.
Ghana’s Central Bank Hikes Interest Rate To 28% On Inflation Concerns
In a surprise move, Ghana’s central bank raised its policy rate by 100 basis points to 28%, its first increase since July 2023. The decision, driven by persistent inflationary pressures, defied economists’ expectations of a rate hold. Governor Johnson Asiama emphasized the need for a tighter stance despite a slight drop in consumer inflation to 23.1% in February. The hike signals a stronger fight against inflation as Ghana navigates economic challenges in its cocoa and gold sectors.
Enugu To Train 1.1m In Digital Skills By 2027
The Federal Government aims to train over 1.1 million Enugu residents in digital skills by 2027 through NITDA’s Digital Literacy for All (DL4ALL) program. Minister Dr. Bosun Tijani highlighted ongoing projects, including AI, cybersecurity training, and expanding digital infrastructure in the state. Governor Peter Mbah reaffirmed Enugu’s commitment to using technology to drive economic growth and become a $30 billion economy.
