Akintunde Oyedokun
Research Analyst
Oil prices held above $90 on Friday, heading for a second weekly gain amid Middle East tensions and tighter U.S. sanctions on Iran.
Brent rose 0.21% to $93.98, while WTI gained 0.08% to $86.90. Weekly gains stood at 6.1% and 5.3%, respectively.
Lower flows through the Strait of Hormuz and falling Iranian exports continued to support prices.
India’s Private Sector Growth Edges Up
India’s private sector activity improved slightly in August, with the HSBC Composite PMI rising to 54.6 from 54.3 in July.
Services growth strengthened to 54.5, but manufacturing fell to 52.9, its lowest since August 2021. Employment improved, while cost pressures eased despite weaker demand.
Canada Retail Sales Rise 0.6% in June
Canada’s retail sales rose 0.6% to C$74.28 billion in June, beating the 0.4% forecast, driven by clothing, general merchandise and vehicle sales.
Retail volumes increased 1.5%, while food and beverage sales fell 0.4% and gasoline sales dropped 4.1%. StatsCan expects sales to decline 0.8% in July.
Tanzania Commissions 2,115MW Power Plant
Tanzania has commissioned the $2.84 billion Julius Nyerere Hydropower Project, lifting power capacity to 4,646MW and creating a 2,375MW surplus for possible exports to Kenya and Zambia.
Officials say the project will support industrial growth, investment and job creation.
FAAC Allocation Hits Record N3.0tn
Nigeria’s three tiers of government shared a record N3.0tn in August, up 18% month-on-month, driven by stronger tax and oil revenues.
The Federal Government received N1.1tn, states N943bn and local governments N674bn, while oil-producing states got N243bn.
The record payout highlights improving revenue mobilisation and stronger non-oil revenue.
