Akintunde Oyedokun
Research Analyst
Oil prices held firm on Thursday, with Brent at $63.55 and WTI at $59.62, as sanctions on Russian oil firms offset oversupply worries. OPEC+ plans to pause output hikes, but weak demand and rising U.S. crude inventories continue to weigh on the market.
Saudi Arabia reduced crude prices for Asian buyers amid strong competition, while global demand growth slows as economic uncertainty dampens consumption. Overall, market sentiment remains cautious despite easing supply pressures.
BoE Holds Rates, Signals Possible Cut Ahead
The Bank of England kept interest rates unchanged at 4.0% in a close 5–4 vote, with Governor Andrew Bailey hinting at potential rate cuts after the government’s budget if inflation continues to ease. The Bank said inflation has likely peaked and should fall as growth and employment weaken.
This marks the first pause in its gradual rate-cut cycle since August 2024, with the MPC revising its guidance to suggest that if disinflation persists, rates will move gradually lower.
Germany’s Industrial Growth Slows Despite Gains in Autos, Electronics
Germany’s industrial production rose by 1.3% in September, below the 3% forecast, as growth in the car and electronics sectors was offset by weakness in mechanical engineering and energy-intensive industries. The Economy Ministry warned there’s still no sign of a sustained recovery, with industrial orders down 3% in the third quarter. Despite government stimulus efforts, structural challenges and trade uncertainties continue to weigh on Europe’s largest economy.
Malawi Limits Maize Exports Amid Food Shortage
Malawi has imposed maize export restrictions to protect local supplies after a below-average harvest left a 0.8 million-ton deficit. Around 4 million people are expected to face hunger until the next harvest in March 2026, with prices rising over 50% in the past year. The government aims to stabilize food security and has ordered 200,000 tons of maize from Zambia, while the World Food Programme plans relief efforts despite a $69 million funding gap.
Nigerian Railways To Switch To Electric Trains In Five Years
The Nigerian Railway Corporation (NRC) plans to transition its network to electric trains within five years under its “Vision 2-5-10-20” framework, which also aims to double rail capacity in ten years and expand the network to 60,000 km in 20 years. Currently, only the Lagos Blue Line operates electrically, with an extension underway. NRC is also developing a National Railway Development Roadmap to connect all states and the FCT, while expanding freight services to ease road congestion and boost economic growth.
