Akintunde Oyedokun
Research Analyst
Oil prices rose on Tuesday, with Brent closing at $70.15 and WTI at $68.33 — the highest since June 23. The gains came after a forecast showing U.S. oil production will be lower in 2025, along with renewed attacks on ships in the Red Sea.
A surprise 50% U.S. tariff on copper boosted overall commodity prices. Rising fuel margins and technical buying also supported the market, despite plans by OPEC+ to raise output next month.
German Exports Slide In May As U.S. Demand Drops After Tariff Surge
Germany’s exports fell by 1.4% in May, more than the expected 0.2% drop, as the impact of frontloaded shipments ahead of U.S. tariffs faded. Exports to the U.S. plunged 7.7% month-on-month after a similar decline in April, despite a 10% tariff that came into effect in April. Compared to May 2024, U.S.-bound exports were down 13.8%. The euro’s strength and ongoing trade tensions add to exporter concerns, with economists warning of continued declines if no EU-U.S. trade deal is reached. Signs point to stagnation or slight contraction in Germany’s Q2 economy.
U.S. Small-Business Confidence Dips In June On Inventory Glut, Sales Concerns
U.S. small-business confidence declined in June, with the NFIB Small Business Optimism Index dropping to 98.6. The fall was largely due to a surge in businesses reporting excess inventory and a dip in sales expectations. Only 7% of firms anticipated improved sales, down from 10% in May. Business health sentiment also weakened, while policy uncertainty—fueled by new tariffs and political shifts—remained elevated. Taxes topped the list of major concerns, while inflation worries eased.
Ghana Launches Anti-Gold Smuggling Task Force To Curb Billions In Losses
On Tuesday, President John Mahama launched Ghana’s first national task force to combat illegal gold trading, backed by police and military forces. The move follows the creation of GoldBod, a centralized gold board that has boosted official exports to 55.7 metric tonnes worth $5 billion in early 2025. Informants will receive 10% of seized gold’s value to encourage cooperation. Ghana plans to implement a gold traceability system and shift to refined exports by 2026. The initiative is part of broader efforts across West Africa to capture more revenue amid surging gold prices.
NIMASA’s New Revenue Rule Sparks Lawmakers’ Concern
NIMASA now gives 50% of its income to the federal government under a new policy. Lawmakers questioned how the agency will meet its 2025 targets after missing ₦97bn in 2024.
They also asked why staff costs jumped from ₦42 billion to ₦73 billion, and how ₦89 billion in capital projects will be funded with less money.
NIMASA said it’s counting on more oil output and better systems to increase revenue. The committee also called for the release of ₦200 billion for the Maritime Academy in Oron.
