Akintunde Oyedokun
Research Analyst
Oil prices declined on Friday, with WTI settling at $58.29 (down 95 cents) and Brent at $61.29 (down 84 cents), as both posted their steepest weekly losses since March—7.7% for WTI and over 8% for Brent. The slide comes ahead of Saturday’s OPEC+ meeting, moved up from Monday, where members will decide whether to raise output in June. Rising supply expectations and weak demand outlook due to U.S.-China trade tensions have weighed on the market. Saudi Arabia has signaled it won’t support further cuts. Gains in equities and U.S. sanctions threats on Iranian oil buyers helped limit deeper losses.
U.S. Construction Spending Drops In March Amid Broad-Based Declines
U.S. construction spending fell 0.5% in March, missing forecasts for a modest increase. The decline was broad-based, with private construction down 0.6%, including a 0.4% drop in residential projects and a 0.8% dip in non-residential structures. Public construction also edged down 0.2%, with cuts at both state and federal levels.
Despite the monthly drop, spending rose 2.8% year-over-year. Builders continue to face pressure from high mortgage rates and steep tariffs, which have raised construction costs by an estimated $10,900 per home.
Trump’s Federal Workforce Cuts Hit 4th Month, 23,000 Jobs Lost in 2025
Federal employment dropped by 8,500 in April, marking the fourth consecutive month of cuts, bringing the total number of jobs eliminated in 2025 to 23,000. Under President Trump, with Elon Musk leading the charge through the Department of Government Efficiency, these reductions are the most significant since Reagan’s presidency. Over 260,000 federal workers have been laid off, retired, or accepted buyouts.
By the end of 2025, the cuts could reach 300,000 jobs, setting a new record for workforce reductions at the start of a presidency.
South African Manufacturing Sentiment Declines Amid Global Trade Tensions and Political Uncertainty
South African manufacturing sentiment sharply fell in April, with the Purchasing Managers’ Index (PMI) dropping to 44.7 from 48.7 in March. This marks the sixth consecutive month of contraction. The decline was driven by global trade tensions, including the U.S.-China trade war, and local political instability, particularly surrounding VAT changes and power cuts. Excessive rainfall also added to the challenges.
AfDB’s Adesina Warns Nigeria’s Economy Is Worse Than 1960, Calls For Bold Reforms
Dr. Akinwumi Adesina, President of the African Development Bank, highlighted Nigeria’s worsening economic situation, with a GDP per capita of just $824, down from $1,847 in 1960. Speaking at Chapel Hill Denham’s 20th anniversary dinner, he urged the country to adopt radical reforms to become a globally competitive nation by 2050. Adesina blamed policy failures, dependence on oil, and lack of investment for the country’s decline and called for industrialization, innovation, and infrastructure development to drive growth. He also stressed the importance of strong institutions and good governance for successful reforms.
