Akintunde Oyedokun
Research Analyst
Oil prices ended higher on Friday, marking a second consecutive weekly gain, driven by easing U.S.-China trade tensions. Brent crude rose 1.4% to $65.41, while WTI climbed 1.4% to $62.49. However, gains were capped by expectations of increased supply from Iran and OPEC+ amid potential progress on an Iranian nuclear deal. Analysts warned that additional supply and long-term trade uncertainties could limit further price increases, even as geopolitical tensions and lower U.S. rig counts provide some support.
U.S. Import Prices Rise Unexpectedly In April As Capital Goods Costs Climb
U.S. import prices rose 0.1% in April, defying expectations of a 0.4% drop, driven by a 0.6% surge in capital goods costs despite falling fuel prices. Over the past year, import prices edged up 0.1%. Core import prices (excluding food and fuel) climbed 0.5% in April, the largest gain since December. A weaker dollar and Trump’s trade tariffs are pressuring import costs, with economists predicting inflation impacts and possible Fed rate cuts later in the year.
Japan’s Economy Shrinks As Trade Tensions and Weak Demand Weigh on Growth
Japan’s economy contracted by an annualized 0.7% in the first quarter, its first decline in a year and sharper than the expected 0.2% drop. The fall was driven by flat consumer spending and a 0.6% drop in exports, highlighting the country’s vulnerability ahead of U.S. tariff impacts on key sectors like automobiles.
Although capital spending rose 1.4%, boosting domestic demand slightly, external demand shaved 0.8 percentage points off growth. With trade uncertainty mounting and domestic momentum weak, pressure may build for policy action if conditions worsen.
Ghana Plans to Acquire 200,000 Hectares for Cocoa Plantations To Boost Production
Ghana’s government plans to acquire 200,000 hectares of land for cocoa plantations by the end of the year to boost production, which has dropped to a two-decade low due to climate change, tree disease, and illegal gold mining. Finance Minister Cassiel Ato Forson stated that the acquisition would support smallholder farmers and ensure sustainable sector growth, as cocoa output has fallen from 1 million metric tons to about 500,000 tons in recent years, highlighting the need for bold interventions to address the decline.
Nigeria’s Federal, States, LGAs Share N1.681tr In April 2025, Marking 6.5% Increase
The Federation Account Allocation Committee (FAAC) disbursed N1.681 trillion in April 2025, a 6.5% increase from March’s N1.578 trillion. Of the total gross revenue of N2.848 trillion, N101.051 billion was deducted for collection costs, and N1.066 trillion was reserved for transfers and savings. The Federal Government received N565.307 billion, states N556.741 billion, and local governments N406.627 billion.
Oil and non-oil revenues showed improvement, though Companies Income Tax (CIT) saw a significant decline, signaling challenges in corporate profitability amid macroeconomic pressures.
