Akintunde Oyedokun
Research Analyst
Oil prices edged higher on Friday but remained on track for an 8% weekly loss as a ceasefire between Israel and Hezbollah and increased tanker traffic through the Strait of Hormuz eased supply concerns.
Brent crude traded at $80.05 per barrel, while WTI stood at $76.85. Analysts expect additional Iranian and Middle Eastern oil supplies to weigh on prices, although OPEC projects global oil demand will continue to grow in the coming years.
BOJ Seen Delivering More Rate Hikes as Inflation Risks Rise
Former BOJ board member Makoto Sakurai expects the central bank to raise interest rates again this year, with the possibility of another hike before March 2027 if inflation continues to rise.
He said the BOJ’s recent move to lift rates to 1% reflects a stronger focus on tackling inflation, driven by a weak yen, higher energy costs, and a tight labour market.
UK Borrowing Rises Sharply As Debt Costs Climb
UK borrowing rose to £23.3 billion in May, up 30% year-on-year and above forecasts, driven by higher inflation and rising debt costs.
Borrowing for the first two months reached £46.3 billion, also higher than expected. Interest payments jumped sharply, adding pressure to public finances.
Debt remains near 95% of GDP, while spending pressures continue despite higher tax revenues.
Kenya Secures Funding Plan for $1.2bn Airport Upgrade
Kenya has appointed African lenders to arrange financing for a $1.2bn expansion of Nairobi’s main airport, aiming to raise capacity from 7.5 million to 22 million passengers.
The three-year project will be funded through airport revenues, replacing a cancelled deal with India’s Adani Group.
Nigeria Adds 904,000 Internet Users in April
Nigeria’s internet subscribers rose by 904,000 in April 2026 to 154.7 million, driven mainly by mobile networks.
Broadband users also increased to about 120.7 million, pushing penetration to 55.67%. MTN leads the market, followed by Airtel, Globacom, and T2mobile.
Despite growth, data usage slightly fell to 1.414 million terabytes amid ongoing network challenges.
