Akintunde Oyedokun
Research Analyst
Oil prices rose about 3% on Tuesday, lifted by stronger demand in China and Europe, reduced U.S. production, and growing geopolitical risks in the Middle East. Brent closed at $62.15, while WTI ended at $59.09. The rebound follows a sharp drop after OPEC+ announced accelerated output increases. Analysts attribute the rise to bargain hunting and short-covering. Support also came from a weaker U.S. dollar, reduced drilling activity by U.S. energy firms, and expectations of a second straight weekly drop in crude inventories.
Canada Beats Trade Forecasts As Firms Shift From U.S. Amid Tariffs
Canada’s March trade deficit narrowed to C$506 million, well below forecasts, as imports dropped faster than exports. A 2.9% decline in U.S. imports followed Canada’s tariffs retaliating against Trump’s steel and aluminum duties. Exports to the U.S. fell 6.6% but were balanced by gains elsewhere, reflecting a business pivot toward new markets. Analysts had expected a wider C$1.56 billion deficit. Despite recent export dips, annual levels remain strong. The Bank of Canada signaled it may cut rates if economic conditions worsen.
NZ Job Market Stagnates, Boosting Case For Further Rate Cuts
New Zealand’s labour market remained subdued in the first quarter, with employment edging up just 0.1% and unemployment steady at 5.1%, near a 4.5-year high. Wage growth slowed and participation dipped, particularly among youth, indicating easing labour pressures. The soft data supports expectations for additional rate cuts, with the Reserve Bank having already lowered the cash rate to 3.5% since August 2024. Analysts expect the rate to drop below 3.0% by year-end, as weak domestic demand and global risks continue to drag on the economy.
Kenya’s Economy Grows 4.7% in 2024, Amid Mining, Construction Decline
Kenya’s economy expanded by 5.1% year-on-year in the fourth quarter of 2024, though this marked a slowdown from the 6.1% growth seen in the same quarter of 2023, according to the Kenya National Bureau of Statistics.
For the full year, the economy grew by 4.7%, down from 5.7% in 2023. The key drivers of growth included agriculture, forestry, fishing, finance, insurance, transport, and real estate.
However, sectors such as mining, quarrying, and construction saw contractions, which contributed to the overall dip in economic momentum for the year.
FG to Train 200,000 Nigerians In AI for Tech Leadership
The Federal Government plans to train over 200,000 Nigerians in AI and emerging technologies to boost digital skills and make Nigeria a leader in AI innovation. Minister Chief Uche Nnaji announced this at the 10th ACS Symposium in Abuja, highlighting the role of AI in sustainability and bridging the gap between research and practical solutions. Prof. Olufemi Peters of NOUN emphasized AI’s role in advancing sustainable development and addressing national challenges.
