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Oil prices climbed over 2% on Tuesday as tensions between Israel and Lebanon and expectations of extended OPEC+ supply cuts boosted the market. Brent crude rose $1.79 (2.5%) to $73.62, while WTI gained $1.84 (2.7%) to $69.94. OPEC+ is likely to extend cuts through Q1 2024, aiming to stabilize prices amid weak demand and rising U.S. crude inventories. U.S. Job Openings Grow in October, Layoffs Hit 1.5-Year Low U.S. job openings rose by 372,000 to 7.744 million in October, while layoffs dropped to their lowest level in over a year, indicating an orderly slowdown in the labor market. Despite more vacancies, hiring declined by 269,000, particularly in construction and manufacturing. The job openings-to-unemployed ratio increased to 1.11, still below pre-pandemic levels. With worker confidence rising, the Federal Reserve may consider another interest rate cut to combat inflation. UK Retail Sales Hit by Black Friday Shift and Low Consumer Confidence Retail sales in November dropped 3.3%, the sharpest decline since April, as Black Friday spending moved to December, the BRC reported. Non-food sales fell 2.1% over three months, while food sales rose 2.4%. Rising energy costs and low confidence continued to weigh on spending. Barclays noted a 3.1% drop in essential spending, the steepest in five years, with supermarket sales down 1.8%. Non-essential spending rose slightly, driven by cinema ticket purchases. Overall card spending declined 0.5%, the first dip since July. South Africa’s Economy Shrinks in Q3 Amid Agricultural Slump South Africa’s GDP contracted by 0.3% in Q3 2024, contrary to economists’ forecasts of 0.5% growth, largely due to a 28.8% decline in agriculture caused by a severe drought. While mining, manufacturing, and construction sectors grew, the agricultural slump drove overall negative growth. Analysts remain optimistic about a rebound in the coming quarters, with expectations of modest recovery despite the downturn. Nigeria’s Private Sector Sees Employment Decline Amid Inflation The November Stanbic IBTC PMI® report shows a slight drop in private sector employment, ending a six-month growth streak. The decline, mainly in the services sector, reflects rising costs and weak demand. While new orders grew modestly, high prices continued to limit demand, and output fell for the fifth straight month. Business confidence hit a record low due to ongoing inflationary pressures. The PMI rose to 49.6 from 46.9 in October, signaling continued contraction, although Nigeria’s non-oil GDP grew by 3.46% in Q3 2024, with Q4 growth forecast at 3.2%.

School Feeding Programme Beneficiaries Now 5.22m Pupils In 19 States- Presidency

• Kano and Kaduna to join soon

The Federal Government, on Monday said 5.226m pupils in 28,249 schools across 19 states of the federation are now being fed under its National Home-Grown School Feeding (NHGSF) Programme.
The programme, a statement by ‘Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, recalled, is in line with the Muhammadu Buhari administration’s goal to tackle poverty and hunger, while creating jobs for Nigerians in line with its inclusive growth plan.
So far, over 50,000 cooks are currently engaged across the beneficiary states of: Anambra, Enugu, Oyo, Osun, Ogun, Ebonyi, Zamfara, Delta, Abia, Benue, Plateau, Bauchi, Taraba, Kaduna, Akwa Ibom, Cross River, Imo, Jigawa and Niger.
Pupils from schools in Kano and Kaduna, two north-western states are to be incorporated in the coming weeks, to enable the programme achieve its target of feeding 5.5m schoolchildren by the end of 2017.
According to the statement, the programme, which is also expected to significantly boost the nation’s agricultural sector, is part of President Muhammadu Buhari administration’s N500bn National Social Investment Programmes (NSIP).
Meanwhile, the School Feeding Programme is collaborating with the Federal Ministry of Health to deliver an integrated deworming programme for pupils in all public primary schools classes 1 to 6 across 17 states currently under the NHGSFP in the country.
At least 243 Local Government Areas will benefit from the deworming exercise in the 17 states from the first week of December, including Abia, Akwa Ibom, Enugu, Niger, Osun, Bauchi, Jigawa, Katsina, Zamfara, Anambra, Benue, Imo, Kano, Kaduna, Ebonyi, Delta and Plateau states.
The integrated programme “will deliver three different drugs for the treatment of diseases endemic to specific states; particularly schistosomiasis; soil-transmitted helminths and river blindness/onchocerciasis. The drugs to be distributed are Albendazole, Ivermectin and Parazaquintel.”
Supported by the Federal Government, three facilitators would be within the states for the period to achieve these objectives and ensure that the pupils in these states are dewormed, the statement added.

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