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Brent rose to $65.40pb

Brent futures gained 1.19% to $65.40pb after an Iranian diplomat signaled that Iran would likely reject a U.S. proposal to resolve a long-standing nuclear dispute. This suggests continued sanctions that may restrict Iranian oil supply. A weaker U.S. dollar also contributed to the price increase. Prices may stay bullish in the near term as OPEC+ holds output at 411,000mbpd, easing fears of oversupply.

Nigeria’s PMI fell to 52.7 points in May

Stanbic IBTC Bank Nigeria’s PMI declined by 2 points to 52.7 points in May 2025 from 54.2 points in April. This marks a four-month low, signaling slower private sector growth. Despite remaining in expansion territory, the slowdown was attributed to inflationary pressures, with inflation recorded at 23.71% in April.

Price of cassava dropped to N80,000/ton

The price of a ton of cassava has plunged by 33% (YTD) to N80,000 from N120,000. This decline is due to reduced demand from the pharmaceutical and food industries, as they have shifted to cheaper imported starch. As a result, prices of cassava derivatives like garri, flour, and noodles have also fallen.

FDC’s senior analyst, Halimah Adediran, and Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

Enjoy your read!