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Brent climbed to $65.68pb

Brent futures rose 1.29% to $65.68pb amid optimism that U.S.-China trade tensions may ease following a phone call between Presidents Trump and Xi. This helped offset concerns over rising OPEC+ output. With the peak travel season approaching, oil prices are expected to climb further, driven by anticipated stronger summer demand.

CBN PMI declined to 52.1 points in May

The CBN PMI edged down to 52.1 points in May from 52.2 in April. This remains above the 50-point threshold, signaling continued economic expansion. This sustained growth suggests a potentially favorable outlook for Nigeria’s economy in the second quarter of 2025.

Prices of some commodities surged

Prices of some commodities, such as onions, peppers, and tomatoes, have risen by 30%, 25%, and 13%, respectively. This is mainly due to increased demand during the Sallah festival. Similarly, the price of a medium-sized ram rose by 100% (yoy) to N400,000. Apart from the festivities, further price hikes are anticipated due to flooding in Mokwa, a key farming hub. Especially the price of onions, which is up by 30%.

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

Click the link below to watch the video.

Enjoy your read!