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Brent climbed 0.36% to $78.69pb as OPEC+ ministers hint at retaining voluntary cut

On Thursday, Brent rose 0.36% to $78.69pb as the Saudi energy minister warned that OPEC+ might reverse its planned suspension of voluntary cuts due to bearish market sentiment. Oil prices were also buoyed by expectations that the U.S. Fed may cut rates as early as September, following Canada and the ECB.

Nigeria to suspend import levies on staple foods to fight inflation

The Federal Government of Nigeria is believed to be planning to suspend import levies on food staples for six months as a way of curbing food inflation. In April, Nigeria’s headline inflation surged to 33.69%. These proposed actions are expected to tame inflation and consequently alleviate the cost of living crisis.

FDC’s senior analyst, Dr. Desola Sunmoni discussed these and other burning economic issues on Channels TV Business Morning programme.

Click the link to watch the video.

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