Author: Olu Anisere

UK Manufacturing Output, New Orders Contract as Uncertainties Continue The UK manufacturing sector continued to face tough operating conditions in May, S&P Global said in its latest purchasing manager index. A combination of weak global demand, turbulent trading conditions, and rising cost burdens led to reduced levels of output, new orders, new export business, and employment. The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) rose to a three-month high of 46.4 in May, up from 45.4 in April and above the earlier flash estimate of 45.1. The PMI has nonetheless signaled a deterioration in operating performance in…

€1m Grant: French Embassy Releases List of Beneficiaries The French embassy has shed more light on its 1m euros or N1.8 billion grant for Civil Society Organisations (CSOs) in Nigeria, providing a list of beneficiaries. 19 CSOs, drawn from 14 states and the Federal Capital Territory, are listed. The grant is to be deployed to drive grassroots development in the country. The donation was announced in Abuja on Friday. Tagged the French Embassy Fund for Civil Society Organisation (FEF-OSC), the initiative is now in its sixth year. Among the CSOs listed are Against All Odds Foundation and Grassroot Researchers Association…

NATO Chief Calls for Boost in Military Budgets NATO Secretary General Mark Rutte has called for significantly higher defence spending in view of the geopolitical confrontation with Russia. “We have to stand ready so it will be considerably more than the 2 per cent we were used to,” Rutte said during a visit to Lithuania. He said that the alliance’s current annual defence-related spending target of 2 per cent of economic output is no longer adequate to address today’s security challenges. The host, Lithuanian President Gitanas Nausėda, also called on the allies to invest significantly more money in the military.…

Rwanda Producer Inflation at 3-Month Low Producer prices in Rwanda climbed 2.4% year-on-year in April 2025, easing from a 4.2% rise in the previous month and marking the fifth consecutive month of producer inflation. The latest reading was also the softest producer inflation rate since January, with manufacturing prices rising more slowly (2.9% vs. 5.1% in March), while mining and quarrying remained steady at 1.1%. Meanwhile, prices in electricity, gas, steam & air conditioning supply activities remained unchanged. On a monthly basis, producer prices fell 1.9% in April, following a 0.6% decline in March, marking the third consecutive monthly decrease…

Mozambique Cuts Interest Rate by 75 bps, Sees Steady Inflation Mozambique’s central bank cut its main interest rate on Friday for the ninth policy meeting in a row, and by a hefty 75 basis points, saying it expected inflation to remain in single digits over the medium term despite lingering domestic risks. The Bank of Mozambique slashed its main lending rate by 75 basis points to 11.00% from 11.75%, bigger than the 50 bps cut at its last meeting in March. “This measure is primarily driven by the consolidation of the single-digit inflation outlook over the medium term, partially supported…

Tunisia’s Central Bank Keeps Key Interest Rate at 7.5% Tunisia’s central bank said on Friday it has kept its benchmark interest rate unchanged at 7.5%, after cutting it from 8% in March for the first time in five years amid intense pressure from President Kais Saied. Tunisia’s inflation rate fell to 5.9% in March and then to 5.6% in April, reaching its lowest level in five years. The government projects inflation will average 6.2% this year, down from 7% in 2024. The current account deficit, a key economic indicator, widened to 3.26 billion dinars ($1.10 billion) at 1.8%, the bank…

Development Bank of Nigeria Disburses N1trn to MSMEs The Development Bank of Nigeria (DBN) has said that it disbursed over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country and created more than 1.2 million jobs. The managing director of the bank, Dr Tony Okpanachi, disclosed this in an interview with the news agency on the sidelines of the African Development Bank (AfDB) Annual Meetings in Abidjan. Okpanachi described DBN’s progress as a major milestone in its mission to enhance access to finance for Nigeria’s small businesses. “We are proud to report that at the end of…

Kano Targets N200bn IGR via NIN-Based Tax Reform The Kano State Board of Internal Revenue (KIRS) is targeting an Internally Generated Revenue (IGR) of N200 billion through a tax reform that leverages the National Identification Number (NIN). The executive chairman of KIRS, Dr Zaid Abubakar, made this known while addressing stakeholders at a recognition ceremony for individuals and organisations whose efforts have supported the agency’s achievements despite prevailing challenges. According to him, KIRS has made significant strides since 2024 in the areas of tax compliance, revenue generation, and efficient service delivery, due to sustained reforms and support from relevant partners.…

Oil Rises as US Court Blocks Trump’s Global Tariffs Oil prices rose as investors in the global commodity market reacted to a US court decision to block President Donald Trump from imposing sweeping global tariffs on imports. International benchmark Brent crude increased by around 1.62%, trading at $65.36 per barrel. Also. The US benchmark West Texas Intermediate (WTI) rose by about 1.69%, settling at $62.69 per barrel, compared to $61.65 in the prior session. The US Court of International Trade ruled Wednesday that President Donald Trump overstepped his authority and blocked him from imposing sweeping global tariffs on imports, according…

Buy Side Investors Drive Intraday Gain in Equities Market Buy side activities from stockbrokers and other traders boost equities market performance on Wednesday. Stockbrokers said Access Holdings, MTN Nigeria, and GTCO are among the top stocks driving the intraday rally in the equities segment of the Nigerian Exchange (NGX) on Wednesday. The all-share index has inched higher as investors are taking positions in growth stocks. The bargain hunting has pushed key performance indicators higher again after hitting a historic high in the Nigerian bourse yesterday. Stockbrokers said they expect the local bourse to close in green, having seen huge intraday…