Author: Olu Anisere

Oyedele Replaces Edun as Tinubu Reshuffles Cabinet President Bola Tinubu has approved a minor cabinet reshuffle in the Federal Executive Council (FEC). A statement issued by the Secretary to the Government of the Federation (SGF), Sen. George Akume. said two ministers would leave the cabinet. The statement was signed by Mr Yomi Odunuga, Special Adviser, Media and Publicity to the SGF. He said that Edun, who served as Minister of Finance and Coordinating Minister for the Economy, had been directed to hand over to Mr Taiwo Oyedele, now elevated to the position. Oyedele was formerly Minister of State in the…

U.S. President Donald Trump has accused Iran of repeatedly violating a ceasefire with the United States, as a two-week truce nears its expiration.

Iran War, Software Disruption Emerge as Twin Risks for U.S. Credit The U.S. risk outlook has deteriorated heading into 2Q26, with the U.S.-Iran war and AI-driven software disruption emerging as the two dominant credit themes, Fitch Ratings says. In a prolonged war scenario, macroeconomic headwinds would be significant, driven by higher inflation, lower real wages, tighter financing conditions and broader demand weakness. Fitch’s adverse scenario, which assumes oil prices average $100/barrel for 2026, implies U.S. gross domestic product (GDP) growth of 1.5% in 2026, roughly 0.7 percentage points below Fitch’s base case. The maximum impact would be felt after four…

AfDB, Italy Sign Co-Financing Deal to Boost Key Sectors in Africa The African Development Bank (AfDB) and the Government of Italy sign a co-financing agreement to strengthen the partnership for support to key sectors in Africa The Government of Italy, through the Ministry of Economy and Finance, the Ministry of Foreign Affairs and International Cooperation, and AfDB, signed the agreement in Washington. The deal aims at strengthening their strategic partnership to support priority projects across key sectors in Africa, including energy, agriculture, water, infrastructure, and human capital development. The agreement was signed by the President of the African Development Bank…

Africa Finance Corporation (AFC) has announced the successful closing of a US$100 million, 5-year loan facility from the Export-Import Bank of India, further strengthening its long-standing partnership with the institution.

Oil Outlook Tightens, Prices Surge as U.S. Seizes Iran Vessel Reflecting lingering supply risk, oil prices rose on Monday after the United States seized an Iranian vessel and Tehran reclosed the Strait of Hormuz, heightening concerns over disruptions to global supply. International benchmark Brent crude traded at $95.32 per barrel, up around 5.5% from the previous close of $90.38. US benchmark West Texas Intermediate increased about 6% to $87.56 per barrel, compared with $82.59 in the previous session. US President Donald Trump said Sunday that American naval forces intercepted and disabled an Iranian-flagged cargo ship that attempted to breach the…

XRPUSD Dips to $1.40 as Buying Momentum Eases Ripple (XRPUSD) dipped to $1.40 over the past 24h, closely tracking a broader market pullback driven by renewed geopolitical uncertainty. XRP price had hit $1.50 before it faced technical rejection. More than a specific bearish touch, the token price move reflects a risk-off shift across crypto as traders digest conflicting reports on Middle East tensions. Investors witnessed a broader market sell-off led by Bitcoin, triggered by mixed geopolitical signals around the Strait of Hormuz and U.S.–Iran negotiations. XRP’s decline mirrors Bitcoin’s 1.78% drop, as the entire crypto market turned risk-off. Conflicting reports…

Mr Taiwo Oyedele, Minister of State for Finance, has dismissed reports alleging hidden spending and diversion of federation revenue, describing it as misinterpretations of the World Bank Nigeria Development Update.

PAMA Flags Persistent Trade Barriers Amidst AfCFTA The Pan African Manufacturers Association (PAMA) has raised concerns over persistent barriers hindering cross-border trade despite the African Continental Free Trade Area (AfCFTA) PAMA President, Mr Mansur Ahmed, disclosed this in a statement to journalists on Sunday in Lagos. He noted that intra-African trade in manufactured goods remained low, accounting for about 18 per cent of total continental trade. According to him, this is far below Europe’s 60 per cent, highlighting deep-rooted structural challenges predating AfCFTA. Ahmed said Africa’s trade architecture, anchored on regional blocs, had yet to enable seamless cross-border trade, with…

Oil market ended the week mixed, with a surge in Brent price on concerns over potential supply disruptions linked to a possible US blockade of the Strait of Hormuz, while easing geopolitical tensions and revived hopes for talks with Iran pressured the market.