Global Market News

Oil soars more than 9% after Israel strikes Iran, rattling investors"”Reuters

Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Click here for more.

Dollar and other safe havens rise as Israel strikes Iran"”Reuters

The U.S. dollar advanced on Friday after Israel said it had launched strikes on Iran, sparking a rush back into the currency and a rally in other safe-haven assets including the Japanese yen, the Swiss franc and gold. Click here for more.

Macroeconomic News

FG to revoke dormant oil licenses with new policy"”Punch

The Nigerian Upstream Petroleum Regulatory Commission has told oil producers that it is set to implement the "˜drill or drop' policy. Click here for more.

BOI to unveil impact fund, youth bank"”Punch

The Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, has disclosed that the bank is set to unveil an Impact Fund and a Youth Bank to support enterprise development and drive youth-led industrialization across Nigeria. Click here for more.

NNPC remits N4.7tr as oil revenue shortfall hits $5.7b"”TheGuardian

Losses to oil production targets, yesterday, hits $5.7 billion (about N8.7 trillion) in the first five months of 2025, as the Nigerian National Petroleum Company Limited (NNPCL) remitted N4.7 trillion to the federation account in the first three months of the year. Click here for more.

China offers Nigeria, others duty-free market access "”Punch

In a major policy shift set to reshape Africa-China trade relations, the Chinese government has announced plans to grant Nigeria and 52 other African nations full duty-free access to its vast consumer market. Click here for more.

Manufacturers blame high interest rates as exports crash by N746bn "” Punch

The Manufacturers Association of Nigeria has decried the high interest rates by banks as manufacturing exports crashed from the last peak of N1.04tn in the third quarter of 2024 to N294.43bn in Q1 2025, representing a N746.38bn plunge. Click here for more.

Abuja:

4 Misratah Street,

Wuse II

Abuja, Nigeria

Tel: +234 201 7100 4334

Email: research@cardinalstone.com

Website: www.cardinalstone.com