By Adedapo Adesanya

Crude oil went up by more than 3 per cent on Thursday, supported by hopes for a trade deal between the United States and the European Union and new US sanctions to curb Iranian oil exports, which continued to elevate supply concerns.

During the session, Brent crude futures gained $2.11 or 3.2 per cent to sell at $67.96 per barrel and the US West Texas Intermediate (WTI) crude futures appreciated by $2.21 or 3.54 per cent to close at $64.68 a barrel.

For the week, both Brent and WTI gained 5 per cent, their first weekly gain in three weeks. Thursday is the last settlement day of the week ahead of the Easter holidays.

US President Donald Trump and Italian Prime Minister Giorgia Meloni met in the US and expressed optimism about resolving trade tensions that have strained US-European relations.

President Trump said he was 100 per cent certain of an eventual trade deal with Europe, the most confidence he has expressed on those negotiations since rattling world markets with his tariff announcements.

“Of course there will be a trade deal, very much. They want to make one very much. And we are going to make a trade deal. I fully expect it. And it will be a fair deal,” he said.

The 27-nation European Union faces 25 per cent import tariffs on steel, aluminum and cars, and broader tariffs on almost all other goods under President Trump’s policy to hit countries he says impose high barriers to US imports.

The American President has offered to make trade deals with as many nations as possible to limit the impact of the tariffs.

Also supporting prices are sanctions issued by Trump’s administration on Wednesday, including against a China-based oil refinery, ramp up pressure on Iran amid talks on the country’s nuclear programme.

The US also issued additional sanctions on several companies and vessels it said were responsible for facilitating Iranian oil shipments to China as part of Iran’s shadow fleet.

The Organisation of the Petroleum Exporting Countries and its allies, OPEC+, has also provided updates and reassurance to the market, stating that they remain in control with flexibility to cut production if needed.

The cartel said on Wednesday it had received updated plans for Iraq, Kazakhstan and other countries to make further output cuts to compensate for pumping above quotas.

Worries remain as OPEC, the International Energy Agency (IEA) and several banks, including Goldman Sachs and JPMorgan, cut forecasts on oil prices and demand growth this week over tariffs and possible retaliation.

By Aduragbemi Omiyale

The amount shared by the federal government, the 36 state governments and the 774 local government areas of the federation from the Federation Account Allocation Committee (FAAC) in April 2025 from the revenue generated last month declined by N100 billion, Business Post reports.

This month, FAAC disbursed about N1.578 trillion to the three tiers of government, lower than the N1.678 billion distributed in March 2025.

In a communiqué by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, it was stated that the N1.578 trillion comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion, and an Exchange Difference revenue of N28.711 billion.

The money was shared after deducting N85.376 billion as cost of collection and N747.180 billion as total transfers, interventions and refunds from the total gross revenue of N2.411 trillion generated by the nation last month.

It was explained that gross statutory revenue of N1.718 trillion was received for March 2025 versus N1.653 trillion received in February 2025, and gross revenue of N637.618 billion was available from VAT compared with N654.456 billion a month earlier.

As for the distribution of the N1.578 trillion, FAAC said it gave the federal government N528.696 billion, the states N530.448 billion, the local councils N387.002 billion, and the benefiting states N132.611 billion as 13 per cent of mineral revenue.

It disclosed that on the N931.325 billion statutory revenue, the federal government received N422.485 billion, the state governments got N214.290 billion, the LGAs were given N165.209 billion, and the oil-producing states went away with N129.341 billion.

Further, from the N593.750 billion VAT revenue, the national government got N89.063 billion, the state governments received N296.875 billion, and the local councils got N207.813 billion.

In addition, from the N24.971 billion EMTL, the central government was given N3.746 billion, the state governments got N12.485 billion, and LGAs shared N8.740 billion.

By Adedapo Adesanya

Nigeria and South Africa have signed a Memorandum of Understanding (MoU) to boost mining cooperation, focusing on investment, knowledge exchange, and technology transfer.

The agreement was signed in Abuja by the Solid Minerals Development Minister, Mr Dele Alake, and South Africa’s Mineral Resources, Mr Gwede Mantashe.

A statement on Wednesday said the MoU was part of efforts to strengthen ties under the Nigeria–South Africa Bi-National Commission framework.

It noted that the deal sets out specific areas of collaboration alongside defined implementation timelines for joint activities and engagements in the mining sector.

“Both ministers pledged ongoing engagement to advance intra-African trade and implement practical steps outlined in the agreement,” it said.

The ministers also expressed optimism that the renewed partnership would significantly strengthen the mining industries of both countries through shared expertise and innovation.

Key highlights include capacity building in geological methods using UAVs and applying spectral remote sensing technologies for mineral exploration and mapping.

Other areas cover geoscientific data sharing via the Nigeria Geological Survey Agency, training in mineral processing, and value-addition initiatives.

The MoU also supports capacity building in elemental fingerprinting with LA-ICP-MS and joint exploration of agro and energy minerals within Nigeria.

Mr Alake restated that bilateral cooperation holds promise for industrialisation, employment generation, and sustainable economic development across the African continent.

“The agreement on geology, mining, and mineral processing will foster knowledge exchange, promote investment, and encourage regional integration,” Mr Alake stated.

He reiterated Nigeria’s focus on developing its mining sector, noting mutual benefits through mineral wealth and South Africa’s technological expertise.

According to Mr Alake, this synergy will attract investments, build skills, and help diversify Nigeria’s economy for long-term growth and stability.

Mr Mantashe, on his part lauded the agreement, noting that it will be crucial to South Africa, as well as promote cooperation between the two African nations.