By Adedapo Adesanya

Oil prices fell on Friday due to worries that the US tariff war could spark a global recession, as America put pressure on the Organisation of the Petroleum Exporting Countries (OPEC) as well as Venezuela and Iran.

During the session, Brent crude futures went down by 40 cents or 0.5 per cent to $73.63 a barrel and the US West Texas Intermediate crude futures (WTI) dropped 56 cents or 0.8 per cent to close at $69.36 a barrel.

The US President, Mr Donald Trump, plans to announce reciprocal tariffs targeting a wide range of imports, effective April 2.

For instance, JPMorgan analysts said in a note to its clientele that the trade war has investors worried about a potential recession.

“Concerns about a trade war, coupled with elevated U.S. policy uncertainty, are weighing heavily on sentiment,” the bank said.

It added that although the risk of recession was elevated, high-frequency oil demand indicators have held up relatively well for now.

Regardless, the possibility sent jitters to traders.

Meanwhile, traders continued to look at escalating US sanctions on Venezuela and Iran.

The Trump administration’s decision to impose a 25 per cent tariff on countries importing Venezuelan crude sent ripples through the physical market.

India’s Reliance Industries, the operator of the world’s largest refining complex, halted Venezuelan imports in response, reinforcing fears of a looming supply squeeze.

Also, the US renewed enforcement of Iranian oil sanctions—targeting refiners and shipping linked to China—further tightened available barrels.

The US has issued four rounds of sanctions targeting Iran’s oil sales since Mr Trump’s return to the White House.

The combined impact from both measures threatens to cut off hundreds of thousands of barrels per day from the global market, with Chevron’s potential 200,000 barrels per day production loss in Venezuela adding to the pressure.

The Trump administration extended the deadline to May 27 for US producer Chevron to wind down operations in Venezuela.

In addition, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will likely stick to its plan to raise oil output for a second consecutive month in May.

By Adedapo Adesanya

The federal government is looking to remedy discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.

This came as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spearheaded a high-level Fiscal Data Harmonisation Meeting (FDHM).

The meeting was part of a bold move to revolutionize Nigeria’s economic landscape, marking a significant milestone in the country’s quest for economic stability and transparency.

The meeting which was held in his office in Abuja, brought together key stakeholders, including the Honourable Minister of State for Finance, Mrs Doris Uzoka-Anite; the Accountant General of the Federation, Mr Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr Tanimu Yakubu.

Mr Edun emphasised the need for synergy between agencies such as the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO).

“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” he stated.

According to a statement, attendees agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumptions.

Mr Edun reaffirmed that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.

The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.

By Adedapo Adesanya

The Senate has directed the Bureau of Public Procurement (BPP) to halt the planned sale of Lafarge Africa to Chinese cement maker, Huaxin Cement.

The legislators made the move on national security and economic sovereignty grounds.

“The Senate notes that discussions are underway regarding the divestment of Lafarge Cement Plc, with reports indicating potential Chinese investors. This has sparked concerns over the possibility of foreign dominance in a key sector of the Nigerian economy,” the motion stated.

It further observed that Holcim AG, the majority shareholder, is planning to offload its 83.8 per cent stake in Lafarge Africa to Huaxin Cement Co., a Chinese cement manufacturer.

The $1 billion deal is expected to be finalized in 2025, pending regulatory approval.

“The cement manufacturing industry is vital to national security due to its role in infrastructure projects, including roads, bridges, housing, and public works,” the motion continued.

“Excessive foreign control in this sector could pose risks to Nigeria’s economic sovereignty and security interests.”

Some of the senators who backed the call included Mr Shuaib Afolabi Salisu, who said, “We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands. We must ensure that strategic assets like Lafarge Africa remain in the hands of those who have the country’s best interests at heart.”

On his part, Mr Olamilekan Adeola said, “The company is about to be divested and the transaction has been shrouded in secrecy. What the motion is simply asking for is that we want this transaction to be as transparent as possible. By the time the eventual sale of this company is done, we will be fully satisfied that Nigeria’s economy will be protected.”

Concerns have reportedly been raised that the deal could lead to capital flight, job losses and reduced regulatory oversight over a sector vital to national development.

Mr Jimoh Ibrahim cautioned against using the Senate to obstruct the federal government’s efforts to attract foreign investment.

He argued that investors should not feel restricted when they decide to exit or divest from their holdings.

His sentiment was echoed by Mr Sunday Karimi, advising against any legislative action that might hinder the sale.