By Adedapo Adesanya

Oil futures settled lower on Friday ahead of talks between Iran and the United States aimed at securing a ‌permanent ceasefire.

Brent futures lost 72 cents or 0.8 per cent to trade at $95.20 a barrel, while the US West Texas Intermediate (WTI) crude futures fell by $1.30 or 1.3 per cent to $96.57 ​a barrel. As a result, these benchmarks posted their biggest weekly decline since 2022.

Despite the ceasefire announced earlier this week, traffic through the critical oil chokepoint remains severely restricted and under supervision and approval by Iran’s Islamic Revolutionary Guard Corps (IRGC).

Crude futures hovered near $100 a barrel as attacks continued and the flow of oil through the Strait of Hormuz remained heavily restricted, and concerns lingered over potential supply disruptions in Saudi Arabia. Prices in the physical market were at record highs.

Market analysts noted that the key issue for the oil ⁠market is whether ship traffic through the Strait of Hormuz will resume. However, there are no signs of this happening. If oil supplies from the Persian Gulf remain blocked, ​oil prices are likely to rise again.

According to Reuters, traffic through the strait remained less than 10 per cent of normal volumes as Iran warned ships to keep to ​its territorial waters. Most ships that have sailed through the Strait in the past day were linked to Iran.

Iran also wants to charge fees for ships to pass through the Strait under a peace deal.

Oil prices could spike and hit again their peak Iran-war levels at nearly $120 per barrel if a full recovery of vessel traffic through the Strait of Hormuz takes until July, according to JP Morgan.

Attacks on Saudi energy facilities have cut the kingdom’s oil production capacity by about 600,000 barrels per day ​and reduced its East-West Pipeline throughput by about 700,000 barrels per day.

Meanwhile, Lebanon said it intends to take part in a meeting with ​the US and Israeli representatives in ⁠Washington next week to discuss and announce a ceasefire.

By Modupe Gbadeyanka

The United Nations has expressed its readiness to assist in attracting investors to Zamfara State, especially in the mining and agricultural sectors.

The Deputy Secretary General of the global body, Mrs Amina Mohammed, during a visit on Thursday, said the northern Nigerian state is now ready for business and that the UN was willing to be a genuine partner to the state.

“Investors want an enabling environment. Peace is what you need today for people to come. The Zamfara narrative focuses on conflict related to solid minerals, and this needs to change,” she was quoted as saying in a statement issued on Friday by the spokesperson for the Zamfara Governor, Mr Sulaiman Bala Idris.

The former Nigerian Minister further said, “What you show us today is first and foremost your passion for what you want us to do, and that is what investors want. They want to know what you want.

“I am happy today to be here in Zamfara, because I really want to show the world that we should pay attention to what is happening at the local level. Because this is where people are weakest, where governance is weakest, and where there are the fewest resources.

“When we visit, we give visibility to the effort that has been made and to the impact of what is happening elsewhere in the world on people who have nothing to do with what caused it in the first place.

“Zamfara State is accessible today. And it would be even more accessible because the road we travelled on is still under construction. When it is finished, it will revive the businesses and markets around it, and hopefully, by then, we will witness more peace.

“I see the mining, I see the potentials, I see the market and the demand, but I also see the leadership here who is willing to look at the institution, framework and partner to get the job done.

“There is a lot of hope and potential here. Everyone must play their role; this is not something the governor will do alone. The United Nations is willing to be a genuine partner to Zamfara State.”

On his part, Governor Dauda Lawal said Zamfara is at a turning point, with a population of 5.3 million, and the state’s economy is agriculture-driven, with 82 per cent of the population depending on agriculture.

“Zamfara’s Six-Point Rescue Agenda is a deliberate strategy to stabilise, rebuild, and transition the state toward inclusive and sustainable development,” he told his guest.

By Adedapo Adesanya

The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.

The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.

According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.

The minister described the development as a major step toward repositioning Nigeria in regional and global markets.

She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.

She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.

Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.

She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.

On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.

Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.

He assured the board of the ministry’s support toward achieving measurable economic outcomes.

Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.

He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.

He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.

“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”