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Oil Prices Rise On First Trading Day Of 2025

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By Kayode Sanni-Arewa

On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.

Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%

Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel

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On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day

In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China

China’s Economic Growth Fuels Optimism.

Investors are closely monitoring the expansion of China’s economy.

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According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse

This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025

In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025

China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global

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However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.

Impact of US Economic Policies

As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs

Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating

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Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon

The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.

Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.

Nigeria’s oil price assumption for the year

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The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.

Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day

Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur

The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.

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Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.

We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.

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Nigerian Army disowns fake SSCC Course 50/2027 recruitment advert

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The Nigerian Army on Monday disowned a fake advertisement circulating on social media and other online platforms, inviting applications for the Short Service Combatant Commission (SSCC) Course 50/2027.

This was contained in a statement made available to Defence Correspondents in Abuja by the spokesperson of the Service, Colonel Appolonia Anele.

According to the statement, “the Nigerian Army categorically states that this advertisement is false, fraudulent and did not emanate from the Nigerian Army.”

The statement warned members of the public to disregard the fake advertisement and urged prospective applicants not to apply through, patronise or make payments to any individual, group or website claiming to conduct recruitment on behalf of the Service.

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It emphasised that all recruitment and commissioning exercises were strictly free, transparent and merit-based, and that official recruitment announcements were made only through national newspapers, the Nigerian Army’s verified social media platforms and other recognised official communication channels.

It declared that “no form is sold and no person or agent is authorised to facilitate recruitment or demand payment at any stage of the process”.

It advised those behind the criminal act to desist immediately, adding that security agencies had been activated to identify, arrest and prosecute all individuals involved in producing, circulating or using the fake advertisement to defraud innocent Nigerians.

The statement warned that anyone found culpable would face the full weight of the law.

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The statement reaffirmed that the Nigerian Army remained committed to maintaining the integrity of its recruitment process and urged members of the public to verify all recruitment information through official Nigerian Army channels only.

Suspicious recruitment activities should be reported immediately to the nearest military formation or security agency.

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HoS exposes irregularities in PFIPC documents as Reps probe begins

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The Office of the Head of the Civil Service of the Federation and the Central Bank of Nigeria have distanced themselves from the establishment and operations of the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council as the House of Representatives continued its investigation into the bodies’ alleged creation without a valid legal framework.

According to Vanguard, both institutions made the disclosures on Monday while appearing before the House Ad-hoc Committee probing the councils’ legal status and operations.

The Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, told the committee that her office had no constitutional responsibility for establishing government agencies, explaining that its role was limited to approving the administrative structures of federal agencies.

“The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation. However, the OHCSF is responsible for approving the administrative structure of federal government agencies,” a representative of the office told lawmakers.

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The official disclosed that the council applied for approval of its organisational structure on August 6, 2025, but the request was declined because it failed to provide the required supporting documents.

“From our records, the council submitted a request to the OHCSF for approval of its organisational structure on the 6th of August, 2025, without providing the requisite documents. Consequently, the request was not granted,” the representative said.

The OHCSF, however, confirmed that officials of the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council sought an establishment and recruitment waiver during the 2025 annual manpower budget defence.

According to the office, the council stated that it had been operating mainly with personnel deployed or seconded from other government institutions and later requested approval for 314 positions, comprising 14 existing staff and 300 additional positions.

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The office also informed lawmakers that it later discovered irregularities in the documents presented by the council as its legal basis.

“It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” the representative said.

Walson-Jack also denied claims that her office deployed civil servants to the council or allocated office accommodation to it.

“We wish to state that there was no deployment of staff by the Office of the Head of the Civil Service of the Federation to the council,” she said, adding that issues relating to the establishment and supervision of the council were the responsibility of the Office of the Secretary to the Government of the Federation and other relevant institutions.

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Also appearing before the committee, the Central Bank of Nigeria said two foreign currency accounts opened for the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council remained inactive with no funds.

Representing the CBN Governor, Director Hamisu Abdullahi said the accounts were opened following a request from the Office of the Accountant-General of the Federation.

“On July 30, 2025, we received a mandate dated July 29, 2025, from the Office of the Accountant-General of the Federation to open one United States dollar domiciliary account and one Pound Sterling domiciliary account,” Abdullahi said.

He explained that the accounts were never activated because the council failed to provide authorised signatories.

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“Those two accounts remain inactive with zero balance and have never been operated,” he said.

Abdullahi added that no financial transactions, including foreign exchange allocations, remittances, inflows or outflows, had been recorded on the accounts since they were opened.

Following the submissions, Chairman of the House Ad-hoc Committee, Abdulmalik Danga, directed the apex bank to submit complete records relating to the accounts.

“We want details of account activities relating to the Presidential Foreign Investment Promotion Council as well as the Presidential Economic Advisory Council. From the opening of the accounts to their last status, this committee wants the complete records,” Danga said.

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FG denies rumours of Defence Minister Christopher Musa’s alleged resignation

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The Federal Government has dismissed as false reports circulating on social media alleging that the Minister of Defence, General Christopher Gwabin Musa (Rtd.), plans to resign from office.

In a statement issued on Monday, the Office of the Minister described the reports as “malicious” and “entirely fabricated,” urging the public to disregard them.

The statement, titled “False Rumour Regarding the Honourable Minister of Defence,” was signed by the Minister’s Special Assistant on Media, Leah Katung-Babatunde.

According to the statement, the office’s attention was drawn to online reports claiming that General Musa had expressed an intention to step down from his position.

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“We wish to state unequivocally and in the strongest possible terms that these rumours are absolute falsehoods borne out of complete mischief,” the statement said.

It added that General Christopher Gwabin Musa (Rtd.), OFR, remains fully focused on his responsibilities and committed to implementing the Federal Government’s national defence and security agenda.

The statement noted that the minister remains dedicated to overseeing the nation’s defence strategy and delivering on his mandate.

The government also urged members of the public and media organisations to verify information through official channels before publishing or sharing it.

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“The general public is hereby urged to disregard this fake news. We strongly advise media outlets and internet users to desist from spreading unverified information and to seek clarification from the office on matters concerning the Minister,” the statement added.

The Federal Government reiterated that the Defence Minister remains in office and continues to discharge his duties.

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