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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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Photos: Appellate Court Advocacy Demands Precision, Discipline — Wike

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Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, on Tuesday, stressed the need for discipline, precision and sound legal reasoning in appellate advocacy, describing appellate practice as a critical pillar for strengthening Nigeria’s justice system.

Wike stated this at the public presentation of the book, “Ukala’s Manual on Appellate Practice,” authored by Senior Advocate of Nigeria (SAN), Emmanuel C. Ukala, held at the Bola Ahmed Tinubu International Conference Centre, Abuja.

The former Rivers State governor described the publication as a timely and significant contribution to the legal profession, particularly for young lawyers seeking to develop competence in appellate litigation.

According to him, advocacy at the appellate level differs fundamentally from trial proceedings and requires a higher level of intellectual discipline and mastery of legal procedures.

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“We are all aware that advocacy at the appellate level is of a fundamentally different character from proceedings at trial. It calls for a higher degree of discipline, clarity of thought, precision in expression, and a deep, assured command of both substantive law and procedural rules,” Wike said.

He noted that the manual would serve as a practical guide for lawyers and judges by bridging the gap between legal theory and courtroom practice.

“It serves as a vital bridge between legal theory and courtroom practice, offering guidance that is especially beneficial to younger members of the Bar as they develop the confidence and competence required to navigate the demands of appellate litigation,” he added.

Wike, who recalled his background in legal practice, said he personally appreciated the value of appellate adjudication, having prosecuted and defended several cases before appellate courts over the years.

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“I myself am a direct beneficiary of the work done at the appellate level, having had the privilege, as a party in numerous disputes, to prosecute and defend many cases before appellate courts,” he stated.

The minister also revealed that he once worked briefly in Ukala’s law firm, noting that the experience shaped his professional values and appreciation for excellence in legal advocacy.

“I cut my teeth in the firm of Mr. Ukala, SAN, albeit for a relatively short time. The exposure and values I imbibed during that period discipline, attention to detail, respect for the craft of advocacy, and an unwavering commitment to excellence have continued to shape my professional outlook to this day,” he said.

Wike described the publication as a “legacy work” that would remain relevant to legal practitioners and judicial officers for years to come.

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According to him, the book does not merely seek to impress readers academically but provides practical guidance on critical aspects of appellate litigation, including notices of appeal, compilation of records, interlocutory applications, briefs of argument, and oral advocacy.

“What I particularly appreciate about this manual is its practicality. It does not attempt to impress; it seeks to guide. It brings clarity to areas that many practitioners struggle with but rarely admit,” he said.

The FCT minister urged young lawyers to make effective use of the book in refining their professional skills and pursuit of excellence.

“To my colleagues, especially the younger lawyers, do not just celebrate this book, use it. Let it challenge you. Let it refine you. Let it remind you that excellence in this profession is a deliberate pursuit,” he added.

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The event was attended by high-ranking judicial officers, including the President, National Industrial Court, Hon. Justice Benedict Bakwaph Kanyip, other heads of court, former Attorney General of the Federation and Minister of Justice, Chief Kanu Agabi, Justices of the Supreme Court, Justices of the Court of Appeal, Senior Advocates of Nigeria, members of the Body of Benchers, legal practitioners and other dignitaries from across the country, while Joseph B. Daudu (SAN) and Ferdinand O. Orbih (SAN), reviewed the book.

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2027: My opponents are arming terrorists against me — Tinubu

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President Bola Tinubu has declared his intention to seek re-election in 2027, saying critics exploiting the country’s security challenges were doing the bidding of his political opponents.

Tinubu made the remarks while receiving Plateau State Governor Caleb Mutfwang and other stakeholders from the state, telling them that hostile forces were weaponising insecurity to undermine his administration.

“You are playing to the hand of agents, including my own enemies, who want to use insecurity to get rid of me,” he said, adding that he would not be deterred.

“I’m a very stubborn politician. I just refuse to go. And I will campaign for my second term.”

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The declaration comes amid sustained pressure on the Federal Government over attacks by armed groups, kidnappings, and killings across several states, with opposition figures and civil society organisations demanding stronger federal action.

NDLEA raids 3 illicit drug warehouses, recovers N16.9bn worth of opioids

Tinubu has consistently defended his administration’s security record, maintaining that agencies are being adequately supported to restore stability.

The President took office in May 2023 and is constitutionally eligible to seek a second four-year term when Nigerians go to the polls in 2027.

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Lawmakers Move To Establish Military Strategy Hub

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…proposal aim to strengthen coordination and innovation across the Armed Forces

By Gloria Ikibah

The House of Representatives has passed for second reading a proposal to set up a Joint Doctrine and Warfare Centre, envisioned as a high-level strategic hub to improve coordination, efficiency and overall performance within Nigeria’s Armed Forces.

The bill, sponsored by the Speaker, Tajudeen Abbas, is titled “A Bill for an Act to Establish the Joint Doctrine and Warfare Centre to Enhance the Coordination and Effectiveness of Military Operations of the Armed Forces of Nigeria by Integrating the Capabilities of Its Respective Services; and for Related Matters (HB 2741).”

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It progressed to the next stage following debate by lawmakers on Wednesday during plenary.

The planned centre is intended to serve as a focal point for defence research, development of military doctrine, strategic planning and innovation in warfare, with particular attention on fostering closer collaboration among military and paramilitary bodies.

Commencing debate on the general principles of the legislation on behalf of the Speaker, Rep. Daniel Asama said, “the initiative is designed to bridge critical gaps in Nigeria’s defence framework, particularly the lack of a dedicated institution for developing and coordinating joint military doctrines.”

“The centre would establish a structured system for the formulation, validation and dissemination of joint doctrines, while also promoting interdisciplinary research on multi-domain operations”.

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Asama further observed that Nigeria’s increasingly complex security landscape demands a more integrated and strategic military response.

“Nigeria faces complex security challenges, including terrorism, insurgency and cyber warfare, which require coordinated doctrinal responses among the Armed Forces.

“The absence of a dedicated institution for joint doctrine development has created operational gaps and limited interoperability among the services”, he said.

According to him, the proposed centre will serve as both a think-tank and a centre of excellence for doctrine formulation and warfare strategy.

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“This bill provides the legal and institutional framework for the Joint Doctrine and Warfare Centre as a think-tank and centre of excellence for doctrine development and warfare strategy.

“It addresses the need for integrated doctrine development, unified command thinking and joint operational planning”, he added.

He described the bill as timely, the lawmaker said it would strengthen Nigeria’s capacity to respond to evolving threats while enhancing cooperation among the Army, Navy and Air Force.

He explained that the proposed centre would provide a standing platform for defence research, simulation exercises and policy coordination, with the aim of strengthening the long-term sustainability of the country’s security efforts.

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The institution is expected to draw together major players in the security architecture, including the Ministers of Defence, service chiefs and specialists from the private sector.

Its responsibilities would cover aligning warfare strategies, monitoring emerging threats, reviewing operational requirements and offering strategic guidance for defence activities.

The centre would also work closely with defence institutions, universities, international allies and research organisations to advance joint doctrine development, simulation tools and contemporary warfare practices.

Among its core aims are improving Nigeria’s capacity to respond to hybrid and asymmetric threats, enhancing cooperation among the armed services, promoting defence research and expanding both regional and global security partnerships.

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Asama expressed optimism that the proposal would markedly strengthen the nation’s military preparedness and strategic depth.

“The Joint Doctrine and Warfare Centre will serve as the intellectual and operational hub for defence coordination, doctrine formulation and integrated warfare planning,” he said.

Following its passage for second reading, the bill was referred to the House Committee on Defence for further legislative consideration.

When passed into law, the piece of legislation is expected to provide a solid institutional framework for advancing joint military operations and improving Nigeria’s response to current and emerging security challenges.

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