Economy
Rising Middle East Tensions May Weigh on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Tuesday, with stocks poised to add to the modest losses posted in the previous session. Concerns about rising tensions in the Middle East may weigh on the markets after Saudi Arabia, the United Arab Emirates and Bahrain severed diplomatic relations with Qatar.
The move by the three major Persian Gulf countries came amid accusations of Qatar meddling in their internal affairs and supporting terrorism.
Qatar’s Foreign Minister indicated Tuesday the country would like to give Kuwait’s Emir the ability to mediate and contain the crisis.
Responding to the developments in a post on Twitter, President Donald Trump said, “During my recent trip to the Middle East I stated that there can no longer be funding of Radical Ideology. Leaders pointed to Qatar – look!”
The news out of the Middle East may add to uncertainty ahead of key events later this week, including the U.K. election, the ECB meeting and former FBI Director James Comey’s congressional testimony.
Following the strength that was seen last week, stocks showed a lack of direction throughout the trading session on Monday. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session modestly lower. The Dow slipped 22.25 points or 0.1 percent to 21,184.04, the Nasdaq dipped 10.11 points or 0.2 percent to 6,295.68 and the S&P 500 edged down 2.97 points or 0.1 percent to 2,436.10.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.
The upward move seen over the course of the previous week lifted all three of the major averages to new record closing highs.
Traders may be looking ahead to highly anticipated congressional testimony by former FBI Director James Comey scheduled for Thursday.
Comey is expected to be questioned about his communications with President Donald Trump amid claims the president urged him to drop a federal investigation of former National Security Adviser Michael Flynn.
On the U.S. economic front, the Institute for Supply Management released a report showing a modest slowdown in the pace of growth in the service sector in the month of May.
The ISM said its non-manufacturing index edged down to 56.9 in May from 57.5 in April, although a reading above 50 indicates continued growth in the service sector. Economists had expected the index to dip to 57.0.
“Although the non-manufacturing sector’s growth rate dipped in May, the sector continues to reflect strength, buoyed by the strong rate of growth in the Employment Index,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee.
He added, “The majority of respondents’ comments continue to indicate optimism about business conditions and the overall economy.”
A separate report from the Commerce Department showed a modest drop in factory orders in April, while revised data from the Labor Department showed that labor productivity was unchanged in the first quarter.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Biotechnology stocks came under considerable selling pressure, however, with the NYSE Arca Biotechnology Index sliding by 1.3 percent. The index gave back ground after moving sharply higher over the three previous sessions.
Railroad and housing stocks also saw some weakness on the day, while gold stocks moved to the upside over the course of the session.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.
The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.
Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.
This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.
A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.
Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.
The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.
The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.
By Dipo Olowookere
The need to make the Nigerian stock market more attractive to retail investors has again been emphasised by a business enthusiast and food expert.
The chief executive of UAC Foods, Mr Oluyemi Oloyede, said efforts must be made by the regulators to ensure the man on the street understands the stock exchange and the capital market like the back of his hand.
In a post on Sunday, Mr Oloyede specifically gave this task to the Nigerian Exchange (NGX) Limited, noting that it should educate Nigerians on how to trade equities so as to make the space robust, which he insinuated would be good for the economy.
This, he said, can be achieved through an intensive investor education to further improve confidence in the market.
“The Nigerian stock exchange needs to bring the market to the streets, to social media, to the commonplaces where Nigerians can understand what the market is about and break down big concepts to simple, everyday languages. People are putting hard earned money in wrong places,” he said in the post yesterday.
The NGX has been churning out some activities to carry retail investors along, including organising workshops to explain how the market works.
It also recently introduced a cutting-edge web application known as NGX Invest, which is designed to transform the primary market equity capital-raising process, specifically public offers and rights issues.
This online capital-raising platform has been approved by the Securities Exchange Commission (SEC) and was introduced in line with NGX Group’s commitment to market development.
The platform was created to boost retail participation in the capital market, promote financial inclusion and further deepen the pool of available capital in the market by enhancing its capabilities to fulfil the needs of Issuers and other market stakeholders.
Last year, the NGX released a new edition of a unique comic book, StockTown, designed to promote financial literacy among the younger generation of Nigerians.
By Adedapo Adesanya
The Nigerian government has stopped the issuance of waivers for the importation of threaded pipes, a key component in oil and gas operations that drains Nigeria’s foreign reserves by over $1 billion annually, as part of efforts to plug capital flight and boost local manufacturing.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, announced this at the commissioning of Monarch Alloys Limited’s coating plant in Lagos.
He said Nigeria does not justify importing pipes when local capacity is being developed, stressing that investments like Monarch Alloys must be patronized to stimulate industrialization, reduce import dependency, and create jobs for Nigerians.
“Let me state clearly today: no more waivers for the importation of threaded pipes into this country. We have a duty to support our industries to grow. We will not allow dumping of pipes or such things anymore.
“It makes no sense for Nigeria to continue spending hard-earned forex on products we now have the capacity to produce locally. This is why we are stopping waivers immediately,” he stated.
The directive was handed to the Nigerian Content Development and Monitoring Board (NCDMB), which oversees compliance with the Nigerian Oil and Gas Industry Content Development Act.
The newly commissioned plant boasts an annual external coating capacity of two million square meters and one million square meters for internal coating. It is designed to meet the needs of both onshore and offshore pipeline projects, including high-spec applications that demand advanced corrosion protection.
Also speaking, the Minister of State for Industry, Trade and Investment, Mr John Owan Enoh, described the facility as a transformative development.
“This investment is a strong testament to Nigeria’s industrialization drive. It reduces our dependence on imports, creates jobs, and expands the value chain,” he said, noting that Monarch Alloys is a model for public-private collaboration and pledged continued government support to ensure a thriving investment environment.
On his part, the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, praised the initiative as a strategic win for local content, warning that sourcing key elements like pipeline coatings from abroad saps the economy of opportunities and value.
“This facility is aligned with the Nigerian Content Equipment Certificate scheme under the NOGICD Act. It gives companies like Monarch Alloys priority consideration during technical bid evaluations in the oil and gas industry.
“That era must end. This facility introduces high-performance 3LPE and concrete weight coating capability into Nigeria, keeping technical and economic value within our borders.”
“The economic implications are significant including job creation, skills development, stimulation of local manufacturing, and logistics. Monarch Alloys is not just meeting a sectoral need; it is contributing to national development,” Mr Ogbe added, urging operators in the industry to prioritize partnerships with local manufacturers.
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