Economy
Uncertainty About Tariffs, Looming Jobs Report May Lead to Choppy Trading
By Investors Hub
The major U.S. index futures are pointing to a modestly higher opening on Thursday following the mixed performance seen in the previous session.
Despite the upward momentum, traders may be reluctant to make significant moves ahead of the release of the Labor Department?s closely watched monthly jobs report on Friday.
Employment is expected to jump by 200,000 jobs in February, matching the increase seen in January. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.
Uncertainty about the details of President Donald Trump?s planned tariffs on steel and aluminum imports may also keep some traders on the sidelines.
After initially moving to the downside, stocks fluctuated over the course of the trading session on Wednesday. While the major averages all climbed well off their worst levels of the day, only the Nasdaq managed to close in positive territory.
The major averages subsequently turned in a mixed performance on the day. The Nasdaq rose 24.64 points or 0.3 percent to 7,396.65, but the Dow fell 82.76 points or 0.3 percent to 24,801.36 and the S&P 500 edged down 1.32 points or 0.1 percent to 2,726.80.
The mixed close on Wall Street came after White House Press Secretary Sarah Sanders suggested Mexico and Canada could be exempt from President Donald Trump’s planned tariffs on steel and aluminum imports.
“We expect that the President will sign something by the end of the week,” Sanders said. “And there are potential carve-outs for Mexico and Canada based on national security and possibly other countries as well based on that process.”
She added, “That will be a case by case and country by country basis. It would be determined whether or not there is a national security exemption.”
Stocks initially came under pressure in reaction to news of the resignation of White House chief economic advisor Gary Cohn on Tuesday.
The resignation by Cohn, a free trade advocate, reportedly came amid a dispute over Trump’s plans to impose tariffs on steel and aluminum imports.
In a statement, Trump said Cohn did a “superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again.”
Trump said in a post on Twitter that he would make a decision on a new chief economic advisor “soon,” adding, “Many people wanting the job – will choose wisely!”
In U.S. economic news, payroll processor ADP released a report showing private sector employment increased by more than expected in the month of February.
ADP said employment in the private sector jumped by 235,000 jobs in February after surging up by a revised 244,000 jobs in January. Economists had expected an increase of about 195,000 jobs.
A separate report from the Commerce Department showed the trade deficit widened by more than expected in the month of January.
The report said the trade deficit widened to $56.6 billion in January from $53.9 billion in December, reaching its highest level since October of 2008. The deficit had been expected to widen to $55.1 billion.
Later in the day, the Federal Reserve released its Beige Book, which reinforced expectations the central bank will raise interest rates at its monetary policy meeting later this month.
The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said economic activity expanded at a modest to moderate pace in January and February.
The Fed noted wage growth picked up to a moderate pace, with employers raising wages and expanding benefit packages in response to tight labor market conditions.
With regard to overall inflation, the Fed said price increases were seen in all twelve districts and most reports noted moderate inflation.
Most of the major sectors ended the day showing only modest moves, although considerable weakness was visible among gold stocks.
Reflecting the weakness in the gold sector, the NYSE Arca Gold Bugs Index slumped by 2.5 percent after jumping by 2 percent in the previous session. The pullback by gold stocks came amid a decrease by the price of the precious metal.
Energy stocks also saw significant weakness, moving lower along with the price of crude oil. While retail stocks also moved to the downside on the day, some strength emerged among biotechnology and real estate stocks.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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