Economy
Disappointing Economic Data Weigh on US Stocks
By Investors Hub
The major U.S. index futures are currently pointing to a modestly lower opening on Thursday following the release of some disappointing U.S. economic data.
The pullback by the futures came after a report from the Philadelphia Federal Reserve unexpectedly showed a contraction in regional manufacturing activity in the month of February.
A separate report from the Commerce Department also showed a smaller than expected increase in durable goods orders in January.
Meanwhile, the Labor Department released a report showing first-time claims for unemployment benefits fell more than expected in the week ended February 16th.
Optimism about trade talks between the U.S. and China may also help to limit any early selling pressure, with a report from Reuters saying the two sides have started to outline commitments in principle on the stickiest issues in their trade dispute.
While the U.S. and China remain far apart on demand for structural changes to China’s economy, sources familiar with the negotiations told Reuters the broad outline of what could make up a deal is beginning to emerge from the talks.
A separate report from CNBC indicating Chinese authorities could be getting ready to implement more extensive stimulus measures in a bid to encourage economic growth may also help to limit any early downside by stocks.
Following the relatively lackluster performance on Tuesday, stocks continued to experience choppy trading on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line.
Eventually, the major averages ended the day modestly higher. The Dow rose 63.12 points or 0.2 percent to 25,954.44, the Nasdaq inched up 2.30 points or less than a tenth of a percent to 7,489.07 and the S&P 500 edged up 4.94 points or 0.2 percent to 2,784.70.
The choppy trading came as traders digested the minutes of the latest Federal Reserve meeting, which provided further insight into the central bank’s decision to change the forward guidance language and indicate a patient approach to raising interest rates.
The minutes described the Fed’s discussions regarding changing the language in its statement from referencing “further gradual increases” in rates to a sentence indicating patience.
Meeting participants pointed to a variety of considerations that supported a patient approach to monetary policy as an appropriate step in managing various risks and uncertainties in the outlook.
The Fed said additional data would help policymakers gauge the trajectory of business and consumer sentiment, whether the recent softness in core and total inflation and inflation compensation would persist, and the effect of the tightening of financial conditions on aggregate demand.
Information arriving in coming months could also shed light on the economic impact of the prolonged government shutdown as well as the results of budget negotiations occurring in the wake of the shutdown, including the possible implications for the path of fiscal policy, the Fed said.
“A patient approach would have the added benefit of giving policymakers an opportunity to judge the response of economic activity and inflation to the recent steps taken to normalize the stance of monetary policy,” the minutes said.
The minutes said a patient posture would also allow time for a clearer picture of the international trade policy situation and the state of the global economy to emerge.
In light of a range of uncertainties associated with global economic and financial developments, the Fed also decided that it was not useful to express a judgment about the balance of risks.
However, many participants observed that if recent uncertainty eases, the Fed would need to reassess the characterization of monetary policy as “patient” and might then use different statement language.
The minutes of the January meeting also showed officials discussed a plan to end the reduction of bonds on the Fed’s balance sheet before the end of 2019
“Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve’s asset holdings later this year,” the Fed said.
The central bank added, “Such an announcement would provide more certainty about the process for completing the normalization of the size of the Federal Reserve’s balance sheet.”
Traders also seemed reluctant to make significant moves as they wait for developments regarding the latest round of trade talks between the U.S. and China.
Officials from the U.S. and China are meeting in Washington this week as the world’s two largest economies attempt to reach a long-term trade deal.
Most of the major sectors ended the day showing only modest moves, although tobacco stocks showed a substantial move to the upside.
Reflecting the rally by tobacco stocks, the NYSE Arca Tobacco Index spiked by 3.3 percent to its best closing level in over three months.
Chemical and steel stocks also saw considerable strength on the day, with the S&P Chemical Sector Index and the NYSE Arca Steel Index both advancing by 1.7 percent.
While some strength was also visible
among banking, natural gas, and gold stocks, software, retail and
biotechnology stocks moved lower.
By Adedapo Adesanya
Nigeria’s economy, measured by gross domestic product (GDP), grew by 4.07 per cent (year-on-year) in real terms in the fourth quarter (Q4) of 2025.
The National Bureau of Statistics (NBS) announced the development in its latest GDP report for Q4 2025 on Friday.
The latest figure represents an improvement over the 3.76 per cent growth recorded in the corresponding period of 2024, signalling sustained recovery across key sectors of the economy. The growth rate was faster than the third quarter’s 3.98 per cent.
The report confirmed that Nigeria’s oil sector grew 6.79 per cent year-on-year and the non-oil part of the economy expanded by 3.99 per cent.
Nigeria’s average daily oil production stood at 1.58 million barrels per day in the final three months of 2025. That was lower than the third quarter’s output of 1.64 million barrels per day but higher than the 1.54 million barrels per day in the fourth quarter of 2024.
Breakdown of the data showed that the agriculture sector grew by 4.00 per cent in the fourth quarter of 2025. This marks a significant increase compared to the 2.54 per cent growth recorded in the same quarter of 2024, reflecting improved output and resilience in the sector.
The industry sector also recorded a stronger performance during the period under review. It grew by 3.88 per cent year-on-year, up from 2.49 per cent posted in the fourth quarter of 2024. The improvement suggests enhanced activity in manufacturing, construction, and related industrial sub-sectors.
The services sector maintained its position as a major growth driver, expanding by 4.15 per cent in Q4 2025. However, this was slightly lower than the 4.75 per cent growth recorded in the corresponding quarter of the previous year.
Overall, the 4.07 per cent GDP growth in the final quarter of 2025 underscores broad-based expansion across agriculture, industry, and services, despite a marginal moderation in services growth.
The Q4 performance provides further evidence of strengthening economic momentum, with improvements recorded in both agriculture and industry compared to the previous year.
By Modupe Gbadeyanka
For the second time, Flour Mills of Nigeria Plc is sponsoring the Paris International Agricultural Show (PIAS) as part of its strategies to fortify its ties with France.
The 2026 PIAS kicked off on February 21 and will end on March 1, with about 607,503 visitors, nearly 4,000 animals, and over 1,000 exhibitors in attendance last year, and this year’s programme has already shown signs of being bigger and better.
The theme for this year’s event is Generations Solution. It is to foster knowledge transfer from younger generations and structure processes through which knowledge can be harnessed to drive technological advancement within the global agricultural sector.
In his address on the inaugural day of the Nigerian Pavilion on February 23, the Managing Director for FMN Agro and Director of Strategic Engagement/Stakeholder Relations, Mr Sadiq Usman, said, “At FMN, our mission is Feeding and Enriching Lives Every Day.
“This is a mandate we have fulfilled through decades of economic shifts, rooted in a culture of deep resilience and constant innovation. We support this pavilion because FMN recognises that the next frontier of global Agribusiness lies in high-level technical exchange.
“We thank the France-Nigeria Business Council (FNBC), the organisers of the PIAS, and our fellow members of the Nigerian Pavilion – Dangote, BUA, Zenith, Access, and our partners at Creativo El Matador and Soilless Farm Lab— we are exceedingly pleased to work to showcase the true face of Nigerian commerce.”
Speaking on the invaluable nature of the relationship between Nigeria and France, and the FMN’s commitment to process and product innovation, Mr John G. Coumantaros, stated, “The France – Nigeria relationship is a valuable partnership built on a shared value agenda that fosters remarkable Intercontinental trade growth.
“Also, as an organisation with over six decades of transformational footprint in Nigeria and progressively across the African Continent, FMN has been unwaveringly committed to product and process innovation.
“Therefore, our continuous partnership with France for the success of the Paris International Agricultural Show further buttresses the thriving relationship between both countries.”
PIAS is one of the most widely attended agricultural shows, with thousands of people from across the world in attendance.
By Adedapo Adesanya
Despite reservations from some quarters, the Nigeria Extractive Industries Transparency Initiative (NEITI) has praised President Bola Tinubu’s Executive Order 9, which mandates direct remittances of all government revenues from tax oil, profit oil, profit gas, and royalty oil under Production Sharing Contracts, profit sharing, and risk service contracts straight to the Federation Account.
Issued on February 13, 2026, the order aims to safeguard oil and gas revenues, curb wasteful spending, and eliminate leakages by requiring operators to pay all entitlements directly into the federation account.
NEITI executive secretary, Musa Sarkin Adar, called it “a bold step in ongoing fiscal reforms to improve financial transparency, strengthen accountability, and mobilise resources for citizens’ development,” noting that the directive aligns with Section 162 of Nigeria’s Constitution.
He noted that for 20 years, NEITI has pushed for all government revenues to flow into the Federation Account transparently, calling the move a win.
For instance, in its 2017 report titled Unremitted Funds, Economic Recovery and Oil Sector Reform, NEITI revealed that over $20 billion in due remittances had not reached the government, fueling fiscal woes and prompting high-level reforms.
Mr Adar described the order as a key milestone in Nigeria’s EITI implementation and urged amendments to align it with these reforms.
He affirmed NEITI’s role in the Petroleum Industry Act (PIA) and pledged close collaboration with stakeholders, anti-corruption bodies, and partners to sustain transparent management of Nigeria’s mineral resources.
Meanwhile, others like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have kicked against the order, saying it poses a serious threat to the stability of the oil and gas industry, calling it a “direct attack” on the PIA.
Speaking at the union’s National Executive Council (NEC) meeting in Abuja on Tuesday, PENGASSAN President, Mr Festus Osifo, said provisions of the order, particularly the directive to remit 30 per cent of profit oil from Production Sharing Contracts (PSCs) directly to the Federation Account, could destabilise operations at the Nigerian National Petroleum Company (NNPC) Limited.
Mr Osifo firmly dispelled rumours of imminent protests by the union, despite widespread claims that the controversial executive order threatens the livelihoods of 10,000 senior staff workers at NNPC.
He noted, however, that the union had begun engagements with government officials, including the Presidential Implementation Committee, and expressed optimism that common ground would be reached.
Mr Osifo, who also serves as President of the Trade Union Congress (TUC), expressed concerns that diverting the 30 per cent profit oil allocation to the Federation Account Allocation Committee (FAAC), without clearly defining how the statutory management fee would be refunded to NNPC, could affect the salaries of hundreds of PENGASSAN members.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn