Economy
OPEC Meeting in Focus Amid Light Economic Day
By Investors Hub
The major U.S. index futures are pointing to a higher opening on Friday, with stocks likely to regain ground after moving notably lower in the previous session.
The markets may benefit from bargain hunting, with the Dow likely to rebound after closing lower for eight consecutive sessions.
Traders are also likely to keep an eye on the outcome of the Organization of the Petroleum Exporting Countries meeting in Vienna, Austria.
A report from Reuters said OPEC ministers have reached an agreement to raise oil production by about 1 million barrels per day beginning in July.
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Stocks moved mostly lower during trading on Thursday following the mixed performance seen on Wednesday. With the drop on the day, the tech-heavy Nasdaq pulled back off the record closing high set on Wednesday and the Dow extended its losing streak to eight sessions.
The major averages climbed off their worst levels going into the close but remained firmly negative. The Dow fell 196.10 points or 0.8 percent to 24,461.70, the Nasdaq slid 68.56 points or 0.9 percent to 7,712.95 and the S&P 500 dropped 17.56 points or 0.6 percent to 2,749.76.
The weakness on Wall Street was partly due to lingering concerns about the trade dispute between the U.S. and China along with uncertainty about the outcome of this week’s OPEC meeting.
Saudi Arabia and Russia are reportedly pushing for an increase in oil production, with OPEC expected to announce its decision on output on Friday.
Notable declines by some online retailers also weighed on the Nasdaq after the Supreme Court ruled states can force online shoppers to pay sales tax.
Negative sentiment may also have been generated by some disappointing economic data, including a report from the Conference Board showing a slightly smaller than expected increase by its index of leading economic indicators in the month of May.
The Conference Board said its leading economic index edged up by 0.2 percent in May after climbing by 0.4 percent in April. Economists had expected the index to rise by 0.3 percent.
“The U.S. LEI still points to solid growth but the current trend, which is moderating, indicates that economic activity is not likely to accelerate,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.
A separate report from the Philadelphia Federal Reserve showed a much bigger than expected slowdown in the pace of growth in regional manufacturing activity in the month of June.
The Philly Fed said its index for current general activity slumped to 19.9 in June from 34.4 in May. While a positive reading still indicates growth in regional manufacturing activity, the index had been expected to dip to 29.0.
On the other hand, the Labor Department released a report showing a modest decrease in initial jobless claims in the week ended June 16th.
The report said initial jobless claims dipped to 218,000, a decrease of 3,000 from the previous week’s revised level of 221,000.
Economists had expected jobless claims to inch up to 220,000 from the 218,000 originally reported for the previous week.
Energy stocks saw significant weakness on the day amid expectations that the OPEC meeting in Vienna, Austria, will result in an increase in oil production.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 2.3 percent, the Philadelphia Oil Service Index tumbled by 2.1 percent and the NYSE Arca Natural Gas Index slumped by 1.7 percent.
Considerable weakness was also visible among biotechnology stocks, which gave back ground after moving notably higher over the two previous sessions. The NYSE Arca Biotechnology Index dropped by 1.9 percent after ending Wednesday’s trading at a record closing high.
Steel, housing, and semiconductor stocks also showed notable moves to the downside on the day, reflecting broad based weakness on Wall Street.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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