Economy
Positive Jobs Report, US-China Talks Lift Crude Oil Market
By Adedapo Adesanya
The crude oil market went up by more than $1 on Friday after a favourable jobs report in the United States and resumed trade talks between the US and China.
The price of Brent crude increased by $1.13 or 1.73 per cent to $66.47 a barrel and the US West Texas Intermediate (WTI) crude finished at $64.58 per barrel, up by $1.21 or 1.91 per cent.
In the week, crude oil posted its first weekly gain in three weeks as Brent advanced by 2.75 per cent and WTI improved by 4.9 per cent.
The US Labor Department’s monthly employment report showed the unemployment rate held steady at 4.2 per cent last month.
Employers added 139,000 jobs, which combined with downward revisions to prior months’ estimates showed a cooling in labor demand but nothing abrupt; by comparison, monthly job gains averaged 160,000 last year.
US President Donald Trump and President Xi Jinping of China confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday.
China said the trade talks between the two leaders took place at the US’ request on Thursday.
President Trump said the call had led to a “very positive conclusion”, adding the US was “in very good shape with China and the trade deal”.
In another sign of easing tensions over the issue, China has granted temporary export licenses to rare-earth suppliers of the top three US automakers, two sources familiar with the matter said.
The US president’s top aides are set to meet their Chinese counterparts in London on Monday for further talks.
This development raises hopes for growth in the world’s two largest economies, supporting the markets.
The crude market also continues to tap into moves by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) agreement to ramp up output by a previously announced 411,000 barrels per day in July.
The group rejected a Saudi recommendation for a bigger output hike, part of a broader strategy to win back market share for OPEC+.
The US oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021, energy services firm Baker Hughes said on Friday.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
