Economy
US, China Economic Worries Weaken Oil Market
By Adedapo Adesanya
The oil market eased on Friday and settled at a three-week low as traders worried about negative economic news from the US and China and signs of growing supply.
Brent crude futures fell by 74 cents or 1.1 per cent to settle at $68.44 per barrel, while the US West Texas Intermediate (WTI) crude futures declined by 87 cents or 1.3 per cent to trade at $65.16 per barrel. For the week, Brent was down by about 1 per cent while WTI depreciated by about 3 per cent.
New orders for US-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter.
In China, the world’s second-biggest economy and largest oil importer, fiscal revenue dipped 0.3 per cent in the first six months from a year earlier, according to the country’s finance ministry.
Developments around trade deals continued as the European Commission President Ursula von der Leyen is set to meet US President Donald Trump on Sunday in Scotland.
European Union officials and diplomats said they expected to reach a framework trade deal this weekend.
In Europe, data showed that the economy has remained resilient to uncertainty caused by a global trade war, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts.
Also, expectations around interest rates continued as a focus for investors following an encounter between US President Donald Trump and US Federal Reserve Chair Jerome Powell, indicating that the US might be ready to lower interest rates.
Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil.
On the supply side, the US is preparing to allow partners of Venezuela’s state-run PDVSA, to operate with limitations in the sanctioned nation, starting with US oil major Chevron.
Market analysts say that could boost Venezuelan oil exports by a little more than 200,000 barrels per day, easing tightness in the heavier crude market.
The Organisation of the Petroleum Exporting Countries (OPEC) said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels.
A panel of OPEC and its allies (OPEC+) is to raise oil output when it meets, with the producer group keen to recover market share while summer demand is helping to absorb the extra barrels.
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.
