Business
NESG Urges Diversion of Nigeria’s Trade Amidst U.S and China Tariffs War
Given Nigeria’s heavy reliance on imported manufactured goods and raw materials, NESG warns that the country could face significant economic challenges if these trade tensions escalate further

▪︎Dr Jumoke Oduwole, Minister of Industry, Trade and Investment.
The Nigerian Economic Summit Group (NESG) has stressed the need for Nigeria to divert its trade pattern towards countries that are unaffected by the U.S. tariffs.
The NESG made the call in its latest Foreign Trade Alert: 2024Q4 & Full Year 2024.
The report highlighted Nigeria’s vulnerability to global trade disruptions, particularly in its import-dependent industrial sector.
“The trade war between the U.S. and China needs to be hedged against. This would reduce tariff-induced increases in import bills, considering that the country’s import-dependent non-oil industrial sector is highly vulnerable,” the report noted.
The United States imposed a 10% tariff on Chinese imports in February 2025, with plans to increase it by another 10% in April.
In retaliation, China announced additional tariffs of 10-15% on certain U.S. imports starting March 10, 2025, along with a series of export restrictions targeting designated U.S. entities.
These measures are expected to disrupt global supply chains, slow world trade growth, and drive up the prices of globally traded commodities.
Given Nigeria’s heavy reliance on imported manufactured goods and raw materials, NESG warns that the country could face significant economic challenges if these trade tensions escalate further.
China remained Nigeria’s largest trading partner in Q4 2024, followed by India, Belgium, the U.S., and France.
The most imported commodities during the period included refined petroleum products, sugar cane, and spare parts.
However, Nigeria’s reliance on imports, particularly from China, makes it susceptible to price fluctuations and supply chain disruptions stemming from the U.S.-China trade conflict.
Business
UBA Modifies PoS, MONI App to Fastrack Digital Payments
“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.

• UBA Group MD, Oliver Alawuba
The United Bank for Africa (UBA) Plc, has unveiled its upgraded Point of Sale (POS) Terminal as well as the UBA MONI App.
This is for the acceleration of digital payment landscape and empowering small and medium scale enterprises across Africa.
In a statement, UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, said: ” As a forward-thinking financial institution, UBA is always on the look-out for modern ways to improve their services and offerings, to give customers top-notch experiences while conducting their daily businesses.
He said: “At UBA, we are constantly innovating to provide seamless and secure payment solutions for businesses of all sizes.
The new UBA PoS and MONI App is designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability – ensuring they can focus on growing their businesses with a trusted partner.
“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.
With UBA’s extensive reach and robust infrastructure, we are bringing convenience and confidence to every transaction.
With the upgraded MONI App, we are equally equipping our agents, many of whom serve smaller communities, with faster tools, greater transparency, and an enhanced user experience that will help them grow their businesses while serving millions of underserved customers”.
Business
NIS Begins Contactless Passport System in the Americas
The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.

The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.
In an official statement released yesterday, ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nanna Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.
The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.
“This expansion represents our commitment to innovative an efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.
(BusinessDay)
Business
SGF Akume Heads New Board of Galaxy Backbone
” We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.

The Federal Government, today , appointed a new Board of Directors for Galaxy Backbone Limited (GBB), after operating without a Board for over a year
The newly constituted Board of GBB is headed by Senator Dr. George Akume the Chairman & Secretary to the Government of the Federation.
Others include: Professor Ibrahim A. Adeyanju – Managing Director/CEO, Galaxy Backbone; Hon. Olusegun Olulade – Executive Director, Customer Centricity & Marketing; Mr. Olumbe Akinkugbe – Executive Director, Digital Exploration & Technical Services;Mr. Mohammed Sani Ibrahim – Executive Director, Finance & Corporate Services.Mrs. Rabi’ah Adamu-Waziri – Non-Executive Director (PTDF Representative)Mrs. Oluwakemi Babalogbon – Non-Executive Director (MOFI Representative)Mr. Abdulqadir Abubakar Maje – Non-Executive Director (Jigawa State Representative)Mrs. Margaret Ene Ebute – Non-Executive Director (Federal Ministry of Communications, Innovation & Digital Economy)Mrs. Adama Pindar – Company Secretary, Galaxy Backbone.
In a statement signed by the GBB Head of Corporate Communications, Chidi Okpala, the inauguration took place at the Office of the Secretary to the Government of the Federation (SGF) in Abuja and was presided over by Senator George Akume, who also assumes the role of Chairman of the Board.
Senator Akume said that the new Board’s goal is to make Galaxy Backbone a more “agile, responsive, and impactful” institution, and positioned it at the center of Nigeria’s public digital infrastructure and service delivery.
The Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, who was appointed in February 2024 by President Bola Ahmed Tinubu, welcomed the Board members and provided a strategic update on the company’s trajectory.
Adeyanju revealed that GBB successfully developed and launched its Integrated Digital Transformation Strategy (IDTS) 2025–2028—a roadmap for modernizing Nigeria’s digital infrastructure and public service delivery.
“We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.
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