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China Slams Additional 84% Tariffs on U.S. Imports

As tensions rise with the U.S, China is reaching out to other partners.

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China officially commenced the implementation of its planned retaliatory tariffs on U.S. goods on Thursday, imposing an additional 84 percent duty on imports from the U.S.

The move came after Washington escalated its trade pressure, with U.S. President Donald Trump announcing on Wednesday a new plan to raise tariffs on Chinese imports even further to 125 percent.

Chinese officials have however rejected the U.S. approach, accusing Washington of blackmail and pledging to resist pressure in the ongoing trade dispute.

As tensions rise with the U.S, China is reaching out to other partners.

On Tuesday, Chinese Commerce Minister Wang Wentao had a phone call with EU Trade Commissioner Maroš Šefčovič to discuss issues including enhancing China-EU economic ties.

Wang criticised the U.S. tariff strategy as harmful to global trade and urged cooperation to uphold the rules-based multilateral system.

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FG vows to sanction airlines bringing passengers into Nigeria without valid visas

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The Federal Government has threatened that any airline caught airlifting passengers into Nigeria without a valid entry visa, Landing, and Exit cards would be sanctioned.

The Minister of Interior, Olubunmi Tunji-Ojo, stated this during a stakeholders’ engagement programme on the implementation of the E-Visa, Landing and Exit Cards on Friday in Lagos.

The Minister, who was emphatic on the Federal Government’s resolutions, vehemently said that Nigeria is not a dumping ground and that no foreigner should be allowed entry without a visa.

He added that although Nigeria was making entry more accessible with the introduction of the E-Visa, but the country would not compromise on national security.

He urged the Nigeria Civil Aviation Authority on the enlightenment and enforcement of its oversight function as a regulator to ensure that airlines adhere to the 2025 Nigeria Visa Policy.

Tunji-Ojo further tasked airlines on national security, stating that the E-Visa was of national interest to improve border security, tourism, and sustainable economic growth.

He said, “I plead with the NCAA to regulate, that is why this meeting is a strategic collaborative effort of the ministry, the Nigeria Immigration Service, and the NCAA. I can see the DG of the NCAA on seat and that is what is called collaboration.

“For the airlines, I know you are here to do business but you also have a responsibility in terms of national interest and security. Before anybody comes to Nigeria, please see their Visas, not a proof of payment or their tickets.

“It is not acceptable in the UK, US, Canada, and other climes, and it will not be acceptable in Nigeria anymore,” he added.

Speaking on the ease of applying for the E-Visa and Landing and Exit cards, Tunji-Ojo said that it was necessary for the purpose of opening Nigeria’s frontiers to investors.

He disclosed that as of May 22nd, the NIS had received a total of 5,814 applications, approved 5,671, rejected 66, and queried 62 applications since the introduction of E-Visa on May 1.

According to him, the E-Visa process will improve the database of the NIS with information on travelers.

He explained the features of the E-Visa, the Landing and Exit cards with a barcode.

“That you applied for a Nigerian visa does not mean you will have the visa, you will need to meet certain criteria for the visa to be issued” he added.

The Director-General of the NCAA, Chris Najomo in his welcome address said that the introduction of the e-Visa and the associated Landing and Exit card systems was a milestone.

Najomo said that was a significant milestone in Nigeria’s journey towards enhancing air travel facilitation while ensuring the highest standards of aviation security and operational efficiency are maintained.

“The e-Visa showcases one of the practical ways we continually align with global best practices by complying with the ICAO provisions of Annex 9 to the Convention on International Civil Aviation – on Facilitation.

“It is, inherently designed to improve the experience of travelers, while strengthening our border control mechanisms.

“The importance of seamless inter-agency collaboration cannot be over-emphasized in a bid to ensure the effective implementation of these systems without compromising safety, security, or service delivery.

“The benefits derived from e-Visa applicants being able to complete visa applications entirely online, with processing time reduced to less than 48 hours, would have a multiplier effect.

It will showcase Nigeria as an investor- and tourist-friendly nation, invariably translating to economic growth.

”The Controller General of the NIS, Kemi Nandap in her closing remarks expressed her appreciation to the Minister of Aviation and Aerospace Development, the NCAA D-G, the Managing Director of the Federal Airports Authority, and the NIS team.

She called for more inter-agency collaborations to further strengthen the seamless implementation of the e-visa, Landing, and Exit cards innovation.

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MAN Seeks CBN’s Interventions Over Freezing of Members Accounts By Commercial Banks

“Commercial banks and manufacturers should be partners that collaborate to build shared prosperity for the nation, not adversaries, “said Ajayi-Kadir.

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A worrisome case in point is the ongoing forex forward-related dispute involving KAM Industries Nigeria Limited, a leading manufacturer in the steel sector in West Africa a member of the Association, and one of the commercial banks in Nigeria.

The Manufacturers Association of Nigeria has call on the Central Bank of Nigeria to direct commercial banks to immediately unfreeze the accounts of manufacturers affected by unmet foreign exchange forwards obligations.

Segun Ajayi-Kadir, the Director- General of MAN, in a statement, yesterday , lamented that this development has led to the harassment and the freezing of some of its members’ corporate and personal bank accounts by some commercial banks in the country.

The $2.4 billion Forex backlog was part of a $7 billion outstanding obligation.

Last year, despite the interventions of the former Minister of Industry, Trade and Investment, Dr Doris Uzoka, the CBN’s failure to these forward contracts, which are intended to mitigate currency risks, is causing financial distress for manufacturers.

“A worrisome case in point is the ongoing forex forward-related dispute involving KAM Industries Nigeria Limited, a leading manufacturer in the steel sector in West Africa a member of the Association, and one of the commercial banks in Nigeria.

“Commercial banks and manufacturers should be partners that collaborate to build shared prosperity for the nation, not adversaries, “said Ajayi-Kadir.

He emphasised that as a vital sector of the economy, manufacturers rely heavily on access to Forex for the importation of essential raw materials, machinery, and equipment that are not locally available.

However, recent developments have shown a troubling trend in the way banks are handling the matter, to the extreme detriment of manufacturing industries.

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Dangote Refinery Reduces PMS Price Again by N15; now N875/litre

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Another reduction of petrol price has been announced by Dangote Petroleum Refinery and Petrochemicals by N15 in the price of its high-quality Premium Motor Spirit (PMS).

Nigerians will now purchase the product at the following prices: N875 per litre in Lagos; N885 per litre in the South West; N895 per litre in the North West and North Central, as a result of this reduction, while it will be sold for N905 per litre in the South East, South South, and North East.

According to the petroleum giants, these prices will apply through all its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.

The refinery called on other marketers to join its expanding network of partners, thereby demonstrating their support for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services Since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies aimed at delivering tangible savings to Nigerians.

In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre.

This was followed by a further reduction of approximately N45 per litre in April.

Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.

Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to supporting Nigeria’s economy.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians.

We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” it stated.

Dangote Petroleum Refinery further assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

The founder of Dangote Refinery, Aliko Dangote, was named on Tuesday in the inaugural 2025 TIME100 Philanthropy list, which recognises the 100 most influential leaders shaping the future of philanthropy worldwide.

The list, published by TIME Magazine, includes Aliko Dangote, whose Foundation spends an average of $35 million annually on programmes across Africa, alongside other global figures in charitable work, such as Michael Bloomberg, Oprah Winfrey, Warren Buffett, and Melinda Gates, all of whom were recognised as Titans.

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