Business
U.S. Declares Nigeria’s Import Bans on 25 Products Unfair to American Exporters
In a post on X, the USTR listed the restrictions—covering beef, poultry, fruit juice, pharmaceuticals, and spirits—among the top 10 unfair trade practices by foreign nations.
The U.S. Trade Representative (USTR) has criticized Nigeria’s ban on 25 product categories, saying it hampers American exports and deepens trade tensions.
In a post on X, the USTR listed the restrictions—covering beef, poultry, fruit juice, pharmaceuticals, and spirits—among the top 10 unfair trade practices by foreign nations.
”These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” said the USTR.
Nigeria is among several countries, including India, Thailand, Kenya, and the EU, cited for policies the U.S. says collectively block billions in potential exports.India and Thailand’s restrictions on U.S. ethanol, and Kenya’s 50% corn tariff, were also flagged.
The USTR warned such practices hurt American farmers, manufacturers, and workers, linking them to job losses and factory closures.
Notably, China was criticized for undercutting U.S. flag makers, with $2 million in monthly lost sales due to Chinese imports.
Business
TCN improves Power Supply to Apapa corridors by additional 208MW
The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.
The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.
Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .
The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.
Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.
He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.
Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.
The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.
At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.
The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.
Business
CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA
•Mrs Hakama Sidi Ali.
The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).
The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.
The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.
Business
Naira Exchange Rates Tuesday,18 August
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,405 Sell ₦1,413
Great British Pound (GBP) Buy ₦1,880 Sell: ₦1,900
EURO (EUR) Buy ₦1,580 Sell ₦1,600
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,349.54
Great British Pound (GBP) ₦1,830.11
EURO (EUR) ₦1,564.79
Swiss Franc (CHF) ₦1,667.74
Chinese Yuan (CNY) ₦200.19
West African CFA (XOF) ₦2. 39
West African Unit Account (WAUA) ₦1,855.18
Saudi Riyal (SAR) ₦359.44
South African Rand (ZAR) ₦83.31
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