Business
Global Tariff War: FG Will Review Impacts on Nigeria — Edun
For the economic management team of Mr. President and indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged.“
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the Federal Government’s Economic Team will review the impact of the ongoing global tariff war on Nigeria.
He spoke yesterday at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja.
Edun said, “For the economic management team of Mr. President and indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged.“
For Nigeria, in terms of exports, it’s not too bad because oil minerals are excluded by America from being in any way sanctioned with tariffs.
But based on our non-oil exports and based on the formula that the Americans are using, we do have a 14% tariff on our exports.
But it’s a lot better than Vietnam, which has 46%.“So we need to look at these situations and see what the opportunities are.
The Nigeria of today, with a relatively stable economy and an attractive investment environment, including attractive exchange rate, is a place where if they can’t produce in Vietnam, they can come and produce in Nigeria.
We are here, we are ready, we are waiting, and we have what will be attractive to them in terms of policies, in terms of market ,and in terms of export capacity.
Vanguard
Business
Naira Rates To Dollar, Pound ,Euro… Friday, October 2
BLACK MARKET RATES
₦1375DOLLAR (USD)
₦1845 POUND (GBP)
EURO (EUR) ₦1550
₦1000 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦370 UAE DIRHAM
₦190 CHINESE YUAN (CNY)
₦100 GHANA CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR (AUSSIE)
Official CBN Exchange Rates
DOLLAR (USD)₦1329.16
POUND (GBP)₦1766.59
EURO (EUR) ₦1510.06
SWISS FRANC (CHF) ₦1593.91
JAPANESE YEN (JPN)₦8.47
CFA FRANC (XOF) ₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23
CHINESE YUAN (CNY) ₦198.25
SAUDI RIYAL (SAR) ₦353.97
SOUTH AFRICAN RAND (ZAR) ₦81.18
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
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