Business
Israeli-Iranian war: Good News for Nigeria’s Oil Sector — CPPE
Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.

Dr Muda Yusuf, the Director/Chief Executive Officer Centre for the Promotion of Private Enterprise [CPPE], says that the outbreak of war between Israel and Iran , if it persist, is beneficial for the Nigerian economy, especially the oil industry.
In a statement on Sunday, Dr Yusuf, noted : ” A major driver of energy prices in Nigeria is the global crude oil price.
With the outbreak of the Israeli-Iranian war, crude oil prices had surged to $75 per barrel from $65 per barrel a week before. This is a 15% jump within days.
This has obvious implications for petroleum product prices globally.
Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.
This would have far reaching implications for many economies and businesses.
“He continues: ” Crude oil price has surged to $75 per which is about 15% higher than before the outbreak of the Israeli–Iran conflict.
This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.
Revenue Effect.
The oil sector currently accounts for about 50% of government revenue.
An improvement in crude oil price would therefore have a significant impact on government revenue.
An improvement in revenue would positively impact fiscal consolidation and hopefully moderate the growth of the fiscal deficit.
Oil And Gas Investment Effect
Investments in the oil and gas sector would post better returns if the conflict persists. High oil price is good news for upstream oil and gas investors.”

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
Business
Trump Imposes 15% tariff on Nigerian Imports
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.
The White House announced the implementation of the new reciprocal tariff rates on Thursday.
In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.
That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.
However, the majority of talks failed to result in new trade agreements.
As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.
African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.
During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.
Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.
Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.
Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.
Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
-
Politics1 day ago
JUST IN: Dino Melaye dumps PDP
-
Entertainment2 days ago
2Baba Marries Natasha In Private Wedding Ceremony
-
Health3 days ago
Nigerian Nurses in Govt -Owned Hospitals Beginning Nationwide Strike Tonight
-
Entertainment2 days ago
NFVCB June Films top by ROK Studios, Silverbird Distribution, and OSSYKing Movies
-
News2 days ago
Kogi Governor Commends President Tinubu over Abuja-Lokoja Road Reconstruction
-
News2 days ago
JUST IN: President Tinubu Extends Customs Boss Adeniyi’s Tenure by One Year
-
Entertainment1 day ago
Gen Z Slang: Bet, Simp, Glow Up and More
-
Business7 hours ago
Trump Imposes 15% tariff on Nigerian Imports