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
I sold heavy weapons internationally – Orji Kalu
“Yes, so I stopped because my parents, my mother, my father came and said I must stop, and I stopped,” he said.
The Senator representing Abia North, Orji Kalu, has disclosed that he previously engaged in the international trade of heavy weapons, selling arms to buyers in different countries before quitting the business at the insistence of his parents.
Kalu made the revelation during an interview on Arise Television on Monday, while discussing his business background and relationships with former and current South African leaders.
Asked whether he was an arms dealer, the former Abia State governor answered in the affirmative, saying he stopped after his parents intervened.
“Yes, so I stopped because my parents, my mother, my father came and said I must stop, and I stopped,” he said.
Asked whether he sold weapons to people who intended to use them to kill others, Kalu dismissed the suggestion, saying his motivation was to make money.
“No, no, no, no, no, no. I was selling guns to make money, whether they blow up it’s not my business,” he said
Business
Dividends: Airtel Africa To Pay Nigerian Shareholders USD N1,347.44 / Share
For London investors, the sterling equivalent was fixed at $1 to £0.7464
Airtel Africa Plc says it will pay its 3.1 US cents interim dividend at a dollar-to-naira conversion rate of N1,347.44.
That translates to about N41.77 per qualifying share for Nigerian investors.
The company disclosed the rate in a notice filed with the Nigerian Exchange (NGX).
The interim dividend is 3.1 US cents per ordinary share, a 9.2% increase from the previous year’s payment.
The approved naira rate is about 7.5% lower than the N1,456 per dollar that applied to the corresponding 2025 interim dividend.
Both the naira and sterling conversion rates were derived from dollar exchange rates available on October 30, 2026.
For London investors, the sterling equivalent was fixed at $1 to £0.7464. That puts the payment at approximately 2.31 pence per share.
Business
Domestic Flights Fare Surges Ahead of Christmas, New Year
United Nigeria and ValueJetUnited Nigeria Airlines recorded one of the highest fares. A Lagos to Anambra return ticket between December 22 and January 2 costs ₦822,000.
Local airlines operators the like of Air Peace, United Nigeria Airlines and ValueJet have reviewed their fares upward for December 2026 and early January 2027, with return tickets on some routes climbing to ₦822,000.
Quoted fares seen by Ohibaba.com shows that Air Peace listed a Lagos to Anambra return ticket between December 24, 2026 and January 2, 2027 at ₦676,000.
The outbound flight costs ₦341,500, while the return is priced at ₦335,500. Abuja to Anambra will cost about ₦677,000 for a return ticket, while Lagos to Owerri costs ₦671,000.
The fares reflect prices available during checks and may change with seat availability and booking dates.
United Nigeria and ValueJetUnited Nigeria Airlines recorded one of the highest fares. A Lagos to Anambra return ticket between December 22 and January 2 costs ₦822,000.
The outbound journey costs ₦511,000, while the return flight is priced at ₦311,000. Other United Nigeria return fares are Abuja to Anambra at ₦757,000, Lagos to Enugu at ₦656,000 and Lagos to Owerri at ₦682,000.
ValueJet’s Lagos to Owerri return fare stands at about ₦658,094.
This comprises ₦326,666 for the outbound flight and ₦331,428 for the return journey.
Quoted return fares on other routes include ₦622,000 for Lagos to Port Harcourt and Abuja to Port Harcourt, and ₦679,000 for Lagos to Asaba.
Aviation experts attributed the increases to surging festive demand, limited aircraft capacity and growing concerns over insecurity on major highways.
Aviation analyst Dr James Odaudu said airlines frequently struggle to accommodate the influx of passengers travelling to the South-East and South-South during Christmas.
According to him, insufficient flight capacity allows operators to increase fares, sometimes substantially.
He warned that although seasonal pricing is understandable in a deregulated market, excessive increases could raise legitimate concerns about passenger exploitation.
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