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.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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