Connect with us

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

Published

on

39 Views

▪︎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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Tax Reform: I rented secret apartment after death threats –Oyedele

These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Published

on

By

24 Views

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.

The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”

”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.

He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.

“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”

Continue Reading

Business

Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia

The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Published

on

By

24 Views

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.

Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.

It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.

The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.

Continue Reading

Business

UBA Announces Strategic Expansion into Key Markets Across Africa

Published

on

28 Views

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.

UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.

“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.

The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.

Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.

“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”

These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

Continue Reading

Trending