Business
Petrol Price Hike: Job Losses Top Private Sector’s Worry

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Lagos Chamber of Commerce and Industry, LCCI, and Nigerian Employers Consultative Association, NECA, among others, yesterday expressed concern over the impact of the latest petrol price increase on jobs and the economy.
Reacting to the latest price hike, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, and the Organized Private Sector, OPS, expressed concerns over it, decrying its potential impact on businesses and consumers across the country.
In a statement, the National President of NACCIMA, Dele Kelvin Oye, called on the Federal Government to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions to address the concerns raised about the price increase and its potential effects on the economy.
The statement reads: “The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, expresses its concerns over the recent increase in the pump price of petrol to over N800 per litre at NNPC filling stations across the country.
“While we understand the complex factors that can influence fuel prices, such as global oil market dynamics and exchange rate fluctuations, we are troubled by the lack of prior notice and clear explanations provided by the government and the Nigerian National Petroleum Company Limited, NNPC, regarding this development.
“The timing of this price hike is particularly concerning as it has the potential to further exacerbate the impact on businesses and consumers, especially the vulnerable segments of the population and those on fixed incomes, who are still adjusting to the recent increase in the national minimum wage.”
According to Oye, “NACCIMA calls on government and NNPC to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions, to address concerns raised about this price increase and its potential effects on the economy.
“We are particularly interested in understanding the reported conditions that may have been agreed upon during the minimum wage negotiations, and how the current development aligns with those understandings. Maintaining trust and credibility in the government’s economic policies is crucial for fostering a conducive business environment and promoting inclusive growth.
The Director -General of LCCI, Dr Chinyere Almona, said: “The impact on businesses will be severe, with fuel prices affecting supply and logistics, power generation, transportation, and factory operations.
The cost of doing business will skyrocket, prices of goods will rise, and some firms may shut down due to low demand in the face of weakening consumer purchasing power. Of course, this will be followed by job losses.
LCCI advocates for a more sustainable approach. Supporting the development of additional local refineries to process our crude for local consumption and potential export across Africa is the way forward. This long-term strategy is crucial for the stability and growth of our economy.”
On its part, the Nigeria Employers Consultative Association, NECA, faulted the new price, saying it will inflict more pain on Nigerians and contribute to the increase in the cost of doing business.
The Director-General of NECA, Wale-Smatt Oyerinde, also reacted and pleaded with the government to rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.
He said “The new pump price of petrol is not only worrisome but also unfair. We had expected that the Government would leverage the momentum created by the completion of the Dangote refinery and the planned commencement of operation of the Port-Harcourt refinery to clear the obvious self-inflicted pain on Nigerians and progressively reduce the pump price of petrol. This seems not to be the case.
“This new pump price could be seen as making Nigerians pay for the crass inefficiency in the NNPC. Rather than address the fundamentals that have made Nigeria a net importer of petrol, even when we have four refineries, the Government continues to inflict pain on Nigerians and inadvertently, contributing to the increase in the cost of doing business.
“We urge that Government should have a rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.”

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.”
-
Politics2 days ago
JUST IN: Dino Melaye dumps PDP
-
Entertainment3 days ago
2Baba Marries Natasha In Private Wedding Ceremony
-
Entertainment3 days ago
NFVCB June Films top by ROK Studios, Silverbird Distribution, and OSSYKing Movies
-
Entertainment2 days ago
Gen Z Slang: Bet, Simp, Glow Up and More
-
News9 hours ago
NGE Condemns Arbitrary Closure of Badeggi Radio Station by Gov Bago for allegedly promoting violence
-
News3 days ago
JUST IN: President Tinubu Extends Customs Boss Adeniyi’s Tenure by One Year
-
Health9 hours ago
Nurses Back to Work After Four-Day Nationwide Strike
-
News14 hours ago
Olumuyiwa Adejobi Becomes Deputy Commissioner of Police