Business
The maritime industry dictates global economy

The Associate Director, Global Operations & Industry Engagement, Maritime Anti-Corruption Network (MACN), Vivek Menon, says “The maritime industry dictates global economy.”
Vivek stated this on the occasion of the Maritime Writes Project (MWP 2024) bootcamp in Lagos themed: “Protecting Heritages in the Blue Economy.”
Vivek, who is responsible for engaging the maritime industry towards MACN’s vision and executing MACN’s collective action projects, remarked that there is need to appreciate the maritime industry .
His words:” The maritime industry is one that is for the people and by the people. Nonetheless, it is taken for granted which is explained by sea blindness as many people don’t understand the maritime sector and how much it contributes to the nation’s economy.
“The maritime industry dictates global economy.
In the room where you’re seated, you have tables, chairs, clothes etc. You have all these items because they were conveyed to your country via ships.”
Commenting on the maritime industry in Nigeria, Vivek stressed the need for attitudal change in the industry, specifically to curb corruption.
“There is a need to write stories about the challenges resulting from corrupt practices in the sector in a bid to curb the menace.
“You can’t vaccinate people against corruption.”
At the MWP bootcamp, President -General of MWUN, Comrade Adewale Adeyanju, in his presentation on ‘The Struggle and Strides of The Union in Nigeria’s Blue Economy ,’ said that there has been a decline in number of people developing careers in the maritime sector globally, especially in seafaring. Represented by the Union’s Deputy Secretary- General, Comrade Oniha Erazua, he said: “There is a decline in seafarers, dockworkers, among other aspects of maritime. This is beautiful catch-them-young initiative is bound to stimulate interest in the sector. As someone who has spent several years in the sector, I can confidently say that a career in shipping and other aspects of maritime will be gratifying.”

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.”
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