Connect with us

Business

Tony Elumelu: FG Alone Can’t Transform Nigeria Into Prosperous Economy

Published

on

39 Views

Tony O. Elumelu, Founder, The Tony Elumelu Foundation, said that transforming Nigeria into economies like the USA, France, UAE, and London, is not the responsibility of the  federal government alone.

Tony Elumelu stated this during the Nigerian Bar Association (NBA) 63rd Annual General Conference in Abuja.

He spoke on the theme of the conference ‘Getting It Right, Charting The Course Of Nigeria’s Nation Building,” and  said:
” Great nations start with great people, not just great leaders; it’s
a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences,” he said.

Stressing that resetting the economy is not the responsibility of the government alone, he said: ” Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building.
” It behoves us all to collaborate in unity to reset Nigeria.”

Let us renew our infrastructure:
To achieve this goal, Tony Elumelu called for a fundamental renewal of the social and economic infrastructure of Nigeria.

” Nation building is not a quick fix, it entails sacrifices.  We cannot keep doing the same things and expect different outcomes.

Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure.

” When I talk of infrastructure, I do not mean just roads or rail, bridges, or ports, I mean the following:

-Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria.

-This means not just investment in our education system, but in our entrepreneurial culture.

-Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs – I know the social and economic returns entrepreneurship creates.”

In his address, President Tinubu called for a change of mindset and approach to governance.

Tinubu believes the bold endeavours to be embarked upon by the nation will need collaboration with the private sector.

NBA President Yakubu Maikyau, this year’s conference is centred around three thematic areas – security, economy, and the administration of Justice.

He hopes that after the conference, the NBA can set an agenda for Nigerians around these themes with which to engage the Presidency for the good of the country.

Business

Dangote refinery gets new CEO

David Bird is the former head of Oman’s Duqm Refinery

Published

on

By

20 Views

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.

Continue Reading

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.

Published

on

By

33 Views

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%.

Continue Reading

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.

Published

on

By

76 Views

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.”

Continue Reading

Trending