Business

Will Trump Renew AGOA in September?

Talking about Nigeria’s participation and utilisation of AGOA preferences since the year 2000, the Nigerian-American Chamber of Commerce said in the past that Nigerian companies had not taken advantage of AGOA.

Published

1 year ago

March 5, 2025

OhiBaba

635 Views

The African Growth and Opportunity Act (AGOA) expires in September 2025, raising questions on the possibility of its renewal.

AGOA is a programme that allows eligible countries in sub-Saharan Africa to export 6,800 different products to the United States without paying tariffs or facing limits on the amount they can export.

It came into existence in the year 2000 when President Bill Clinton’s administration passed some specific trade laws, which included AGOA.

Its purpose is to assist the SSA economy to promote a free market system, stimulate economic growth and integrate into the global economy. AGOA was modernised and extended from 2015 to 2025.

However, a concerted effort was made last December to renew AGOA. American Senator James Ritch introduced a bipartisan Bill that would renew the trade pact for 16 years, extending it to 2041. John James also introduced legislation that would extend AGOA for 12 years.

Apart from differences over the time frames, the two bills were aligned in their support for an enhanced AGOA.

In 2023, Nigerian-born US Deputy Secretary of the Treasury, Wally Adeyemo, noted that Nigeria has not taken advantage of AGOA and urged entrepreneurs and start-ups to seize opportunity by selling their products and exploring ‘duty-free access’ to the US markets.

Analysts who spoke to The Guardian agreed that Nigeria has not benefited by not taking full advantage of the window.

A capital market analyst, Ola Adeyanju said that despite Nigeria’s strong fundamentals, lack of basic infrastructures has rendered the citizens powerless against exportation.

“Cost of production and lack of basic infrastructures are seriously working against exporters in this country,” he said.

Source: The Guardian

Related Topics:AGOA Featured Trump’s tariff

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Business

Naira Exchange Rates Friday, 3 July 2026

Published

3 days ago

July 3, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

4 days ago

July 2, 2026

OCHEFA

54 Views

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.