Latest Articles
Trump tariffs to hit European automakers hard
Washington, March 27, 2025 – President Donald Trump’s tariffs on auto imports will deal a heavy blow to European carmakers, especially German manufacturers, which rely on the US markets for a big chunk of their profits. The move comes as the continent’s automakers have already seen their earnings slump in the past year, with some such as Volkswagen, Mercedes or BMW struggling in another key foreign market, China. These SUVs would avoid US tariffs, but the US-made models are also exported abroad, exposing them to possible retaliatory duties. BMW said …
NNPCL sets for first stages of listing its shares on capital market
Abuja, March 27, 2025 – The Nigerian National Petroleum Company Limited (NNPCL) is now in the final stages of its listing on the capital market by the provisions of the Petroleum Industry Act 2021. Olufemi Soneye, the NNPCL Chief Spokesman, disclosed this in a statement on Thursday. The statement said Mr Olugbenga Oluwaniyi, the Company’s Chief Finance and Investor Relations Officer, hinted at the development during a consultative meeting with partners at the NNPC headquarters. It said the NNPCLwas currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. …
Nigeria’s statistical performance below its peers – World Bank
Abuja, March 27, 2025 – The World Bank says Nigeria’s statistical performance is not at par with its aspirational peers as Mexico, Columbia, South Africa and Brazil. Mr. Johan Mistiaen, an official of the Word Bank, made the observation on Wednesday during his presentation on the next level statistics to support Nigeria’s reform and growth agenda. He suggested that investing about $10 to $15 million annually into the country’s statistical system, can raise performance to that of its aspirational peers. Mistiaen, the World Bank Practice Manager for West and Central …
Tinubu approves 4 members to NCDMB governing council
Abuja, March 27, 2025 – President Bola Tinubu has approved four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB). According to a statement by Bayo Onanuga, a Presidential Spokesman, the approved new members are Mr. Olusegun Omosehin of the National Insurance Commission (NAICOM) and Engr. Wole Ogunsanya of the Petroleum Technology Association of Nigeria (PETAN). Others are Mazi Sam Azoka Onyechi, who represents the Nigerian Content Consultative Forum (NCCF), and Barrister Owei Oyanbo from the Ministry of Petroleum Resources. The nominations arose from …
We need more than CNII Order to secure telecom investments – experts
Lagos, March 27, 2025 – Some telecom investment experts have identified important measures to secure telecommunications infrastructures in the country and ensure that investments in the telecoms space are protected. They argued that as much as the effective implementation of the Executive Order on the Designation and Protection of Critical National Information Infrastructure (CNII) is important, the Order cannot solely guarantee infrastructure safety except certain internal and standardisation issues are first resolved by operators. Speaking at the 7th Policy Implementation Assisted Forum (PIAFo) Summit on CNII implementation held Thursday in Lagos, …
FG grants 2-year import duty, VAT waiver for critical pharmaceutical raw maters
Abuja, March 27, 2025- The federal government has granted a two-year import duty and Value Added Tax exemption for critical raw materials essential for production of drugs. The duty and VAT exemption was granted under a Presidential Executive Order The Nigeria Customs Service (NCS) disclosed in a statement issued by Abdullahi Maiwada, its Spokesman The NCS said the exemption covered critical raw materials essential for the production of pharmaceutical products and other essential raw materials needed for producing medicines, long-lasting insecticidal nets, rapid diagnostic kits, reagents, and packaging materials. The …
PANDEF commends Tinubu for signing South-South Commission bill into law
Port Harcourt, March 27, 2025 – The Pan-Niger Delta Forum (PANDEF) has commended President Bola Tinubu for signing the South-South Development Commission Bill into law. It also commended the National Assembly for its expeditious passage of the bill. PANDEF made the commendation in a statement signed by Dr. Godknows Igali, its National Chairman. It said by signing the bill the president had renewed the people’s confidence in the Federal Government’s commitment to addressing regional disparities and developmental deficits in the region. It said the South-South region which had contributed significantly …
Pencom advises states, local governments to implement CPS
Abuja, March 27, 2025 – The National Pension Commission (PenCom) has advised states and local governments to implement the Contributory Pension Scheme (CPS). Pencom gave the advice in a statement on Wednesday. It said state and local governments could domesticate the CPS by enacting appropriate pension laws within their states. Pencom urged all states and local governments to expedite the enactment of their CPS laws and take immediate steps toward full implementation to ensure a secure and sustainable pension system for their workforce. According to Pencom, the Pension Reform …
China rebuffs Trump offer of tariff concessions if Beijing agrees TikTok deal
Beijing, March 27, 2025 – China rebuffed on Thursday a suggestion from US President Donald Trump that he might offer to reduce tariffs on the country to get Beijing’s approval for the sale of popular social media platform TikTok. Trump said this month the United States was in talks with four groups interested in acquiring TikTok, with the app facing an uncertain future in the country. “China is going to have to play a role in that, possibly in the form of an approval and I think they’ll do that.” …
Trump’s trade tariffs could smash UK’s hopes of economic recovery
London, March 27, 2025 – Donald Trump’s plan to hit competitors, foes and allies alike with trade tariffs will hammer Rachel Reeves hopes of leading a UK economic recovery, experts warned today. The Office for Budget Responsibility (OBR) warned that if the protectionist US plan developed into a full-blown global trade war it could reduce UK GDP by a full 1 per cent on its own. The worst-case scenario, in which Trump hits the rest of the world with 20 per cent import taxes to protect US domestic businesses, would also …