Business

Tinubu Cites Economic Gains, Says Nigeria Unshaken by Trump’s Tariffs

Published

2 months ago

September 3, 2025

By Onyeanya Ebere Immaculata

President Bola Tinubu on Tuesday said Nigeria is not threatened by the new U.S. trade tariffs introduced under President Donald Trump’s administration, pointing to improved fiscal health, rising non-oil revenues, and ongoing reforms as buffers against external shocks.

Speaking at the Presidential Villa in Abuja during a meeting with members of The Buhari Organisation led by former Nasarawa State Governor, Senator Tanko Almakura, Tinubu stressed: “If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side.”

Trump’s sweeping trade measures, which took effect on August 7, impose a 10% baseline tariff on most imports and an additional 15% country-specific levy on Nigerian exports.

While oil and gas remain exempt, the new tariffs have already unsettled global energy markets in early 2025.

Tinubu highlighted Nigeria’s resilience, noting that the nation had already surpassed its 2025 revenue targets by August.

He pointed to the naira’s recovery from N1,900 to about N1,450 per dollar following his administration’s unification of exchange rates in May 2023.

He also emphasized the importance of agricultural reforms, particularly nationwide mechanisation, in tackling food insecurity and poverty.

“If we remove hunger, we have defeated poverty,” he said.

The meeting, attended by northern APC leaders including Katsina State Governor Dikko Radda and former Governor Aminu Masari, was viewed as part of broader efforts to strengthen party unity ahead of the 2027 elections.

Reflecting on the formation of the All Progressives Congress (APC), in 2013, Tinubu recalled a disagreement with the late President Muhammadu Buhari over the party’s logo. “We disagreed to agree… He insisted on parliament, and I insisted on broom,” Tinubu said with humor, referring to the broom symbol that eventually became the party’s emblem of unity and collective action.

The APC was formed through the merger of four opposition parties: the Action Congress of Nigeria (ACN), Congress for Progressive Change (CPC), All Nigeria Peoples Party (ANPP), and a faction of the All Progressives Grand Alliance (APGA).

Tinubu, a central figure in the process, said the clash of political cultures, though challenging, ultimately laid the groundwork for the party’s 2015 electoral victory.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

1 week ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

2 weeks ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

2 weeks ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.