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Nigeria Can Take Advantage Of 14% US Tariff Or Negotiate: NACC

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Nigeria Can Take Advantage Of 14% US Tariff Or Negotiate: NACC

Nigeria can take advantage of 14% US tariff or negotiate: NACC. The Nigeria-American Chamber of Commerce (NACC) says the 14 percent tariff the United States placed on imports from Nigeria presents opportunities for the country’s solid minerals and agricultural sectors.
Sheriff Balogun, president of the NACC, spoke on Friday during an interview aired on Channels Television.

On April 3, US President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.

Commenting on the development, Balogun said the trade tariff is an opportunity for Nigeria, especially in sectors where the country has an advantage.

“We have a lot of energy minerals, minerals like lithium, cobalt, tantalum, manganese. And these are critical minerals that are needed in the energy sector, we call them energy minerals,” Balogun said.

“So it provides an opportunity for us to look at our tariff levels at 14 percent. So if we add value to what we have and are able to export this, we’ll have an advantage over countries whose tariffs are much higher than what we have.

“And those are some of the countries that are exporting these critical minerals to the US, so that gives us a comparative advantage.

“Agriculture for one, which provides a larger employment for us, and we’re blessed with arable land that we have a lot of agricultural products that are needed.

“What we need to do is to add value to this, get them into finished products and semi-finished products and take advantage of that.”

‘NIGERIA CAN NEGOTIATE 14% US TARIFF’

Balogun said Nigeria can negotiate the 14 percent tariff just like other countries are making the approach to negotiate.

He further said gaps in other countries with higher US imposed tariffs on imports could be covered by Nigeria.

“Our trade deficit with the US is not so much, so it gives us room to be able to negotiate and have a balanced and win-win trade situation,” he said.

“We can also collaborate in setting up cross-border processing for some of the products that we have here. We can send them in there, process, re-export and then take advantage of that.

“Mexico supplies a lot of agricultural products to the US, and you can see the tariff level that is pretty high, very high.

“So with what we have now, all we need to do is step up our game and be able to move into that gap that we created as a result of what is happening between the US and Mexico.

“You look at Vietnam, where the imposed tariff is as high as 68 per cent; there are products there that Nigeria has, that Vietnam has, that we can take advantage of and enter into the markets.

“But generally, it’s a wake-up call for us also to look at what we are doing holistically, and see how we’ll be able to make export more competitive, provide the right infrastructure, and if that is in place—power, good roads, logistics, our port services, ensuring that we can get our products into the ports at the right time to be able to meet shipments, the deadlines, and all of that.

“So those are some of the areas that we need to improve on and then take advantage of what this tariff regime presents to us.”

‘14% TARIFF PRESENTS OPPORTUNITY FOR NIGERIA TO PROCESS GOODS’

The NACC president said the trade tariff also tells Nigeria that it needs to look at processing some of the goods it exports and developing internal consumption.

He said if Nigeria is exporting goods and faces barriers, those goods are hindered, while noting the need to develop internal consumption.

“Nigeria is a huge market in itself, and some of these products, and I can give a specific example of cocoa,” Balogun said.

“The cocoa sector is huge, several billions in terms of the complete value chain. But what Nigeria is earning from it by exporting just raw cocoa beans is insignificant compared to the whole value chain of the export.

US Tariff

US Tariff

“If we have a culture of consumption in Nigeria, which other countries have done, you probably even have to have a reversed situation, or probably we need to even import cocoa pods to be able to process and provide cocoa.

“Cocoa powder, cocoa drink can be integrated into the school feeding programmes, which provide nutrition, the valued and needed nutrition to our children and the population.”

He said Nigeria needs to focus on both exports and developing internal capacity to consume, adding that the country must have purchasing power to take full advantage of opportunities, requiring a holistic approach.
The NACC had announced plans to celebrate its 65th anniversary on April 12, with Balogun’s inauguration as 20th president as the highlight.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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