Economy
Nigeria Can Take Advantage Of 14% US Tariff Or Negotiate: NACC
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
“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.
EFCC Arraigns Former SKye Bank Chairman, Tunde Ayeni For N15.6b Fraud
The Economic and Financial Crimes Commission, EFCC, on Monday, May 4, 2026, arraigned a former Chairman, Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni before Justice Jude Onwuzuruike of the Federal Capital Territory, FCT, High Court, Apo, Abuja.
Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds to the tune N15,665,085,429 (Fifteen Billion, Six hundred and Sixty five Million, Eighty five thousand, Four Hundred and Twenty-nine Naira (N15,665,085,429).
Prosecution counsel E.E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and prosecution ready for trial.
“We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant”, he said.
Eereporter.com
Count three of the charge reads: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st of October, 2014 and 19th November, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of Three billion, Two hundred and One million, Five Hundred and Thirty Five Thousand, Four Hundred and Twenty Nine Naira, Forty two kobo(N3,201,535,429.42) by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in Violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Count five of the charge reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about 27th November, 2014, at Abuja within the Jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Billion, Seventy Eight million, Five hundred and Fifty thousand Naira(N5, 078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”
Fraud
Ayeni pleaded “not guilty” to the charges when they were read to him.
In view of his “not guilty” plea, Iheanacho prayed the court for a trial date and urged the court to remand the defendant in a Correctional Centre.
Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charge was given to the defendant on a public holiday adding that he considered it imperative to inform the court. He also prayed the court to release the defendant to him or return him to the custody of the EFCC.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application, while the defendant was remanded at the Kuje Correctional Centre pending determination of bail application.
Economy
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
World Press Freedom Day: FG Calls For Collaboration To Address Disinformation, Misinformation
The Federal Government has called for stronger collaboration among the media, government institutions, and other stakeholders to address the growing threat of disinformation and misinformation, stressing that collective action is essential to protect public trust and national stability. The Honourable Minister of Information and National Orientation, Mohammed Idris, made this known on Monday in Abuja at the 2026 World Press Freedom Day commemoration held at Radio House.
“This administration has prioritised collaboration with media stakeholders and international partners to promote responsible journalism, counter disinformation and misinformation,” said the Minister.
He described press freedom as a fundamental right guaranteed under the Constitution, noting that the Federal Government remains fully committed to its protection. “The Federal Government fully recognises press freedom as a fundamental right and remains committed to fostering an environment where the media can operate freely, safely, and responsibly, in accordance with democratic principles and the rule of law,” he stated.
Idris noted that the Federal Government, under the leadership of President Bola Ahmed Tinubu, has taken deliberate steps to strengthen transparency and access to information through sustained media engagement, implementation of the Freedom of Information Act, and investment in public communication platforms.
Eereporter.com
He further pointed to Nigeria’s partnership with UNESCO in establishing the International Media and Information Literacy Institute (IMILI) in Abuja as a key step towards building a more informed and discerning public. “This pioneering initiative reflects our commitment to strengthening media and information literacy, empowering citizens to engage with information critically, and promoting responsible communication in the digital age.”
The Minister urged journalists to uphold professionalism, fairness, and ethical standards in their work, stressing that press freedom must go hand in hand with responsibility. “The true test of press freedom lies not in our declarations, but in our actions, how safely journalists can do their work, how truthfully information is shared, and how responsibly it is consumed,” he said.
Earlier in her welcome address, the Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. Binyerem Ukaire, described the event as a critical platform for strengthening collaboration across institutions.
“This gathering reflects our shared commitment to strengthening press freedom and fostering a more informed and inclusive society. It provides an opportunity for constructive engagement on how best to advance a media environment that is both free and responsible,” she said.
World Press Freedom Day
Ukaire emphasised the need for coordinated responses to the challenges posed by the evolving information ecosystem, particularly the spread of misinformation. “The expansion of digital platforms has introduced new complexities that require coordinated institutional responses, especially in addressing misinformation and strengthening public trust,” she noted.
She added that the Ministry remains committed to facilitating dialogue, strengthening partnerships, and promoting professionalism within the media space.
The Federal Government reiterated its commitment to working with the media, civil society, and international partners to build a resilient information system that supports democratic governance, national unity, and sustainable development.
The event was attended by the Inspector General of Police, represented by FPRO, DCP Anthony Okon Placid, mni, mnipr; the Director-General of the Department of State Services, represented by Director of Protocol M. O. Chukwuka, fsi; Executive Secretary, Nigerian Press Council, Dr Dilli Ezughah; Head of UNESCO Abuja Office, represented by the Head of Communication and Information Sector, Ms Yachat Nuhu.
Rabiu Ibrahim
Special Assistant (Media) to the Honourable Minister of Information and National Orientation
Monday, May 4, 2026
NNPC, Chinese Firms Sign MoU Towards Restart, Expansion Of Warri, Port Harcourt Refineries
The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.
The MoU was signed by the Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari; Chairman, Sanjiang Chemical Company, Guan Jianzhong and Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
Eereporter.com
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.
The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs.
Speaking shortly after signing the dotted lines, the GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari, described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Ojulari noted.
NNPC
The GCEO further stated that the MoU is a significant step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
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