Connect with us

Economy

President Trump Slams 14% Tariff On Imports From Nigeria In A Global Blitz

Published

on

President Trump

President Trump Slams 14% Tariff On Imports From Nigeria In A Global Blitz

President Trump slams 14% tariff on imports from Nigeria in a global blitz. On Wednesday evening, United States President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US.

The main exports were crude petroleum ($4.73  billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Over the past five years, according to OEC, Nigeria’s exports to the US have increased at an annualised rate of 1.59 percent,  from $5.81 billion in 2018 to $6.29 billion in 2023.

Stocks had closed higher before Trump’s announcement but later buckled under the weight of the new order, disrupting business decisions and raising fears of a global trade war.

Trump said he was optimistic the numbers would improve, maintaining that the decision was critical for America’s restoration as the world’s sole superpower. After delivering his speech, Trump signed the decision as an executive order.

The executive order imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.

President Trump

President Trump

He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to drop theirs first.
Parts of the order had different implementation timelines, with some beginning as early as in a few hours. “Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted.

The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.

According to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount. In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.

Countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.

Economy

Reps Pays N14.4m To Enrol 800 Constituents In Health Scheme

Published

on

By

Reps

Reps Pays N14.4m To Enrol 800 Constituents In Health Scheme

Reps pays N14.4m to enrol 800 constituents in health scheme. Mr Etteh noted that with sound health, the people could maximise their potential and benefit more from government plans.

Okpolupm Etteh, the member (PDP) representing Eket/Esit Eket/Onna/Ibeno Federal Constituency in the House of Representatives, has presented a cheque of ₦14.4 million to the Akwa Ibom State Health Insurance Scheme for his constituents’ enrolment.

The lawmaker said the sum would cover the enrolment of 800 members of his constituents when he presented the cheque to the Health Insurance during his visit to the office in Uyo on Thursday.

Mr Etteh, represented by Kingsley Mbre, PDP Eket Central, Ward 1 Leader, said he was in support of the ARISE health policy of the Governor Umo Eno-led administration.

Mr Eno flagged off the scheme in the state on Friday, September 20, 2024. Mr Etteh noted that with sound health, the people could maximise their potential and benefit more from government plans and programmes.

The lawmaker urged the people of the constituency to partake and be beneficiaries of the scheme.

Mr Etteh commended the state governor for prioritising the health needs of the people by investing in primary and secondary health facilities across the state.

He added that with the effort, Akwa Ibom would become a haven for health tourists in a few years while assuring that the scheme would be sustained.

The chairman of the scheme, Edikan Ekwere, who, received the team, commended the lawmaker for redeeming the promise he made during the launch of the scheme by Mr Eno.

Reps

Reps

Mr Ekwere said the gesture was timely and thoughtful.
He said the scheme, aimed at pooling funds for strategic healthcare purchases, was to ensure all the residents of the state had access to efficient healthcare services to reduce catastrophic health expenditure.

He, however, commended the lawmaker for pledging to sustain the scheme.
Ogbeni Arthur, the executive secretary of the scheme, commended the lawmaker for partnering with the state government.

He assured that the team would embark on a visit for the biometric capturing of the beneficiaries once a suitable date and respective venues were selected.

Continue Reading

Economy

PCN Arrests 7 Vendors, Seals 100 Pharmaceutical Premises In Gombe For Regulatory Violations

Published

on

By

PCN Arrests 7 Vendors

PCN Arrests 7 Vendors, Seals 100 Pharmaceutical Premises In Gombe For Regulatory Violations

PCN arrests 7 vendors, seals 100 pharmaceutical premises in Gombe for regulatory violations. Mr Chiroma said the arrested vendors had unlawfully broken the official PCN seals on their premises.

The Pharmacy Council of Nigeria (PCN) has arrested seven vendors and sealed 100 pharmaceutical premises in Gombe State for various regulatory violations.

The violations included the non-renewal of licences and the operation of illegal premises.

Head of Enforcement at PCN, Suleiman Chiroma, said this in Gombe on Thursday.
Mr Chiroma said the arrested vendors had unlawfully broken the official PCN seals on their premises and would be subjected to thorough investigation and prosecution.

According to Mr Chiroma, the enforcement team inspected 144 pharmaceutical premises across the state, of which 100 were found non-compliant and subsequently sealed.

PCN Arrests 7 Vendors

PCN Arrests 7 Vendors

Mr Chiroma reaffirmed PCN’s commitment to ensuring compliance with pharmaceutical regulations in Nigeria.

He said that the council would take all necessary measures to implement the National Drug Distribution Guidelines, which are aimed at sanitising the drug distribution system and curbing the sale of unregulated and substandard medicines.

Mr Chiroma urged pharmacy operators in the state to adhere strictly to regulatory standards by ensuring proper licensing and compliance with pharmaceutical laws to avoid legal consequences.

Continue Reading

Economy

Diri Praises Tinubu As ‘Grandmaster Of Partnerships’ For Coastal Road Project

Published

on

By

Diri Praises Tinubu

Diri Praises Tinubu As ‘Grandmaster Of Partnerships’ For Coastal Road Project

Diri praises Tinubu as ‘grandmaster of partnerships’ for coastal road project. Bayelsa State Governor, Douye Diri, has hailed President Bola Tinubu as the “grandmaster of partnerships” for initiating the Lagos-Calabar coastal road project, a long-standing demand of the Ijaw people.

Speaking at an NDDC medical outreach in Yenagoa, Diri noted that despite multiple appeals to the previous administration, his requests for collaboration on critical road projects went unanswered.

Diri Praises Tinubu

Diri Praises Tinubu

However, under Tinubu’s leadership, the second phase of the Nembe-Brass road has been awarded, and contractors have mobilized to site.

The governor expressed confidence that Tinubu would see the coastal road project through to completion, emphasizing its significance for the region’s development.

Continue Reading

Trending