The Executive Chairman of the Economic and Financial Crimes Commission (EFCC),  Mr. Ola Olukoyede, on Thursday, vowed to tackle many cases of non-performing loans in Nigeria associated with underlining fraudulent content.

The EFCC boss, in a statement on Thursday, vowed to tackle such cases of fraud in the interest of justice.

Olukoyede stated this while receiving the  Managing Director/Chief Executive Officer of Nigerian Export- Import, NEXIM Bank, Mallam Abba Bello  at the corporate headquarters of the EFCC.

Olukoyede stressed the Commission’s commitment towards using the anti-corruption fight to stimulate growth in the economy.

Economic Sabotage

The EFCC boss highlighted that the Commission is not a debt recovery agency, but only steps in when a certain classification of debts constitutes an economic sabotage on the nation.

He pointed out that “many cases of non-performing loans have underlining fraudulent content and the EFCC would stop at nothing to tackle such cases.” 

“We are careful of the way we come in, particularly when it comes to the issue of loan recovery. We look at the area of economic sabotage. When somebody is granted a loan, particularly if the money is from the commonwealth or from investors’ resources in a bank, and they divert the money or the money does not go to what it was meant for, obviously that is economic sabotage. More than 90% of the cases of bad loans have underlining fraud”, he explained further.

• Olukoyede noted that the mission of the EFCC and that of NEXIM Bank align in the area of stimulation of the country’s economic growth.

“We have shared mandates with your bank as an export-import promoting bank, which is to grow the economy.  Doing that, you are promoting the economy, and on our part, one of our mandates is to also use the instrumentality of the fight against corruption to grow the economy,” he stated.

• He assured that the shared mandate between the institutions would translate to the development of the nation.

More Insights  

On his part, Bello appreciated the EFCC for assisting his bank in handling several financial cases including “abuse which was occasioned by all kinds of things, technical abuse of the process of lending money to beneficiaries of the bank.” 

• He said the bank is trying to see how it can redeem the situation.

“The EFCC helped us and played a leading role in the recovery of the monies that were given out fraudulently or without following due process,” he added.

• The NEXIM boss appealed to the  EFCC to assist his bank  in  recovering loans taken by former internal staffers of the bank.

He also sought collaboration with the Commission regarding fraud prevention within the financial institution.

[Nairametrics]

Naija News reports that the Supreme Court in a unanimous judgment, on Friday, by a five-member panel, held that the Court of Appeal lacked the jurisdiction to pronounce Abure the national chairman of the LP having earlier found that the substance of the case was about the party’s leadership.

It held that the issue of leadership was an internal affair of the party over which courts lacked jurisdiction.

The Supreme Court allowed the appeal filed by Senator Nenadi Usman and one other and held that it was meritorious.

It proceeded to dismiss the cross-appeal filed by the Abure’s faction of the LP for not being unmeritorious.

More Details later...

[NaijaNews]

The Fundamental Right to Protest and Speak

The Right to Voice Grievances. Attorney General of the Federation, Mr. Lateef Fagbemi, the recent developments concerning the NYSC and the 90-day extension of service for over 30 corps members in Edo State, allegedly for expressing their grievances about unpaid allowances, are troubling and require careful consideration.

These young Nigerians, who completed their mandatory service year with dedication and commitment, deserve fairness and understanding. Their decision to air their grievances in a WhatsApp group should be viewed within the context of their right to expression and their desire for clarity concerning their entitlements. In any democratic society, the ability to voice concerns respectfully and constructively is fundamental.

The Right to Free Expression

Nigeria’s constitution upholds the principles of freedom of speech and peaceful assembly. These are vital pillars of any democratic framework. Expressing concerns, especially when rooted in legitimate grievances, should not be construed as a violation of discipline or loyalty. Instead, it presents an opportunity for dialogue, understanding, and resolution.

The National Youth Service Corps serves as an essential institution aimed at promoting unity, development, and mutual understanding. Therefore, the emphasis should be on fostering an environment where corps members feel valued and heard. Responding to their concerns with fairness and transparency would reinforce their commitment to the ideals of service.

Where Is The Justice, AGF Fagbemi?

Nigeria’s Evolving Democracy. Nigeria continues to evolve as a democratic nation. As the nation’s top legal authority, your role in ensuring that justice is served fairly and that grievances are addressed responsibly is pivotal. Where young citizens feel marginalized or unheard, there is a risk of eroding trust in national institutions.

While disciplinary measures may have their place, they should always be balanced with fairness, due process, and an understanding of the broader social and economic context in which grievances arise. Compassionate leadership can bridge the gap between authority and the people it serves.

Legal Justifications or Misinterpretations?

The NYSC has referenced ‘incitement to protest’ as a justification for its actions. However, it is crucial to ensure that such interpretations do not inadvertently suppress valid expressions of concern. Addressing grievances should not be approached as an act of defiance but as a legitimate exercise of constitutional rights.

Laws and regulations are meant to protect and guide, not to be wielded as instruments of suppression. Where policies are misapplied or overly interpreted, it is essential to revisit them with clarity and fairness.

Psychological Well-being and Fair Treatment

For young Nigerians starting their careers, feeling valued and respected plays a critical role in their psychological well-being. Situations where grievances are not adequately addressed can contribute to disillusionment, frustration, and a diminished sense of agency.

As a psychologist, I must emphasize that respectful dialogue and fair treatment are essential for promoting positive mental health outcomes. Engaging corps members constructively would enhance their morale, productivity, and commitment to national service.

The Need for Constructive Engagement

What these corps members seek is not confrontation but understanding. Addressing their concerns openly and with empathy would set a positive precedent for future interactions between authorities and the younger generation.

Corps Members Must Stand Up and Sue For Their Rights

Legal Action for Human Rights Violations and Emotional AbuseThe gravity of this injustice demands a robust response. These corps members should not only protest through words but must take decisive legal action. They have the right to sue for:

Emotional abuse: The psychological torment inflicted by the NYSC’s coercive measures, including economic deprivation and intimidation, warrants legal redress.

Human rights violations: Punishing individuals for expressing their grievances is a clear violation of their fundamental human rights. The Constitution of Nigeria guarantees freedom of speech and association.

Financial compensation: The 90-day extension without pay represents not only a breach of labor rights but also an act of financial cruelty. These individuals deserve compensation for the undue hardship and economic loss they have suffered.

Accountability and Disciplinary Measures

Furthermore, those responsible for this abuse of power must be held accountable. The NYSC officials involved, including Mrs. Frances Ben-Ushie, should be investigated and, if found guilty of misconduct, disciplined or even dismissed from their positions. Apologies alone are insufficient. Concrete actions must be taken to restore justice and prevent future occurrences.

The NYSC leadership must offer a formal, public apology to the affected corps members. However, apologies without genuine accountability and institutional reform are meaningless. The very structure that allows such abuses of power must be reformed.

Advocacy and Coalition Building

Nigerians across all sectors must rally together to support these young people in their quest for justice. This is not just a matter of legality—it is a societal issue that requires the engagement of civil society organizations, legal practitioners, human rights advocates, and the media. A united front will amplify the call for reform and justice.

If the NYSC or government authorities believe they can continue to abuse power with impunity, it is the duty of the courts to correct this injustice. These corps members must be empowered to sue under their civil rights, and if the courts fail them, it will only confirm what many Nigerians already fear—justice is available only to the powerful.

Nigeria’s legal community, human rights organizations, and civil society groups must rally behind these young people to protect their rights and challenge the repressive actions of the NYSC. This is not just a legal battle—it is a battle for justice and democracy.

Conclusion

Nigeria’s democratic growth relies on the ability of its institutions to listen, respond, and engage with its citizens constructively. The matter concerning the NYSC and the affected corps members presents an opportunity to demonstrate fairness, understanding, and adherence to constitutional values.

Mr. Fagbemi, as Attorney General of the Federation, your leadership can play a transformative role in ensuring that justice is upheld and that grievances are addressed responsibly. By promoting a balanced and compassionate approach, you can contribute to fostering a more inclusive and just society.

A member of the First Aid Group of the Jama’atuIzalatilBid’ahWaIqamatis Sunnah (JIBWIS) in the FCT, Khalid Adamu, has been reportedly killed by a suspected assassin gang, who broke into his house at Zamani village, near the Nnamdi Azikiwe International Airport in Abuja.

The deceased, who until his death was the financial secretary of the aid group in Lugbe community, was killed in the early hours of Thursday, his elder sister, Rabiatu Danjuma, said.

She told Abuja Metro on the phone that the gang was about 20 in number, adding that five of them broke into his sitting room, where one of her younger sisters was sleeping and moved to his bedroom where they met him with his wife.

“They engaged him in fighting before cutting him around his head and other parts of his body.

“One of them who stood over my younger sister in the sitting room had told her that they were sponsored to kill him,’’ she said.

The late Khalid, who was a cargo clearance agent at the Abuja airport, left no child, parents behind.

The sister, however, said he adopted children from his relatives and took care of them.

The chairman, Tafseer committee of JIBWIS in FCT, Imam Yunusa Musa Almadani, confirmed that the deceased was buried around 12pm yesterday.

Repeated calls put across to the FCT Police Public Relations Officer, Josephine Adeh, on the incident were not answered up till the time of filing the story

[DailyTrust]

The Special Adviser on Political Matters to President Bola Tinubu in the Office of the Vice President, Dr. Hakeem Baba-Ahmed, has tendered his resignation, sources within the presidency have confirmed.

According to report by a national daily on Friday, Baba-Ahmed, a former spokesman of the Northern Elders Forum (NEF), reportedly submitted his resignation about two weeks ago. However, as of the time of this report, it remained unclear whether the presidency has officially accepted his resignation or not.

While the reasons for his resignation were not publicly disclosed, insiders suggested that it was based on his personal volition.

Baba-Ahmed’s time in the presidency was not without controversy. His role, particularly his affiliations with the NEF, drew criticism from some quarters, including Minister of State for Defence, Bello Mohammed Matawalle.

In April 2024, Matawalle criticised northern appointees who, in his view, remained silent in the face of criticisms against the Tinubu administration. His remarks were widely seen as a direct jab at Baba-Ahmed, following the latter’s defence of the NEF after the group suggested that the North had made a mistake in voting for President Bola Tinubu in 2023.

Baba-Ahmed had argued that rather than attacking the NEF, Matawalle should have focused on showcasing his achievements in government.

“Scathing criticism of NEF by the junior minister of defence, Matawalle, is ill-advised,” Baba-Ahmed wrote. “He could have done a better job for this administration if he identified contributions of especially northern ministers and other appointees like me to improving security and reducing poverty in the North.”

Matawalle, however, fired back, insisting that all government appointees had a duty to promote the administration they served.

“As an appointee of this administration, it is his responsibility to work for its success, protect and defend the government against unjust and vicious attacks from those who hide under ethnic and other primordial interests to heat up the polity for myopic reasons,” Matawalle stated.

He further emphasised that, “Every appointee of President Tinubu, including Dr. Baba-Ahmed, owes the government a duty to promote, elucidate, and advance its good works and commendable efforts across all sectors.”

Born on September 11, 1955, in Kaduna State, Baba-Ahmed has had a distinguished career in public service. A retired senior civil servant, he previously served as Secretary to the Independent National Electoral Commission (INEC) before retirement. He also served as Chief of Staff to former Senate President Bukola Saraki in the 8th Senate.

He studied at Ahmadu Bello University (ABU), Zaria, as well as the London School of Economics and the University of Sussex in the United Kingdom, where he earned a Doctor of Philosophy (PhD) degree.

Baba-Ahmed began his career as a lecturer at Usmanu Danfodiyo University, Sokoto, before transitioning into the Kaduna State Civil Service. He later moved to the Federal Civil Service, where he rose to the rank of Permanent Secretary, serving in various ministries, including the Ministry of Commerce and Industry.

A recipient of the national honour of Officer of the Federal Republic (OFR), Baba-Ahmed has long been an advocate for governance reforms and northern interests. Before joining the Tinubu administration, he was the Director of Publicity and Advocacy for the NEF, a position in which he often spoke against policies perceived to be detrimental to the North.

[Leadership]

The Nigerian naira recorded its highest depreciation against the dollar this week at the official foreign exchange market amid United States of America President, Donald Trump’s tariff announcement.

The Central Bank of Nigeria’s exchange data showed that it dropped to N1,552.53 per dollar on Thursday from N1,531.25 traded on Wednesday.

This means that the naira slumped by N21.28 against the dollar on Thursday compared to N1,531.25 exchanged the previous day.

DAILY POST reports that this is the highest depreciation against the dollar on a single day since March 22, when the currency dropped by N18.96 weekly at the official market.

Similarly, at the black market, the naira weakened by N5 on Thursday to N1,560 per dollar from N1,555 traded on Wednesday.

The development comes despite CBN’s announcement that the country’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years.

The drop in the naira at both official and parallel foreign exchange markets follows Trump’s administration’s tariff announcement on Wednesday, which sparked outrage across the world.

Economic experts said Trump’s 10 percent baseline tariffs would affect US-Nigeria trade worth $10 billion.

The chief executive officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf on Thursday in a statement said Trump’s tariff would affect Nigeria’s economy because it has brought an end to the African Growth and Opportunity Act.

“This could have implications for the naira exchange rate,” the CPPE chief stated.

[Dailypost]

• Ribadu hands over 17 freed kidnap  victims

A former Director-General of the National Youth Service Corps (NYSC) Brig.-Gen. Maharazu Tsiga (Rtd) yesterday shared a chilling experience he had while in kidnappers den.

Tsiga said his captors once planted a bomb close to him hoping it would explode on its own and kill him.

 “God was merciful to me. The bomb did not explode.  I survived,” he said after he was united with his family by National Security Adviser (NSA)  Nuhu Ribadu Ribadu at the National Counter Terrorism Centre (NCTC) in Abuja yesterday.   

He was among 17 freed kidnap victims reunited with their loved ones.

Tsiga, who was NYSC boss between  2009 and 2011 was in kidnappers captivity for 56 days.

He also spoke on how his captors stormed his country home in Bakori Local Government Area of Katsina State on February 5, 2025, and blew its entrance with explosives.

The 72-year-old general added that one thing strange thing about the kidnappers was that they fear aircraft and not God.

His words: “One thing I have to say here is that the terrorists don’t fear God, but they fear aircraft.

“They will tell you, don’t call God for us, just give us money. But immediately they see aircraft, they and even their cows will run.’’

Predicting that terrorists, bandits and other criminals would meet their Waterloo, he enjoined Nigerians to support the military in their routing.  

‘’As much as the government is doing the best it can, we should try as much as possible to support them,” he said.

Tsiga cautioned serving and retired military personnel to continuously take their security seriously as criminals always believe they have money in their houses.

 “For my colleagues, you better listen. They said those of us who were in uniform, the government was always giving us money to keep. And that is why they tried to open my house. They couldn’t. They had to use explosives,” he added.

While thanking security agents for rescuing them,  he urged younger military officers to work harder to secure the country.

Tsiga promised that even at his age he would still serve Nigeria if called upon.    

At the handover, Ribadu lauded members of the joint military task force.

Director of Defence Media Operations, Maj. Gen. Markus Kangye, who was also at the event, dismissed reports that Niger Republic had withdrawn from the Multinational Joint Task Force. 

At the handover of the freed victims, Ribadu said the military would not allow evil to prevail in the country.

He said: “We have done a couple of handovers in the past as a result of the work of our Armed Forces and other security services. 

“Now, we have done it again. This time, it involves very powerful and important personalities who served this country and who did well for all of us. 

‘’Evil will not prevail. It’s a matter of time. We will continue to go after the bad ones.  These people have been rescued, but those perpetrators of this evil will pay for it, dearly.’’ 

Defence Media Operations spokesman, Maj. Gen.  Kangye clarified at the event that the MNJTF remained a critical regional security collaboration and that efforts must be made to prevent any member state from leaving.

The MNJTF was formed in 1994 by countries of the Lake Chard Commission (Niger, Nigeria, Chad and Cameroon and Benin Republic) to fight terrorism and other trans-border crimes. 

Kangye said: “When you hear ‘they said’, it means the information lacks credibility. I think this area has been a subject of discourse for the past few months, especially when some members of the Economic Community of West African States (ECOWAS) decided to form an alliance and attempted to exit ECOWAS.  

“Nigeria has been making significant efforts to ensure the sustainability of this task force. However, if for any reason a member decides to pull out, the implications will be substantial. The synergy we are supposed to enjoy may no longer be there. 

“It is not in our interest for any country to leave because whatever affects them also affects us. If a country withdraws, it creates a gap in effort and reduces the strength of the contingent from that country.

“Therefore, efforts must be made to prevent such a situation from happening.   We will continue to examine the situation, and as we always do, we will provide further briefings when necessary. “

He reassured Nigerians that security forces arrest all bandit and terror leaders, including Bello Turji.

Kangye dismissed claims that the military  downscaled operations against herdsmen, terrorists and cattle rustlers.

He also refuted allegations that soldiers wounded in action had been neglected.

“I can also tell you that the DHQ   is taking good care of the sick and wounded. Some of them that require medical evacuation abroad are taken abroad for treatment. Some went to Egypt, some went to Turkey and  I remember  some are in India.’’

Chief of Defence Staff (CDS)  Gen.  Christopher Musa also assured that the military would ensure that all kidnap victims are rescued and reunited with their families.

 “As we celebrate those of them that are here today (yesterday), I want to assure Nigerians that we will not sleep until every Nigerian is free in this country,’’Musa said.

[TheNation]

•25-year duty-free AGOA partnership in danger, Nigerian-American commerce chamber worries

•Nigeria’s crude revenue may plunge as US begins enforcement Wed, NACCIMA raises concerns

The newly imposed 14 per cent tariff by US President Donald Trump on exports by Nigerian businesses presents a significant risk to the $10bn annual exports to the United States, potentially disrupting key sectors such as oil export and agricultural trade, experts and trade associations concerned about a potential global trade war stated on Thursday.

The economic experts, in separate interviews with The PUNCH, noted that the policy, which would raise the prices of goods and services for consumers, would weaken the standard of living, slow down manufacturing activities, hinder international trade and consequently weaken demand for Nigerian oil in the US, one of its key markets.

The experts also predicted that Nigeria’s oil earnings were poised for a significant decline following the announcement of the new tariff regime.

In an interview with The PUNCH, the National President of the Nigerian-American Chamber of Commerce, Sheriff Balogun, stated that since the inception of the African Growth and Opportunity Act in 2000, Nigeria had exported an estimated $277bn worth of goods to the United States, with crude taking the majority.

Nigeria’s exports to the United States currently average between $10bn and $12bn annually, although it has been fluctuating in recent years, according to US and Nigerian trade data.

Trump had announced in a decision widely condemned by the European Union and exporting nations that countries seeking to sell goods to the United States would now face taxes as high as 50 per cent.

The announcement, made during a ‘Make America Wealthy Again’ event in the Rose Garden, marked a dramatic shift from decades of free-trade orthodoxy that had underpinned the global economy since World War II.

He said the new sweeping tariffs of at least 10 per cent on all countries were part of a broader strategy aimed at rebalancing global trade and addressing perceived unfair trade practices.

According to the Trump administration, Nigeria imposes a 27 per cent tariff on US exports, a disparity they claim has long been detrimental to American businesses and consumers. It said the higher tariffs were charged through currency manipulation and trade barriers.

Our correspondent gathered that the reciprocal tariff was calculated based on the trade deficit for the US in goods with the particular country divided by the total goods imports from that country, and then divided that number by two. A trade deficit occurs when a country buys (imports) more physical products from other countries than it sells (exports) to them.

In his address, Trump framed the tariff as part of a larger initiative to protect American industries and ensure that other nations play by what he described as “fair” trade rules.

Trump declared the start of what he called a new era of “fair trade”, promising to “supercharge America’s industrial base” and force open foreign markets long accused of shutting out US goods.

“This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers.

“This will be, indeed, the golden age of Americans coming back. We are going to come back very strongly.”

Responding to the development, NACC president Balogun warned that the policy could impact trade volumes worth $277bn.

“Since the African Growth and Opportunity Act began in 2000, Nigeria has exported an estimated $277bn worth of goods to the United States under the programme,” he stated. “The vast majority of this trade value comes from crude oil shipments, with petroleum products overwhelmingly dominating Nigeria’s AGOA exports each year. In fact, oil alone accounts for nearly all of Nigeria’s exports under the initiative by value.”

Economic experts say this move threatens Nigeria’s exports to the US, particularly petroleum goods, its major export product. With oil accounting for the bulk of Nigeria’s export revenue, the move could exacerbate economic challenges, including a weaker naira and rising inflation. Additionally, reciprocal tariffs on imported goods like wheat and vehicles could further drive up local prices, compounding the financial strain on businesses and consumers alike.

According to Afreximbank research, the 14 per cent reciprocal tariff will reduce oil demand and lower forex earnings, while higher tariffs on wheat and vehicles may increase local prices; key exports include oil, cocoa, and rubber, while key imports include wheat, refined petroleum, and vehicles.

It added that these tariffs could reduce export revenues, increase production costs, and disrupt investment flows, particularly for nations heavily reliant on US trade.

Nigeria’s main exports to the U.S. included crude petroleum, petroleum gas, and nitrogenous fertilisers, flour and meals of soya beans, urea, refined lead, flowers buds and natural gas, while the western country mainly exported cars, refined petroleum, and wheat to Nigeria.

According to the National Bureau of Statistics, Nigeria’s trade with the United States reached a combined N31.1 trillion in ten years between 2015 and 2024. An analysis of the foreign trade report showed that N16.4tn was recorded as exports and N14.71tn in imports, indicating a trade surplus of N1.64tn

A breakdown showed that Nigeria exported goods worth N344.27bn in 2015 and received N581.99bn as imports. In 2016, it increased to N1.03tn in exports and N706.09 in imports. Exports surged to N1.73tn in 2027, N1.094tn in 2018, N1.01tn in 2019 before dropping to N382.19bn in 2020 due to the pandemic. By 2021, exports increased to N800.34bn, N1.82tn in 2022, N2.61tn in 2023 and N5.52tn in 2024.

The tariffs also come just as the US began importing jet fuel from Nigeria’s Dangote Refinery, with six vessels carrying 1.7 million barrels arriving this month.

The CEO, Cowry Asset Management Limited, Johnson Chukwu, explained that crude oil exports from Nigeria may remain unaffected by the tariff.

“Trump has already exempted tariffs on energy products, including crude oil, copper, and gold, so, it won’t directly impact our oil exports to the US. However, agricultural exports could take a hit,” he explained.

Chukwu added that while Nigeria was not a major non-oil exporting nation, the larger concern is that the US tariffs could lead to reduced global production. “Once production declines, demand for crude will fall, bringing down oil prices and likely affecting Nigeria’s projected revenue for the year,” he warned.

Beyond crude oil, the broader implications of the tariff war include rising consumer prices and weaker economic activity worldwide.

The economist noted that as countries adjusted to the new trade landscape, the cost of goods and services would rise, leading to a lower standard of living and a slowdown in manufacturing and international trade.

“However, at the general level, what Trump has done would trigger a higher cost of goods and services globally because countries would add it to their economies and it will be borne by final consumers. So, prices will go up in almost all the jurisdictions, the standard of living will weaken, manufacturing activities will slow down, and international trade will slow down. Ultimately, where it will affect Nigeria is that the demand for crude will decline because production will go down, and once the demand reduces, it means the price will come down and likely affect the projected revenue from crude sales this year. We are not a strong non-oil exporting country, so it may not affect our agricultural products, but reduced demand will affect our crude revenue,” he added.

Already, crude oil prices took a sharp hit on Thursday, with Brent crude dropping below $70 per barrel following an unexpected increase in production by OPEC+.

The CEO, Centre for Promotion of Private Enterprises, Muda Yusuf, highlighted the indirect effects Nigeria might face.

“The Trump administration has practically brought closure to the AGOA trade window. Additionally, the trade war and retaliatory tariffs could trigger inflationary pressures in the U.S., leading to higher costs for imports into Nigeria,” he said.

Yusuf also warned that disruptions in global supply chains could weaken economic growth worldwide, potentially lowering crude oil prices — a development that would reduce Nigeria’s foreign reserves and revenue.

Despite these challenges, Yusuf noted that the shifting trade landscape could present new opportunities for Nigeria.

“Many countries affected by the trade war will seek new bilateral trade relationships, which may create investment opportunities for Nigerian businesses,” he explained.

However, he cautioned that if US inflation worsens, the Federal Reserve may tighten monetary policy, leading to higher interest rates and capital outflows from emerging economies—potentially putting further pressure on the naira’s exchange rate.

On his part, the Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu, urged the Federal Government to focus on domestic economic growth rather than overreacting to U.S. policies.

He emphasised that every country, including the United States, implemented policies in its best interest, and Nigeria must do the same to protect its economy and create jobs.

Obadimu explained that the tariff aligned with former US President Donald Trump’s “America First” agenda, aimed at revitalising domestic industries and creating employment opportunities for American citizens.

“Trump’s goal has always been to make America great again, and one way to achieve that is to get factories running again,” he said. “Many factories in the U.S. have shut down due to outsourcing, and this policy is designed to discourage imports, boost local production, and generate jobs. It’s a valid argument.”

However, he stressed that the real concern for Nigeria should be its own economic strategy. He pointed out that the country exports mostly crude oil and raw agricultural products with little value added, effectively outsourcing jobs instead of creating employment locally. To address this, he called for policies that prioritize industrialization and job creation.

“We cannot industrialise on generators. We should aim for 150,000 megawatts of electricity, add value to our products, and employ more people,” he urged. While noting that Trump’s policies could be overturned by a future administration, Obadimu emphasised that Nigeria must take proactive steps to safeguard its economy from external shocks and long-term poverty.

In addition to the 14 per cent tariff on Nigerian exports, Trump also unveiled a broader trade policy that included a baseline 10 per cent tariff on all US imports.

The new tariffs, which take immediate effect, apply to more than 50 countries.

They include major trade partners like China, the European Union, India, and Japan, as well as developing economies in Asia, Africa and Latin America.

The new policy is a dramatic shift in global trade and economic policy, rattling markets and stirring fears of a global trade war.

Aside from Nigeria, some African countries that will bear the brunt of the new policy include Algeria (30 per cent); Lesotho (50 per cent); Mauritius (40 per cent); Kenya (10 per cent); Namibia (21 per cent) and Ethiopia as well as Ghana 10 per cent apiece. South Africa was handed down a reciprocal tariff of 30 per cent.

Other countries, including China, got 34 per cent, India (26 per cent), South Korea (25 per cent), Japan 24 (per cent), Taiwan (32 per cent), United Kingdom (10 per cent), Vietnam (46 per cent), Switzerland (31 per cent), Cambodia 49 (per cent) South Africa (30 per cent), Indonesia (32 per cent), Brazil (10 per cent) and Singapore (10 per cent).

Trump said the baseline 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.

[Punch]

THE price of Nigeria’s Bonny Light yesterday dropped to $69.90 per barrel from more than $75 per barrel in the global market, indicating a decrease of 6.8 percent.  

The development was fuelled by announcement of sweeping new tariffs by US President Donald Trump and the decision of the Organisation of Oil Producing Countries, also known as OPEC+ group, to increase its unwinding of output cuts in May 2025, expected to increase supply to the market.

However, this may likely affect Nigeria’s 2025 budget, which was based on oil production of 2.06 million bpd, $75 per barrel and revenue target of N36.35 trillion with 56 per cent coming from oil sales.

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said crude oil output, including condensate, dropped month-on-month, MoM, by 3.8 per cent to 1.671 million barrels per day, bpd, in February 2025, from 1.737 million bpd in January 2025.

Meanwhile, OPEC said Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman have reaffirmed commitment to market stability on healthier oil market outlook and adjust production upward.

In a report released yesterday, the organisation stated: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.

“In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1st of   April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025.

“This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions.”

This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.”

“The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd Joint Ministerial Monitoring Committee, JMMC meeting on 3 April 2024.

[Vanguard]

I like the theme of the Niger Delta Sports Festival (NDSF 2025) currently going on in Uyo, Akwa Ibom State – Beyond Oil: Harnessing Talents. The sports festival is the brainchild of the Niger Delta Development Commission (NDDC) and it is the first of its kind.

The Niger Delta Development Commission has played very significant roles with many impactful interventions in the lives of communities in the nine states under its mandate, namely Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers – covering the entire Southern region of Nigeria with representation across the South East, South South and South West. The main objective was to ensure that the resources derived from these states are directly felt and enjoyed by their people.

Oil has been Nigeria’s main stay for many years and the latest thinking is about the diversification of the economy and less dependence on the ‘black gold’, as crude oil is called. However, the current realities are that oil will remain our premium resource and biggest asset for a long time to come. So from the days of the Petroleum Trust Fund (PTF) to the present day NDDC, the objective has not changed, which is to make every Nigerian, especially those living in oil producing communities, enjoy what is extracted from their land.

The interventions (from both PTF and NDDC) were meant to make up for the environmental degradation, pollution, spillage and other negative consequences of the massive exploration activities holding on their land. So, despite all the challenges associated with the administration of the NDDC down the years, there can be no denying the fact that there have been so many positive interventions across all spheres of life in most of their communities.

Now relating this to sports, the concept of a Niger Delta Sports Festival is relevant and hugely beneficial in many ways. The leading states in Nigeria in terms of sports talent discovery and achievements in domestic and international competitions, at least in recent times, are the Niger Delta states. This is so easy to validate. Just take a look at the top states on the medals table of the National Sports Festival (NSF), National Youth Games (NYG) and more recently, National Para Games. You may extend this further to intercollegiate games like the Nigeria University Games Association (NUGA), the Nigeria Polytechnic Games (NIPOGA) and those of the Nigeria Colleges of Education Games (NICEGA). Given these antecedents, the decision of the NDDC to start a sports festival is a game changer for sports development in Nigeria.

Although not the first regional sports festival in Nigeria (that record is proudly reserved for the DAWN games or the South West region), this Niger Delta Sports Festival scores its own first in a unique way as it is a multi-region sports festival. Given the fact that at least states from three regions are part of it, it is bigger and more significant in scope than a regional sports festival. The planning, organisation and media buzz around it have also underlined the seriousness that its initiators have attached to it.

The Chairman, Main Organising Committee (MOC) of the Niger Delta Sports Festival, Alabo Boma Iyaye, who is also the Executive Director, Finance and Administration in the NDDC, says the aim of the games is to ensure that it remains the leading contributor of sports talents for Nigeria.

According to Iyaye, “60-70 per cent of athletes who represent Nigeria in international competitions are from the Niger Delta and we have observed a decline in the quality of our performances in recent times, so we want to ensure we keep that talent conveyor belt working so we can keep churning out talents that will go on to do Nigeria proud at global meets.

Iyaye also said: “We will not just provide the platform to discover these talents, we hope to groom them and give them exposure.”

With over 3,000 athletes, 500 coaches and technical officials and 200 journalists already in Uyo following and reporting the intense competitions in 17 different events, it is obvious that this is the second largest assemblage of the country’s sporting talents at a single multi sports event, second only to the main National Sports Festival. The appointment of accomplished former national athletes by the organisers as tournament ambassadors and mentors is another ‘sweetener’ worth commending. Seeing living legends like Nwankwo Kanu, Emmanuel Amuneke, Victor Ikpeba, Blessing Oborodudu, Seun Ogunkoya and Enefiok Udo-Obong who doubles as the Tournament Director, is extra motivation and inspiration for the participants.

The challenge for the NDDC will be the sustainability of the project, hoping that the excitement and enthusiasm seen with this first edition can be carried on for a long time. Another issue will be in the area of nurturing the talents discovered at the festival. There is no doubt about the availability of talents in the country, but where there is usually a gap is in the monitoring, development, management and exposure of the talents in a conducive environment so they can fulfill their potential. This is one area where the grassroots and elite athletes departments of the National Sports Commission would play a key role.

And then, this could be an eye opener for the other regions to provide opportunities and platforms of this kind for their athletes. The south-west region that started this initiative many years ago now has to upscale, raise the bar and become really deliberate about its developmental programmes. Other regions, especially the north, also need to awaken from slumber and take up the challenge of investing massively in grassroots sports.

The dangers of neglecting these calls could see a movement of the best sports talents from places where there are no opportunities for growth and exposure to the areas that could afford them the chance to fulfill their dreams.

Let’s end with this truth:
Positively engaging the youth with sports could be the long term solution to the vices and crimes like banditry, terrorism, armed robbery, kidnapping and other forms of violence currently rampaging our nation. So as the youths of the Niger Delta take centre stage in Uyo in the next few days, may their exploits lead to the discovery of the next generation of world class athletes that would turn Nigeria’s sporting fortunes around.