Category: Business

        President Donald Trump has signed an executive order increasing duties on small packages shipped from China, raising them from 30% to 90%. This change, set to take effect on May 2, will likely impact the import of popular low-cost goods. The new rule targets “low-value imports” from China and comes alongside …

        President Donald Trump has revealed that the U.S. will soon impose a “major” tariff on pharmaceutical imports from foreign countries. At an event hosted by the National Republican Congressional Committee on Tuesday, Trump explained that this tariff would encourage pharmaceutical companies to relocate their operations to the U.S. “We’re going to …

                The naira weakened by 2.4% at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and 2.6% at the parallel market in March, compared to the previous month. According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets,’ the naira fell to …

The Nigerian Social Insurance Trust Fund (NSITF) has said, it has so far settled over 100 claims, in terms of payments made to beneficiaries under the Employees Compen­sation Policy. Oluwaseun Faleye, Managing Director of the Fund, made the disclosure, during a recent interactive session with the media in Abuja, revealing that the claims payment also …

    The House of Representatives Committee on the Federal Capital Territory (FCT) Area Councils and Ancillary Matters has summoned the Minister of State for the FCT, Mariya Mahmoud, to address the poor state of the Fish Farm Estate in Bwari, Abuja. During a visit to the farm on Monday, Committee Chairman Fred Agbedi expressed …

      President Donald Trump has defended his administration’s significant tariff hikes on several countries, including Nigeria and China, asserting that the United States is finally reclaiming its economic strength after years of being exploited. On Monday, Trump explained that the new tariffs target imported goods from various sectors, warning nations not to retaliate, …

    The Central Bank of Nigeria (CBN) injected around $669 million into the foreign exchange market during the first quarter of 2025 to defend the naira from further depreciation. According to a report by investment firm AIICO Capital Limited, these dollar sales—totaling $668.8 million—came amid declining dollar inflows and increasing offshore demand for foreign …

    The Nigerian naira faced significant pressure in March 2025, continuing its decline despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency, according to a report by investment firm AIICO Capital Limited. The naira depreciated by about 3% during the month, falling from ₦1,492.49/$ to ₦1,536.82/$, even as the CBN …

    Dangote Industries Ltd. has pledged to ensure Nigeria becomes self-sufficient in cement, agriculture, mining, and petroleum production. Dr. Abayomi Shittu, the Regional Sales Director for Southeast Dangote Cement, shared this during an interview with the News Agency of Nigeria at the 36th Enugu International Trade Fair on Sunday. He highlighted that Dangote Industries …

              The Nigerian naira saw a sharp decline against the U.S. dollar between March 28 and April 4, 2025, following the announcement of new tariffs by President Donald Trump’s administration. According to data from the Central Bank of Nigeria (CBN), the naira lost N30 during the week. On March …