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TRADE WAR! U.S. angry over Nigeria’s import ban on 25 products

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By Kayode Sanni-Arewa

The country’s reaction comes at a time when tensions are rising over its sweeping tariffs imposed on several countries.

Nigeria’s import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods, the United States Trade Representative said in a statement on Monday.

According to the statement posted on its X platform, Nigeria’s restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities.

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“These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market.

The country’s reaction comes at a time when tensions are rising over its sweeping tariffs imposed on several countries.

Last week, the Trump administration imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.

Nigerian stocks on Monday recorded their biggest drop in recent times following the impact of U.S President Donald Trump’s tariffs on global trade markets.

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Investors lost about N659 billion at the close of trading after the Nigerian Exchange’s All Share Index (ASI) decreased by 1.23 percent, its biggest single-day decline this month.

Stocks like Oando and Honeywell Flour Mills helped to push the market lower. Oando decreased the most, from N42 to N37.80, down by N4.20 or 10 percent, while Honeywell dropped from N11.32 to N10.19, losing N1.13 or 9.98 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from the preceding day’s 105,511.89 points and N66.147 trillion, respectively, to 104,216.87 points and N65.488 billion. The Nigerian market’s return this year has decreased to +1.25 percent.

Countries such as China have since said they would retaliate from the imposed tariffs.

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China vowed on Tuesday to “fight to the end” against fresh tariffs of 50 percent threatened by US President Donald Trump, further aggravating a trade war that has already wiped trillions off global markets.

The Minister of Finance, Wale Edun, on Monday said that the Federal Government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.

Edun also assured that the Economic Management Team (EMT) will meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.

He said the EMT will afterwards, make recommendations to cushion its impact on the nation’s economy.

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Edun, who was speaking at an event organised by the Ministry of Finance Incorporated on Monday, said that while the adverse effect on Nigeria will be through an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.

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Police Speaks on Viral Video of Young Men Arriving in Ibeju-Lekki

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The Lagos State Police Command has issued an official statement addressing a viral video that sparked concern on social media, showing a large group of young men reportedly arriving in Lagos and gathering near the Dano Company premises in Ibeju-Lekki.

According to the Command, the incident occurred on May 14, 2025, prompting swift deployment of officers to the scene for investigation. The police confirmed that the individuals—eighty-nine in total—had arrived from Katsina State to work as labourers at the Dangote Refinery in Lekki.

A contractor affiliated with the refinery informed the police that he personally recruited the workers for legitimate employment, a statement corroborated by the refinery’s Chief Security Officer (CSO). All individuals were cleared for entry and are expected to reside within the refinery premises.

The police confirmed that thorough checks were conducted, revealing no incriminating materials. The labourers also presented valid National Identification Numbers (NINs), which were successfully verified by the authorities.

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Commissioner of Police, CP Olohundare Jimoh, urged the public to refrain from spreading unverified information that could incite panic or tension. He assured residents of the Command’s continued commitment to public safety and swift response to potential threats.

Police Public Relations Officer, CSP Benjamin Hundeyin, signed off on the statement, reaffirming the Command’s dedication to transparency and law enforcement in Lagos State.

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Finland charges Simon Ekpa with inciting terrorism

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Finnish prosecutors on Friday said they had charged a man with inciting terrorism online who a media report identified as Nigerian separatist leader Simon Ekpa.

Finland’s National Prosecution Authority said in a statement that it had charged “a Finnish individual in a case involving suspected public incitement to commit crimes with terrorist intent and participation in the activities of a terrorist group.”

It added that the alleged crimes had been committed in the city of Lahti between 2021 and 2024 and were related to the suspect’s efforts to establish Nigeria’s Biafra region as an independent state.

The prosecution authority did not name the accused but Finnish public broadcaster YLE identified him as separatist leader Simon Ekpa.

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Ekpa — who claims to lead the Biafra Republic’s government in exile — was detained in November.

According to the prosecution authority, the accused remained in custody and denied the charges.

Ekpa is known as a self-proclaimed leader of a faction of the Indigenous People of Biafra (IPOB), which is pushing for the independence of Nigeria’s southeast, where a bloody civil war was fought in the late 1960s.

The dual Finnish-Nigerian national has also been a local representative for Finland’s conservative National Coalition Party in the city of Lahti, north of Helsinki, where he has served on a public transport committee.

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When Ekpa was arrested, Finnish authorities also requested that four other people be remanded in custody on suspicion of financing Ekpa’s activities.

On Friday, the prosecution authority said the prosecutor had decided to drop charges against four others in the case due to a lack of evidence.

Ekpa has been the subject of several of AFP’s fact checks in recent years over false claims and disinformation he has made in independence campaigning.

AFP

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FCTA unveils FCT Lottery Regulatory Office

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In a bid invigorate the gaming industry in Abuja, the Federal Capital Territory Administration (FCTA), alongside the Director-General of the newly established FCT Lottery Regulatory Office, Lanre Gbajabiamila, has inaugurated a new office.

At a briefing, Gbajabiamila announced the office’s readiness to begin full regulatory oversight of all lottery and gaming operations within the territory, urging operators to begin submitting applications for new licences.

The FCT-LRO became necessary following the Supreme Court judgment in AG Lagos & Ors vs AG Federation & Anor SC/1/2008, which clarified that the FCT has the constitutional right to regulate gaming and lottery activities within its boundaries.

Gbajabiamila promised a regulatory environment built on clarity, stability, and global best practices.

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According to him, the office aims to unlock the economic potential of the gaming sector, while boosting investor confidence and increasing internally generated revenue (IGR) for the FCT.

“Our priorities include collaboration with the Office of the FCT Minister and the FCT Internal Revenue Service (FCT-IRS) to ensure proper oversight, fair practices, and prompt revenue remittance,” he said.

He further reassured existing operators that all licenses previously issued by the now-defunct National Lottery Regulatory Commission (NLRC) remain valid until expiration, and renewal fees remain the same under the new FCT Lottery Regulatory Office.

Acting Executive Chairman of the FCT-IRS, Michael Ango, praised the initiative as a strategic tool for economic growth.

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He said it aligns with the broader vision of the Wike-led FCT administration to transform Abuja into a world-class capital.

“Abuja is fast emerging as a major tourist and leisure destination. The gaming sector is a vital piece of that puzzle, with huge potential to attract investment, create jobs, and boost economic activity,” Ango said.

He emphasised that the collaboration between the IRS and the FCT Lotteries Office will ensure efficient revenue generation and foster a responsible gaming environment that benefits both operators and residents.

With this development, the FCT is staking its claim as a serious player in Nigeria’s gaming industry, determined to regulate, grow, and profit from a sector long marked by inconsistency and underutilised potential.

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