News
US tariffs may be a blessing for Africa-Dele Alake
The Minister of Solid Minerals Development, Dele Alake, has said that the wave of tariffs introduced by the United States to discourage export by Nigerian businesses may become a blessing in disguise for African economies.
The minister made this remark during a chat session at the 14th Annual Investment Meeting Congress in Abu Dhabi, United Arab Emirates.
A statement by the minister aide, Segun Tomori, on Sunday said the session was titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets,” focused on the shifting climate for investment and trade.
Recall that US President Donald Trump recently imposed a 14 per cent tariff on exports by Nigerian businesses, presenting a significant risk to the $10bn annual exports to the United States, potentially disrupting key sectors such as oil export and agricultural trade.
The regime, now suspended for 90 days, has ignited a trade war, raised the prices of goods and services for consumers, weakened the standard of living, slowed down manufacturing activities and hindered international trade.
Commenting on the implications of US-led trade tariffs, Alake urged African countries to take a more inward-looking approach by strengthening domestic policies and boosting intra-African trade.
He also called on African countries to adopt an introspective approach by looking inwards and adjusting their domestic policies to focus more on intra-African trade, with little dependence on external forces.
He said, “The prevailing barrage of tariffs initiated by the United States of America may well be a blessing in disguise for African countries. We need to organize our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now”.
Alake criticised the long-standing model of exporting unprocessed raw materials from Africa — a practice he described as “pit to port.”
“That era can no longer continue. Investors are welcome, but they must come in, set up factories, add value to our mineral resources and create jobs on the continent — not just ship out raw wealth,” he said.
According to the minister, Nigeria’s mineral development policy prioritises value addition and job creation, a stance that is gaining ground among mineral-producing African nations.
Alake chairs the African Minerals Strategy Group, a coalition focused on protecting the continent’s mineral wealth.
Nigeria’s policy on the minerals sector development is strictly geared toward value addition and boosting the local economy through job creation.
Other participants who spoke at the fireside chat included His Excellency Zaher Al Qatarneh, Secretary General of Jordan Ministry of Investment, Goncalo Terenas, Co-founder- Diaspora Prime Portugal, and Vadim Tretyakov, Minister of Investment and Development of the Sverdlovsk Region.
During the Congress, Alake toured the exhibition platform where Nigeria was ably represented by the Solid Minerals Development Ministry, Solid Minerals Development Fund, and Zamfara State government.
He also visited the booths of the private business groups from Nigeria, such as the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
The AIM Congress welcomed thousands of top government leaders from around the world, including corporate leaders, technology innovators, and sundry financial institutions and experts.
The aim of the yearly congress is to “ignite positive transformation by creating investment opportunities, upholding solidarity and developing economic relations among nations.”
The yearly AIM Congress took place at the impressive Abu Dhabi National Exhibition Centre under the broad theme, “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure.”
President Bola Ahmed Tinubu has approved the sum of One Hundred And Ten Billion Naira (N110bn) to be shared to 18 universities. The move according to pundits is to boost medical education following the recent ‘japa’ trend of doctors and other health workers.
Each university will receive about N4 billion, including N750 million for hostel construction, to support eight simulation labs across the zones and increase enrolment in medical sciences.
The 18 universities benefiting from the N110bn grant are:
1. Nnamdi Azikiwe University
2. Bayelsa State University
3. University of Lagos
4. Ahmadu Bello University
5. University of Benin
6. Imo State University
7. University of Ibadan
8. University of Medical Sciences, Ondo
9. Benue State University
10. Umaru Musa Yaradua University
11. University of Nigeria
12. University of Calabar
13. Abubakar Tafawa Balewa University
14. University of Jos
15. University of Ilorin
16. Gombe State University
17. Usmanu Danfodio University
18. University of Maiduguri
This initiative is designed to improve infrastructure in medical schools through the rehabilitation of lecture theatres and laboratory facilities, thereby enhancing capacity to take in and produce more doctors, nurses, dentists, and pharmacists for the nation.
The Corporate Affairs Commission (CAC) has issued a six-week notice to unregistered businesses to register with the Commission.
This was disclosed in a statement issued by the CAC on Tuesday, titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.”
In the statement, the CAC said failure to comply with the notice will attract a jail term or prosecution.
The commission informed the general public that it is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020, to carry on business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without registration. It is also an offence to operate under a name (or acronym) other than the one registered under the Act.
The public was further advised that Section 729 of the Act requires every registered company to display its registered name and registration number at every business location.
“In addition, the company is required to state its registered name and registration number on all its official publications, including letterheads, signage, marketing, and publicity materials,” the statement added.
The CAC emphasised that non-compliance with business registration requirements may result in prosecution and a conviction that carries a penalty of up to two years’ imprisonment.
The statement continued: “In particular, the general public should note the provisions of Section 862 (1) of the Act, which state that any person who, in any document required under the Act (including the aforementioned official publications of a company), knowingly makes a false statement in any material respect commits an offence and is liable on conviction to imprisonment for a term of two years, in addition to a daily fine imposed on the company for every day the offence continues.”
In light of the above, the CAC stressed that all companies, limited liability partnerships, limited partnerships, and business name proprietors must comply with the provisions of the Act within six weeks of this notice.
Failure to comply will result in enforcement actions, including prosecution, the CAC stressed.
The Federal Government has declared Thursday, May 1, 2025, as a public holiday in commemoration of Workers’ Day.
This was announced in a press statement signed by the Permanent Secretary, Ministry of Interior, Aishetu Ndayako, on Tuesday.
According to the statement, the Minister of Interior, Olubunmi Tunji-Ojo, conveyed the declaration, emphasising the importance of excellence, efficiency, and fairness in labour.
Tunji-Ojo reiterated President Bola Tinubu’s administration’s dedication to fostering innovation, productivity, and inclusivity in workplaces.
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