Currently, Nigeria maintains a ban on 25 categories of imports, including poultry, beef, certain processed foods, over-the-counter medications, used vehicles older than 15 years, and various household items. While these policies were initially intended to protect domestic industries and promote local production, the World Bank warns they now hamper economic efficiency and burden consumers—raising prices by approximately 5.8% on average.

“Lifting import bans and aligning tariff structures with the ECOWAS Common External Tariff (CET) would not only increase customs revenue but also improve market access and reduce poverty,” the report stated.

The World Bank emphasized that Nigeria’s trade restrictions disproportionately affect lower-income households by inflating the cost of essential goods such as food and medicine. The report estimates that removing these restrictions could reduce poverty by up to 2.6 percentage points, while also helping to contain inflation and increase purchasing power amid current economic pressures.

The bank further noted that with the recent depreciation of the naira, domestic producers are better positioned to compete with imports and expand into export markets—provided they have access to imported intermediate goods and services needed for production.

The report also coincides with criticism from the United States Trade Representative (USTR), which has expressed concern over Nigeria’s import bans, citing negative impacts on market access for American exporters.

Despite these concerns, the Nigeria Customs Service reported strong revenue performance in Q1 2025, collecting ₦1.75 trillion—nearly 30% more than in the same period last year and above its quarterly benchmark of ₦1.65 trillion. Comptroller-General Adewale Adeniyi attributed the growth to improved compliance and operational reforms.

However, the World Bank cautions that without comprehensive trade policy reforms, further progress could be undermined. It recommends beginning with food-related tariffs to directly support household welfare and ease inflationary pressures.

The World Bank concludes that removing trade restrictions offers a strategic opportunity to drive growth, enhance revenue, and support vulnerable Nigerians during a period of economic transition.

The post World Bank: Lifting Import Bans Could Boost Nigeria’s Customs Revenue by 66% appeared first on Housing TV Africa.

Trump Urges Companies to Return Home
Donald Trump responded quickly. He posted on Truth Social, asking American companies to move back to the United States. “Don’t wait, do it now!” he urged. He also told the public, “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” He followed with, “THIS IS A GREAT TIME TO BUY!! DJT.”

Europe Enters the Trade Fight
The European Union has decided to hit back too. It plans to apply tariffs on some US products starting April 15. More will follow in May and December. While the full list is not out yet, agriculture looks like an early target. Poultry, corn, and fruit could all be affected. Motorcycles may also face tariffs.

American Whiskey May Avoid Tariffs
One product might escape punishment. American whiskey is not likely to be targeted. Trump has threatened to raise tariffs even higher if the EU touches whiskey. Also, the EU wants to protect the struggling spirits industry.

Markets React with Uncertainty
The financial markets responded with mixed signals. US stocks had a quiet start, but European markets dropped. At the same time, many investors sold off US government bonds. These bonds are usually seen as a safe option during global uncertainty.

Trump Says Countries Want to Deal
Trump claimed other countries are eager to talk. “They’re calling up and kissing my ass,” he said, in another post on his platform.

Warnings from Wall Street
JPMorgan Chase CEO Jamie Dimon appeared on Fox News to share his thoughts. He said it makes sense to fix trade issues. However, he warned that deals take time and are never simple. He also predicted that a recession in the US is a likely outcome.

Global Trade War Getting Hotter
This is the EU’s first major response since Trump launched his latest round of tariffs. The tension now feels like a repeat of the earlier steel and aluminum conflict. With big economies now trading blows, pressure is building on all sides.

The post Tariff Tensions Explode: China Hits Back Hard as EU Joins the Trade Battle appeared first on Housing TV Africa.

Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu made the appeal during talks with Chinese Ambassador Yu Dunhai.

She emphasized Nigeria’s commitment to industrialization and diversification, urging China’s support in electric vehicles, digital technology, energy, and agriculture.

“Nigeria has enjoyed strong relations with China for over five decades, prioritizing economic diversification under Tinubu’s Renewed Hope Agenda,” she said.

Odumegwu-Ojukwu praised China’s role in Nigeria’s infrastructure development, including major investments in railways, roads, ports, and power modernization.

She also highlighted the growing interest among Nigerian youths in learning Chinese, strengthening cultural ties for improved bilateral cooperation.

Ambassador Dunhai reaffirmed China’s dedication to deepening its partnership, calling Nigeria a strategic ally with vast economic potential.

Trade between both countries exceeded $21 billion last year, with Nigerian exports to China increasing significantly by 25 percent.

“China views Nigeria as a key global player and supports its inclusion in G-20, boosting global influence,” Dunhai stated.

He also highlighted the renewed $2 billion currency swap agreement, which aims to bolster trade, manufacturing, and industrial investments.

The post FG urges China to remove trade tariffs for Nigeria appeared first on Housing TV Africa.