Business
Nigeria Records First Export Under China’s Expanded Zero-Tariff Policy
A Nigerian shipment of 252 metric tons of palm kernel shell activated carbon becomes the first cargo to enter the Hainan Free Trade Port under China’s newly expanded zero-tariff policy for African imports.
Haikou Customs confirmed on Wednesday that the consignment was the first to receive duty-free treatment since the new trade measure took effect on May 1, 2026.
The policy extends tariff-free access to goods imported from all 53 African countries that maintain diplomatic relations with China. The initiative is expected to strengthen trade between China and Africa by improving market access for African products, supporting industrial development and helping exporters navigate an increasingly protectionist global trading environment.
The expanded arrangement broadens China’s preferential market access for African exports. While 33 African countries classified as least developed nations have enjoyed duty-free treatment on all tariff lines since December 2024, the latest policy now covers the remaining 20 African countries through a preferential tariff scheme that will remain in force for an initial two-year period.
Chinese officials said the temporary arrangement is intended to facilitate negotiations on the proposed China-Africa Economic Partnership for Shared Development agreement. Once finalized, the agreement is expected to establish permanent institutional backing for the zero-tariff framework.
According to China’s Ministry of Commerce, the policy is designed not only to increase imports from Africa but also to stimulate greater investment in the continent’s manufacturing sector. By encouraging the flow of capital, modern technology, production equipment and management expertise, the initiative aims to expand local processing of African raw materials and increase the export of value-added products.
Officials believe the approach will contribute to a more balanced and sustainable trading relationship while creating new opportunities for African economies to move further up global value chains.
The development comes as economic ties between China and Africa continue to deepen. Data from China’s General Administration of Customs show that two-way trade reached an all-time high of 348 billion U.S. dollars in 2025. During the same period, Chinese imports from African countries rose by 5.4 percent year-on-year to 123 billion U.S. dollars, reflecting sustained growth in commercial exchanges between both sides.
The successful entry of the Nigerian shipment into the Hainan Free Trade Port is expected to encourage more African exporters to take advantage of the expanded duty-free access, opening new opportunities for trade, investment and industrial cooperation.
Business
Sahara Group Foundation Expands Recycling Network with New Hubs in Kaduna and Jigawa
By Abo
By Abigail David
Sahara Group Foundation has commissioned two new Sahara Go Recycling hubs in Kaduna and Jigawa states, expanding its waste management and recycling network in Northern Nigeria.
In a statement issued on Sunday, the Foundation said the facilities, located in Gidan Hakimi, Shuwarin Local Government Area of Jigawa State, and Asharami Retail Station in Badiko, Kaduna South Local Government Area, are its 21st and 22nd recycling hubs nationwide, and the second and third in Northern Nigeria.
According to the Foundation, the Jigawa hub was established in partnership with the King’s Council of Shuwarin, while the Kaduna facility was developed in collaboration with Asharami Synergy.
The Foundation said the initiative aims to transform waste into income-generating opportunities for households while promoting environmental sustainability.
Director of Sahara Group Foundation, Chidilim Menakaya, said the project reflects the organisation’s commitment to building community-driven recycling systems through strategic partnerships.
Community leaders and government officials attended the commissioning ceremonies, including Jigawa State Commissioner for Environment, Dr. Nura Doka, and Chairman of Shuwarin Local Government Area, Abdulhamid Balago.
The Foundation also announced plans to open another recycling hub in Kano State in the coming weeks following discussions with the Emir of Kano, Muhammadu Sanusi II.
According to Sahara Group Foundation, the Sahara Go Recycling initiative has facilitated the recycling of more than 1,000 tonnes of waste materials and has directly or indirectly supported over 2,000 livelihoods across Nigeria.
Business
Headline: NERC Trains Journalists on Nigeria’s Electricity Sector Reforms
By Abigail David
The Nigerian Electricity Regulatory Commission (NERC) has concluded a three-day capacity-building workshop for energy correspondents and media practitioners aimed at improving public understanding of Nigeria’s electricity sector and promoting accurate, evidence-based reporting.
The workshop, held in Uyo, Akwa Ibom State, brought together journalists from across the country for training on electricity market reforms, consumer protection, stakeholder engagement and the transition to subnational electricity markets under the Electricity Act 2023.
In a statement issued on Thursday, NERC said the programme was designed to deepen journalists’ understanding of regulatory activities in the Nigerian Electricity Supply Industry (NESI) and strengthen the quality of electricity reporting.
The commission said participants received technical training on interpreting industry data, statutory reports and performance trends, alongside interactive sessions with NERC officials on regulatory developments, market reforms and consumer issues.
Speaking at the opening ceremony, the Commissioner for Research and Data Analytics, Dr. Fouad Animashaun, emphasised the importance of effective stakeholder engagement in supporting the ongoing transformation of Nigeria’s electricity sector.
According to NERC, the workshop also focused on strategic communication and evidence-based reporting to equip journalists with practical skills for covering the evolving electricity industry.
The commission urged participants to apply the knowledge gained to improve public understanding of electricity reforms and reaffirmed its commitment to strengthening collaboration with the media to promote transparency and consumer education.
Business
CBN Orders Banks to Freeze Accounts Linked to Terrorism Financing Suspects
By Abigail David
ABUJA — The Central Bank of Nigeria (CBN) has directed banks, Payment Service Banks and other financial institutions to immediately freeze the accounts and assets of individuals and entities designated for terrorism and terrorism financing.
The directive was contained in a circular dated June 24, 2026, issued by the apex bank’s Compliance Department to all institutions regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the CBN, the action follows updated sanctions issued by the Nigeria Sanctions Committee and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.
The regulator said the updated Nigeria Sanctions List, released on June 18, 2026, contains binding measures that require immediate implementation by all regulated entities.
Six individuals named on the sanctions list are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.
The CBN also identified four Bureau de Change operators allegedly owned or controlled by the designated individuals. They include Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change Limited and Abbal Bako & Sons Bureau de Change Limited.
As part of the directive, financial institutions were ordered to screen customers, beneficial owners and all transactions against the updated sanctions list and immediately freeze, without prior notice, all funds, assets and economic resources linked directly or indirectly to the designated persons and entities.
The apex bank further instructed institutions to prevent the provision of funds, financial services or economic resources to the sanctioned individuals and organisations.
Banks were also directed to file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches and submit compliance reports to the CBN within 48 hours, detailing actions taken and any assets frozen. Institutions with no matching accounts were required to file nil returns.
In addition, the CBN urged financial institutions to strengthen monitoring systems for terrorism-financing indicators, including unusual fund movements, the use of money service businesses, bureaux de change and transactions involving high-risk jurisdictions.
The regulator warned that false or misleading compliance reports would attract sanctions under BOFIA 2020 and other applicable laws, adding that it would conduct supervisory reviews and examinations to ensure full compliance.
The directive takes immediate effect.
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