By Aliyu Galadima 

United States Trade Representative has berated Nigeria for imposing an import ban on 25 different product categories, which is impacting American exporters.

Coming at a time tensions are rising over the sweeping tariffs imposed on several countries by the U.S., the trade body described the import ban by Nigeria as one of the 10 unfair trade practices perpetrated against the U.S. by different nations.

The USTR said import restrictions placed on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities.

“Nigeria’s import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods, 

“These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market”, the USTR stated in a post on X highlighting what it described as unfair trade practices against the U.S.

Nigeria is not alone in facing criticism from Washington. The USTR’s post also named India, Thailand, Kenya, Angola, Algeria, and the European Union for various trade restrictions that collectively impact billions of dollars in potential U.S. exports.

These include India’s ethanol import ban, Kenya’s 50% tariff on U.S. corn, and the EU’s new environmental compliance rules, which the USTR argues disadvantage American producers.

Angola’s recent announcement to restrict import licenses for poultry and meat products by July 2025 also drew attention, given that Angola is the largest market for U.S. poultry on the African continent.

The USTR emphasized that such practices threaten the viability of American businesses, from farmers and fishers to manufacturers and pharmaceutical firms.

In some cases, the agency linked the impact of these restrictions to job losses and the closure of businesses across the United States.

The USTR slammed China in particular for mass-producing American flags, thus causing losses for American manufacturers.

“Over 100,000 Chinese-made American flags are sold every month on just one e-commerce platform alone, resulting in $2 million in lost sales for American manufacturers, which ultimately leads to lost job opportunities and business closures. 

The USTR said India also banned imports of U.S. ethanol for fuel use, similar to what Thailand did by restricting imports of fuel ethanol, requiring approval and issuance permit.,

According to the U.S. trade organization, securing market access to India and Thailand for exports of U.S. fuel ethanol would result in at least an additional $414 million in annual export value.

The USTR’s exposé on the unfair trade practices against the U.S. comes amid the global trade tensions sparked by the U.S. imposition of reciprocal tariffs on countries.

The U.S.’s renewed focus on foreign trade barriers is seen as part of a broader strategy to assert leverage in global trade negotiations especially as Trump ramps up protectionist policies.

Some analysts say the administration is attempting to both shield American industries from external competition and pressure trading partners into revising market access policies in favor of U.S. exporters.

While Nigeria has not publicly responded to the USTR’s latest statements, the country has previously defended its import bans as necessary for protecting local industries and stabilizing its foreign exchange reserves.

By Dickson Pat 

Federal Government has announced the implementation of a new corporate governance scorecard designed to assess, monitor, and enhance the performance of State-Owned Enterprises ,SOEs, across the country.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this known on Monday in Abuja at the official launch of the Corporate Governance Scorecard — an initiative spearheaded by the Ministry of Finance Incorporated ,MOFI, in collaboration with the World Bank.

Themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance”, the event brought together key policymakers, regulators, and development partners to chart a new course for SOEs through improved governance practices.

“State-Owned Enterprises ,SOEs, form a critical component of the national economic framework. 

“They wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services. 

“However, their potential to drive economic expansion, job creation, and industrial growth has often been limited by inefficiencies, poor financial management, and, in some cases, governance shortcomings. 

“The question, therefore, is not whether SOEs should continue to exist, but rather how they can be repositioned to better fulfill their mandates.  “In this context, corporate governance assumes an indispensable role”, he said.

He stressed the need to shift the conversation from questioning the relevance of SOEs to implementing strategies that reposition them for long-term impact.

According to Edun, the Federal Government, through MOFI, has embarked on far-reaching strategic reforms to professionalise the management of SOEs and convert them into engines of productivity. He noted that the newly introduced Corporate Governance Scorecard will serve as a performance evaluation tool to track results, identify weak spots, and implement actionable reforms.

“MOFI is tasked with serving as an active asset manager for the Federal Government, ensuring the professionalisation, optimisation, and efficient administration of government-owned enterprises. 

“With the MOFI corporate governance scorecard initiative, the government is putting in place a mechanism to assess, monitor, and enhance the performance of its SOEs”, Edun said.

The scorecard, he explained, will not only help track operational progress but also instil financial discipline, improve decision-making processes, and enhance the overall accountability of government-linked enterprises.

Also speaking at the event, the Minister of Power, Mr. Adebayo Adelabu, stressed that SOEs are indispensable to the delivery of essential public services and economic development. However, he acknowledged the pressing need for structural reforms in the face of economic complexities, technological changes, and heightened public expectations.

Adelabu pointed to recent developments in the power sector, notably the unbundling of the Transmission Company of Nigeria ,TCN, into two separate operational entities, as a practical example of corporate governance reform in action.

“For us in the power sector, this imperative is neither abstract nor optional”, the Minister stated. “It is urgent, necessary, and already underway. 

“One of the most significant structural reforms in recent times has been the unbundling of the transmission company of Nigeria into two distinct operational entities. 

“This move is not merely administrative; it reflects our commitment to fostering operational clarity, transparency, and ultimately, value creation through better corporate governance”, he said.

He further explained that improved governance frameworks would enhance investor confidence, ensure compliance with regulatory standards, and safeguard public resources, thereby supporting sustainable service delivery.

Dr. Shamsuddeen Usman, Chairman of the MOFI Board, revealed that all board members and top executives have signed a corporate governance code of ethics, pledging not to allow personal interests to interfere with official duties.

“It insists that we must not allow personal interests to interfere with our work. Every member of the board and management have signed this undertaking. 

“We have put in place measures to ensure transparency and boldness in our approach. This is significant, as it lays the foundation for strong corporate governance”, he said.

The World Bank Country Director for Nigeria, Mr. Ndiame Diop, noted that SOEs are uniquely positioned to play catalytic roles in sectors considered too risky for private investment. He emphasised the need for better governance to unlock the full economic potential of these entities.

“It is truly fortunate that Nigeria possesses a large portfolio of strategic assets that can be leveraged to achieve development goals. 

“In Nigeria, SOEs are active across many sectors, including power, agriculture, and financial services. 

“Given their presence in these sectors, they have the potential to significantly boost economic growth. 

“At the same time, they contribute meaningfully to government revenue”, he said.

He expressed optimism that Nigeria’s portfolio of strategic assets could be harnessed to drive inclusive development if anchored on a sound governance framework.

By Charles Ebi 

Nigeria’s external debt service obligations surged to $1.08 billion in Q4 2024, representing a significant rise from the previous quarter.

This is according to the latest data released by the Debt Management Office ,DMO.

Nairametrics had earlier reported that Nigeria’s total debt service costs climbed to N3.57 trillion in the third quarter of 2024, up by N60 billion or 1.71% from N3.51 trillion in Q2.

The report, which covers the breakdown of external debt service payments by creditor category, revealed that multilateral loans accounted for the largest share of debt service, followed by commercial and bilateral loans.

Nigeria paid a total of $600.71 million to multilateral lenders, representing 55.7% of total debt service in the period.

The International Monetary Fund ,IMF, led this group, receiving $407.97 million, the highest payment to any creditor.

Other key payments include: 

International Development Association ,IDA: $116.48 million

African Development Bank ,AfDB: $43.89 million

International Bank for Reconstruction and Development ,IBRD: $14.48 million Islamic Development Bank ,IsDB: $5.83 million

Commercial loans absorbed $430.53 million, or 39.9% of total external debt service.

The Eurobond debt alone accounted for $148.57 million.

A further $280.16 million was paid on Syndicated Loans, which made up the bulk of commercial debt repayments.

Smaller payments were made to UniCredit S.P.A ,$1.54 million, Standard Chartered Bank ,$144k, and Deutsche Bank AG ,$108k.

Debt service to bilateral lenders stood at $46.85 million, or 4.3% of the total.

The majority of these payments were made to France’s Agence Française de Développement ,AFD, which received $33.13 million.

Germany ,KfW, followed with $11.84 million, while China Development Bank received $1.88 million.

Notably, no debt service payments were recorded to Japan, China Exim Bank, or India Exim Bank during the quarter.

Nigeria’s rising external debt service obligations come amid increasing concerns over the country’s debt sustainability, exchange rate volatility, and foreign reserve pressures.

The significant payments to multilateral and commercial lenders—particularly the IMF and Eurobond holders—highlight the weight of non-concessional financing on the country’s external obligations.