Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, brought to you every Monday Morning.
In this week’s episode…
FG Orders Tertiary Institutions to Publicly Advertise Job Openings Nationwide
The Rundown
The Federal Government has directed all Federal Tertiary Institutions in Nigeria to publicly advertise job vacancies moving forward.
This move, ordered by the Minister of Education, Dr. Maruf Tunji Alausa, aims to ensure transparency, equity, and open competition in the recruitment process.
The Details
- All federal institution job ads must now be published in a national newspaper, on the institution’s website, and in relevant academic or professional journals.
- The directive aims to ensure fair access for all qualified Nigerians, promoting transparency in recruitment.
- Institutions must still get waivers based on manpower needs and submit recruitment plans for committee approval.
- Non-compliance may attract disciplinary action, per the Ministry of Education.
- The change replaces the previous slow waiver process from the Head of Service, easing hiring in federal tertiary institutions.
Trade Tensions Soar: Trump Pauses Tariffs, Then Slaps 125% Duty on Chinese Imports
The Rundown
In a stunning policy reversal, U.S. President Donald Trump has announced a 90-day pause on recently introduced reciprocal tariffs impacting dozens of trade partners — just hours after they took effect. However, tariffs on China were sharply increased to 125%, marking an escalation in the U.S.-China trade dispute. Markets soared in response to the pause, easing investor fears of a looming recession.
The Details
- Trump announced a 90-day tariff pause—reducing tariffs to 10% for most countries, excluding China, after over 75 nations sought revised trade terms.
- The S&P 500 jumped 8% and the Nasdaq 100 recorded its best day since 2008; Goldman Sachs dropped its U.S. recession forecast.
- Commodities like copper, natural gas, and Arabica coffee rallied; Bitcoin also surged, while soybeans lagged due to continued China tensions.
- China was hit with a 125% tariff after announcing 84% retaliatory tariffs on U.S. goods; Trump cited Beijing’s “lack of respect” for global markets.
- Treasury Secretary Scott Bessent defended the move as strategic leverage, while critics accused Trump of favoring investors with a sudden policy reversal
FG, Chinese Firm Sign $328.8M Deal to Boost Power Grid Under Presidential Power Initiative
The Rundown
The Federal Government of Nigeria has signed a $328.8 million contract with China Machinery Engineering Corporation (CMEC) to upgrade and expand the country’s electricity transmission network under Phase 1 of the Presidential Power Initiative (PPI). The agreement includes the engineering, procurement, construction, and financing of 330 kV and 132 kV transmission lines aimed at reducing stranded electricity capacity and improving grid reliability nationwide.
The Details
- The project spans 544 km of new and upgraded transmission lines, boosting capacity for 7,140 MW across key sites.
- It is split into two priority batches and coordinated by FGN Power Company, with execution by CMEC and support from Siemens Energy.
- Aimed at strengthening Nigeria’s national grid, it seeks to eliminate stranded power and improve supply to homes and businesses.
- Siemens has begun deploying 10 transformers and 10 mobile substations to areas like Okene, Amukpe, and Potiskum.
- Once completed, the upgrades will add over 700 MW to the national grid and help resolve major transmission bottlenecks.
Dangote Refinery Begins Exporting Refined Fuel to Global Markets
The Rundown
Dangote Petroleum Refinery has officially begun exporting refined petroleum products to international markets across Africa, Europe, the Americas, and Asia—a significant milestone in Nigeria’s push for industrial and economic growth.
In addition, the Dangote Petrochemical Complex has started producing polypropylene, a vital industrial material, boosting hopes for a revival of Nigeria’s textile and manufacturing sectors.
The Details
- Nigeria has begun exporting aviation fuel, naphtha, PMS, and automotive gas oil, as announced at the 36th Enugu International Trade Fair.
- The Dangote Petrochemical Complex is now producing polypropylene, a key material for textiles, plastics, furniture, and pharmaceuticals.
- The complex has an annual production capacity of 830,000 metric tonnes from two plants.
- This development is expected to revive Nigeria’s textile industry and reduce forex pressure by cutting reliance on imports.
- Experts say Nigeria is steadily positioning itself as a major player in global energy and petrochemical markets through local production and strategic exports.
Nigeria Records $6.83B Balance of Payment Surplus in 2024
The Rundown
Nigeria closed 2024 with a balance of payment (BOP) surplus of $6.83 billion, reversing a two-year streak of deficits. The Central Bank of Nigeria credits this turnaround to sweeping macroeconomic reforms, stronger trade performance, improved remittance inflows, and rising investor confidence.
While this surplus is a sign of economic recovery, sustaining it will require careful navigation of exchange rate pressures, structural reforms, and global trade challenges.
The Details
- Nigeria posted a $6.83 billion balance of payment (BOP) surplus in 2024, reversing a $1.21 billion deficit in 2023, driven by strong current and capital account performance.
- Goods trade surplus hit $13.17 billion, boosted by a 48.3% rise in gas exports, a 24.6% increase in non-oil exports, and reduced petroleum and non-oil imports.
- Personal remittances rose 8.9% to $20.93 billion, with IMTO inflows up 43.5%; official development assistance also climbed 6.2% to $3.37 billion.
- External reserves increased by $6 billion to $40.19 billion, the highest in nearly three years, with improved FX inflows and fewer untracked financial flows.
- Challenges remain, as the naira continued to weaken despite interventions, and the U.S. raised concerns over Nigeria’s import bans, threatening future trade relations.
U.S. Criticizes Nigeria Over Import Ban on 25 Product Categories
The Rundown
The United States Trade Representative (USTR) has criticised Nigeria for enforcing import bans on 25 product categories, labeling them as unfair trade practices that restrict U.S. market access. The USTR claims these policies are costing American exporters potential revenue—especially in agriculture, pharmaceuticals, beverages, and consumer goods—while also contributing to job losses. This comes amid broader global trade tensions as the U.S. ramps up protectionist measures.
The Details
- The USTR named Nigeria among 10 countries accused of unfair trade practices, citing bans on U.S. exports like beef, pork, poultry, juices, medicaments, and spirits.
- These bans, the USTR says, create barriers that hurt American farmers, fishers, and manufacturers trying to expand in Nigeria.
- Nigeria’s inclusion is part of a broader list that also flags India, Kenya, Angola, and the EU for trade policies affecting billions in potential U.S. exports.
- The U.S. agency linked these restrictions to job losses and business closures, even calling out China for flooding the market with cheaply made American flags.
- While Nigeria hasn’t issued a formal response, it has historically defended its import bans as necessary for protecting local industries and preserving FX reserves.
Sweden Launches Africa’s Largest Innovation Hub in Lagos
The Rundown
Sweden has announced the launch of its largest innovation hub in Africa, right in Lagos, Nigeria, as part of a broader effort to deepen bilateral ties. The announcement was made during Crown Princess Victoria’s official visit to Nigeria, where both nations reaffirmed their commitment to stronger cooperation in innovation, trade, sustainable development, and gender equality. A new Swedish trade office is also set to open this week.
The Details
- Sweden’s innovation hub in Lagos is the biggest of its five hubs in Africa, reflecting Nigeria’s strategic role in tech and innovation.
- The initiative was unveiled during a high-level meeting between VP Kashim Shettima and Crown Princess Victoria in Abuja.
- Sweden’s Infrastructure Minister, Andreas Carlson, emphasized untapped opportunities in health, agriculture, and tech, citing 65 years of diplomatic relations.
- VP Shettima expressed strong support for the partnership, highlighting collaboration in renewable energy, 5G innovation, and edtech.
- A physical Swedish trade office will open in Nigeria this week, further solidifying trade and cultural ties between the two nations.
