May 2025 | Page 19 of 43

China’s Industrial Output and Retail Sales Slow Amid US Trade Tensions But Economy Shows Resilience

Fola Badmus4 months ago4 months ago04 mins

China’s industrial output and retail sales posted slower growth in April, reflecting mounting pressure from ongoing trade tensions with the United States. Despite the dip, analysts say the Chinese economy is demonstrating surprising resilience. According to data released Monday by China’s National Bureau of Statistics, industrial production grew 6.1% year-on-year in April—down from a 7.7% increase in March. Retail sales also slowed, rising 5.1% compared to 5.9% the previous month, and falling short of expectations. Forecasts had predicted weaker results, with Reuters projecting a 5.5% growth in factory output and Bloomberg forecasting 5.7%. Fixed-asset investment, which includes spending on infrastructure and property, rose 4% year-on-year, while the unemployment rate edged down slightly from 5.2% to 5.1%. The figures come after China’s economy grew 5.4% in the first quarter of the year, exceeding many analysts’ forecasts and fueling optimism about the country’s ability to weather external economic shocks, particularly U.S. tariffs. In a statement, the National Bureau of Statistics said the economy continued to show “new and positive development momentum,” thanks to Beijing’s targeted economic policies. However, it cautioned that “many unstable and uncertain factors” remain in the global environment, and emphasized the need for further efforts to consolidate the recovery. The data follows last week’s trade breakthrough between Washington and Beijing, where both sides agreed to sharply reduce tariffs for 90 days. Under the deal, the U.S. cut tariffs on Chinese goods from 145% to 30%, while China lowered its duties from 125% to 10%. Despite this temporary relief, concerns linger over the long-term impact of tariffs on global supply chains. “The risk is that tariffs remain in place for a long time, and eventually, we see production offshored,” said Lynn Song, chief economist for Greater China at ING. “But amid tariff unpredictability—not just for China but across the world—few companies will be rushing to commit resources to set up offshore manufacturing facilities.” “This could mean that a decent portion of China’s manufacturing and exports will be less impacted than originally feared,” Song added. The figures underscore the balancing act facing Chinese policymakers as they seek to stimulate domestic demand while navigating an increasingly uncertain global trade environment.

Governor Zulum Presents ₦30 Million Cheque to Family of Fallen Military Hero

Fola Badmus4 months ago4 months ago03 mins

Borno State Governor, Babagana Umara Zulum, has presented a cheque of ₦30 million to the family of the late Lieutenant Colonel Thomas Ebisingha Alari, in a moving gesture that underscores the values of sacrifice, duty, and national gratitude. The presentation, which took place in Maiduguri, serves as a poignant reminder of the courage and selflessness of Nigeria’s fallen heroes, particularly those who have paid the ultimate price in the fight against terrorism. Governor Zulum praised the late officer’s bravery and dedication, emphasizing that the gesture was not just about financial support, but a demonstration of the state’s deep appreciation for those who defend the nation’s peace and security. “This is not just a cheque. It is a symbol of our collective gratitude and a message that the sacrifices made by our gallant soldiers will never be forgotten,” the governor said. The governor reiterated his administration’s commitment to supporting the families of military personnel who have lost their lives in active service, noting that true leadership must include compassion and acknowledgment of those who safeguard the nation. Such acts of recognition, Governor Zulum said, not only provide comfort to grieving families but also inspire continued patriotism and hope among serving officers and citizens alike. “The families of our fallen heroes deserve more than just words—they deserve action that honors their sacrifice and gives them a sense of dignity,” he added. Lieutenant Colonel Alari was celebrated for his outstanding service and leadership in counterterrorism operations in the North-East before his untimely death in the line of duty.

15 Traders Killed in Agatu Ambush by Suspected Herders in Benue State

Fola Badmus4 months ago4 months ago02 mins

At least fifteen traders have been brutally killed by gunmen suspected to be herders in Ogwumogbo and Okpo’okpolo communities of Agatu Local Government Area in Benue State Local sources told our correspondent that the victims were ambushed on Saturday evening while returning from the Oweto Market. The attackers reportedly emerged from a nearby bush and opened fire, killing fifteen traders on the spot. Confirming the incident, a former Vice Chairman of Agatu LGA, John Ikwulono, said the assailants also looted the victims’ money and personal belongings before fleeing into the surrounding forests. “As I speak to you, some persons are still missing, while those who sustained gunshot wounds have been taken to a hospital for treatment,” Ikwulono said during a telephone interview. The attack has sparked fear and tension in the affected communities, with many residents calling for urgent government intervention. When contacted, the Police Public Relations Officer for Benue State, Catherine Anene, said she had not yet been briefed on the incident. This tragic event adds to the growing list of violent attacks in the region, where herder-farmer clashes and banditry have remained persistent challenges.

China Eyes Electric Vehicle Factories in Nigeria as Part of Strategic Mining Partnership

Fola Badmus4 months ago4 months ago04 mins

The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasized the importance of deepening collaboration between China and Nigeria, particularly through the establishment of electric vehicle (EV) factories to harness Nigeria’s vast solid mineral resources. Ambassador Dunhai made this call during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, in Abuja. During the visit, he highlighted the potential for Nigeria’s industrial growth through enhanced bilateral ties, particularly in mining and manufacturing. A statement released by the Minister’s Special Assistant on Media, Segun Tomori, on Sunday confirmed that China is planning to set up EV manufacturing plants in Nigeria as part of its broader strategy to support African industrialization. “Nigeria is a great country blessed with tremendous natural resources,” Ambassador Dunhai said. “China places Nigeria at a strategic position in its foreign policy.” Recalling the recent meeting between Presidents Bola Tinubu and Xi Jinping during Tinubu’s state visit to China, the ambassador noted that both leaders had agreed to elevate bilateral ties to a comprehensive strategic partnership. This, he said, would open new avenues for cooperation. In response, Minister Alake reaffirmed Nigeria’s openness to genuine foreign investments, particularly those that support local value addition within the mining sector. “For years, our minerals have been exported raw to fuel foreign industrialisation. That must change,” Alake said. “We now prioritise local processing to drive Nigeria’s development. For instance, with the abundance of lithium, we want to see local manufacturing of electric vehicles and batteries.” Ambassador Dunhai welcomed the policy direction, stating that Chinese firms are already significantly involved in Nigeria’s mining sector. He confirmed that plans are in motion to establish electric vehicle factories and other industrial ventures in the country, aligning with President Tinubu’s economic diversification agenda. He also assured that Chinese companies operating in Nigeria are regularly reminded to abide by local laws, uphold environmental and safety standards, and fulfil their corporate social responsibilities. “The Chinese government has zero tolerance for illegal mining and is committed to working with Nigerian authorities to bring offenders to justice,” he stated. Minister Alake, while appreciating the longstanding diplomatic ties between the two countries, expressed concern over a few rogue operators tarnishing China’s image, citing a recent viral video of a Chinese national allegedly bribing local security agents. “We have taken action against illegal operators, including some Chinese nationals. While isolated, such incidents undermine the good work of many compliant Chinese firms,” he said. The minister also praised the efforts of the newly established Mining Marshals, who are tackling illegal mining across the country. He noted that the initiative has significantly improved compliance and regulatory adherence among mining stakeholders.

NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

World Bank: SERAP tells NNPCL to Account for Missing N500BN

Fola Badmus4 months ago4 months ago011 mins

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.” SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.” SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay. The World Bank had last week disclosed that out of the N1.1trn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget. In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’” SERAP said, “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.” According to SERAP, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 [as amended]” The letter, read in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country. “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest. “The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth. “SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL. “SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL. “The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities. “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations. “According to our information, the World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. “The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so. “SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power. “Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution. “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. “These commitments ought to be fully upheld and respected. “Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators. “The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country. “The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government. “Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services. “Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to…

Marc Guehi Rushed to Hospital after Palace FA Cup Win

Fola Badmus4 months ago4 months ago03 mins

Crystal Palace captain Marc Guehi and team-mate Adam Wharton were unable to join their club’s FA Cup victory celebrations after both were rushed to hospital from Wembley Stadium. Both Guehi and Wharton featured in the starting line-up for the prestigious match at the national stadium. The Eagles clinched their first-ever major honour by triumphing over favourites Manchester City. The solitary goal of the match was netted by Eberechi Eze, 16 minutes into the game, following a brilliant counter-attack from Palace. Goalkeeper Dean Henderson made a crucial penalty save towards the end of the first half, diving low to his right to deflect Omar Marmoush’s spot-kick. There was controversy earlier in the half when Henderson could arguably have been shown a red card for handball. Captain Guehi had to be substituted 57 minutes into the game after sustaining an injury to his eye, while Wharton was taken off towards the end after blocking a Kevin De Bruyne shot with his head. Despite his injury, Guehi managed to lead his team up the iconic Wembley steps to hoist the FA Cup trophy aloft after the final whistle and celebrate on the pitch with his team-mates. However, the 24 year old was subsequently rushed to hospital in an ambulance due to fears he had fractured his eye socket, with the defender also reporting slight loss of vision. Thankfully, tests have indicated that he has not suffered a fractured eye socket, reports the Mirror. It remains uncertain whether he will be fit to participate in Palace’s final two Premier League matches of the season. Newcastle United have tracked Guehi for some time, with several transfer bids turned down last summer. The Magpies are thought to be keen to revisit a deal this year, with the defender’s contract due to expire in 12 months.

CAF, European Union Conclude Historic Partnership

Fola Badmus4 months ago4 months ago01 mins

CAF and the European Union today concluded a historic partnership agreement that will see EU to sponsor the CAF Africa Cup of Nations (AFCON) 2025 and 2027, the CAF Women’s Africa Cup of Nations 2024 and the CAF African Schools Football Championship. The agreement was signed today by CAF President Dr Patrice Motsepe and European Commissioner for International Partnerships, Mr Jozef Síkela in Cairo, Egypt. Dr Patrice Motsepe said: “Our Partnership reflects the mutual commitment of CAF and the European Union to the development and growth of African Football, schools and Youth Football and the expansion of the cultural, trade and investment relationships between our two continents. “I would like to express my gratitude to the President of the European Union Commission Ursula von der Leyen, Jozef Síkela and the EU for this exciting Partnership.”

Kidnappers Kill Ondo APC Chairman Despite N5m Ransom Payment, Police Launch Manhunt

Fola Badmus4 months ago4 months ago03 mins

The All Progressives Congress (APC) chairman for Ward 5 in Ifon, Ose Local Government Area of Ondo State, Nelson Adepoyigi, has been killed by his abductors despite a ransom payment of ₦5 million. Adepoyigi was kidnapped on Monday night near his residence along the Ifon/Owo road. Initially, the kidnappers demanded ₦100 million, which was later negotiated down by the victim’s family. However, in a shocking twist, the two men sent to deliver the ransom—Bayode Loco and Isimeri—were also abducted, and a fresh demand of ₦30 million was made for all three. On Sunday, the Chairman of Ose Local Government, Clement Kolapo Ojo, confirmed Adepoyigi’s death in captivity. In a statement by his spokesperson, Oluwaseun Ogunniyi, Ojo revealed that the two ransom bearers had been released to deliver the tragic news. He described the killing as “deeply saddening and utterly painful,” offering condolences to Adepoyigi’s family and political associates, and called for urgent federal intervention to curb the surge in insecurity in the state. Ojo condemned the rising spate of kidnappings and violent crimes plaguing Ose and neighbouring communities. He noted that the attack follows other recent abduction attempts, including one involving a resident who narrowly escaped being kidnapped at his doorstep. “This pattern of brazen abductions confirms that insecurity has taken a dangerous and intolerable dimension,” he warned. Ondo State Commissioner of Police, Wilfred Afolabi, confirmed that the command’s tactical team has launched a manhunt in the Ifon forests to verify Adepoyigi’s death and pursue the kidnappers. “Our men are combing the area to smoke out the captors,” Afolabi said, promising that further updates would be provided as the investigation unfolds.