The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala has said the US-China tariff war could cut trade in goods between the two economic giants by 80 percent, pulling down the rest of the world economy.

Okonjo-Iweala said this in a statement on Wednesday.

Ekwutosblog reports that US President Donald Trump raised tariffs on China to 125 percent on Wednesday as the world’s two largest economies fought over retaliatory levies.

“The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 percent,” she said.

According to her, the United States and China together accounted for three per cent of world trade and warned that the conflict could severely damage the global economic outlook.

Trump, even as he slapped further tariffs on China, paused higher tariffs on the rest of the world for 90 days after dozens of countries reached out for negotiations.

Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.

“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.

She, therefore, urged all WTO members to address the challenge through cooperation and dialogue.

The Federal Competition and Consumer Protection Commission (FCCPC) is advising Nigerians to report any loan apps or businesses that engage in harassing behavior over unpaid loans.

According to the FCCPC, no consumer should live in fear of harassment or intimidation.

Ekwutosblog  gathered that Consumers can file complaints with the FCCPC through their website or contact their customer service hotline.

The FCCPC is responsible for protecting consumer rights and promoting fair competition in Nigeria.

FCCPC has taken steps to regulate digital money lenders and enforce consumer protection laws, including fining Meta and WhatsApp $220 million for violating the Federal Competition and Consumer Protection Act (FCCPA) and the Nigeria Data Protection Regulation (NDPR)

To file a complaint, follow these steps
Visit the FCCPC website and fill out the complaint form. Provide detailed information about the harassment, including dates, times, and communication records. Submit supporting documents, such as screenshots or messages.   FCCPC Website: https://fccpc.gov.ng/   Customer Service Hotline: 0805 600 2020, 0805 600 3030
Email: mailto:contact@fccpc.gov.ng

Chief Vincent was Born in Neni, Anambra State, He spent his early life in his hometown after which he moved to Kano state where He learnt how to fix punctured tyres (vulcanizer), and became perfect at it (a time when few people could do it), because of it he had a lot of customers queuing for his vulcanizing services.

He did the job for more few years before he decided to go into the transportation business as a bus conductor. He continued the bus conductor job until 1972 when he had gathered enough money to buy his bus. After acquiring maximum knowledge on how the transportation business works, he then decided to stop working as a bus conductor and he acquired a mini-bus to ply the Enugu to Onitsha route.

In 1973 he relocated his business operations from Onitsha to Lagos and ventured into a more developed transport business, which he started with two locally built Mercedes Benz 911 buses. After seven years of operating in Lagos, the number of buses he owned increased from 2 to 40 alongside his transport business. He also engaged in the delivery of goods which also boosted the success of his business.

His exceptional customer service delivery got many people to patronize his business and by 1978, he decided to expand by opening up a new interstate route, plying from Lagos to Onitsha to Owerri. He also bought a Mercedes Benz 0362 luxury bus for this purpose. This expansion gained his business more fame and within 6 years, his number of buses grew to 150. Owing to the success of the business, Chief Vincent Incorporated his business in 1984 so he could fully cover every possible part of Nigeria, as a leading inter-state luxury bus company.

Today, The Young Shall Grow Motors is one of the largest luxury bus companies in Nigeria with over 500 buses that ply almost every route in Nigeria as well as other west African countries like Ghana, Burkina Faso, Mali and The Benin Republic.

He also has businesses in the Hospitality, Oil and Gas, Real estate sectors.

From Vulcanizer to millionaire in dollars, today his net worth is over 300 million dollars.