Business

Tariff war could reduce US-China goods trade by 80% – WTO DG, Okonjo-Iweala

Published

1 week ago

April 10, 2025

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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.

A few hours earlier, the US president ramped up duties on Chinese goods to 104 percent, only to hike them further when China retaliated by raising tariffs on US imports to 84 percent.

Trump, in a social media post announcing the moves, said China had been singled out for special treatment because of the lack of respect that China has shown to the World’s Markets.

Business

PwC exits nine African countries to focus on markets with growth prospects

Published

12 minutes ago

April 17, 2025

Ekwutos Blog

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PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine Sub-Saharan African countries.

The affected countries include the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.

In a statement on its website, PwC said the decision was part of a broader strategy to concentrate on markets with long-term growth prospects “We remain confident in the long-term growth potential of the continent,” the firm noted, emphasizing continued operations in key markets such as Nigeria, Kenya, and South Africa.

A report by the Financial Times, citing sources familiar with the matter, revealed that revenues in several local markets had dropped by over a third in recent years. The slump reportedly followed directives to sever ties with clients deemed high-risk.

Although PwC did not provide specific reasons for the exits, the firm is also grappling with reputational challenges elsewhere. In Saudi Arabia, for instance, the country’s $925 billion sovereign wealth fund recently halted engagements with PwC. Additionally, the firm has reportedly ended affiliations with member offices in Zimbabwe, Malawi, and Fiji.

Business

Dollar to Naira exchange rate stands at ₦1,600.80 today

Published

3 hours ago

April 17, 2025

Ekwutos Blog

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The exchange rate for the US dollar to the naira today is ₦1,600.7991, marking a slight decline of -0.432% compared to yesterday’s rate.

Over the past week, the dollar has shown relative stability against the naira, although it has slipped by -2.094% compared to its value seven days ago.

Within this one-week window, the exchange rate has fluctuated between a high of ₦1,636.71 recorded on April 10, 2025, and a low of ₦1,589.45 on April 14, 2025. The most significant single-day shift happened on April 10, when the naira strengthened, leading to a -2.252% drop in the dollar’s value.

Current Rates:
1 USD = ₦1,600.7991
1 NGN = $0.00062469

US Dollar to Nigerian Naira Conversion Table:
1 USD = ₦1,600.7991
3 USD = ₦4,802.3973
5 USD = ₦8,003.9955
7 USD = ₦11,205.5937
10 USD = ₦16,007.991
12 USD = ₦19,209.5892
15 USD = ₦24,011.9865
25 USD = ₦40,019.9775
30 USD = ₦48,023.973
45 USD = ₦72,035.9595
50 USD = ₦80,039.955
75 USD = ₦120,059.9325
100 USD = ₦160,079.91
300 USD = ₦480,239.73
400 USD = ₦640,319.64
500 USD = ₦800,399.55
750 USD = ₦1,200,599.325
1,000 USD = ₦1,600,799.1
3,000 USD = ₦4,802,397.3
5,000 USD = ₦8,003,995.5
7,500 USD = ₦12,005,993.25
10,000 USD = ₦16,007,991
15,000 USD = ₦24,011,986.5
25,000 USD = ₦40,019,977.5
50,000 USD = ₦80,039,955
75,000 USD = ₦120,059,932.5
100,000 USD = ₦160,079,910

Nigerian Naira to US Dollar Conversion Table:
1 NGN = $0.00062469
3 NGN = $0.00187406
5 NGN = $0.00312344
7 NGN = $0.00437282
10 NGN = $0.00624688
12 NGN = $0.00749626
15 NGN = $0.00937032
25 NGN = $0.0156172
30 NGN = $0.01874064
45 NGN = $0.02811096
50 NGN = $0.0312344
75 NGN = $0.0468516
100 NGN = $0.0624688
300 NGN = $0.1874064
400 NGN = $0.2498752
500 NGN = $0.312344
750 NGN = $0.46851601
1,000 NGN = $0.62468801
3,000 NGN = $1.87406402
5,000 NGN = $3.12344004
7,500 NGN = $4.68516006
10,000 NGN = $6.24688007
15,000 NGN = $9.37032011
25,000 NGN = $15.61720018
50,000 NGN = $31.23440037
75,000 NGN = $46.85160055
100,000 NGN = $62.46880074

Business

Access Holdings posts N642bn profit after tax, 88% gross earnings growth

Published

6 hours ago

April 17, 2025

Ekwutos Blog

AccessBank

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Access Holdings Plc says it recorded N642 billion as profit after tax in the full year of 2024, up from the N619.32 billion earned at the end of 2023.

In its audited financial statement for the year ended December 31, 2024, Access Holdings said the figure represents a 3.7 percent increase in profit after tax.

The group said its gross earnings grew by 88 percent year-on-year, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024.

“The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy,” Access Holdings said.

“Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges.”

According to the statement, the bank’s total assets grew by 55.5 percent to N41.498 trillion and customer deposits rose by 47 percent to N22.525 trillion.

The financial institution said shareholders’ funds also increased by 72 percent, reaching N3.76 trillion.

In terms of economic sustainability, the statement noted that the bank recorded strong strides through its economic, social and governance (ESG) programmes.

“It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan,” the statement further reads.

“The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses.

“Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.”

The statement also noted that the bank posted significant gains across all performance metrics, “with interest income growing by 110% and fees and commissions rising by 81%”.

The organisation said international subsidiaries contributed 48.5 percent to the “banking segment’s PBT, demonstrating strong execution across key markets”.

In 2024, Access Holdings said it also became the first institution to comply with the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue.

The group also said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions