Connect with us

Business

Resolve trade tensions inimical to global economic growth – IMF tells countries

Published

on

The Managing Director of the International Monetary Fund, IMF, Kristalina Georgieva, on Thursday urged countries to swiftly resolve trade disputes that threaten global economic growth.

Georgieva said the unpredictability arising from President Donald Trump’s aggressive campaign of taxes on foreign imports was causing companies to delay investments and consumers to hold off on spending.

She made the call while addressing reporters in a briefing during the spring meetings of the IMF and its sister agency, the World Bank.

“Uncertainty is bad for business,’’ she said.

Georgieva’s comments came two days after the IMF downgraded the outlook for world economic growth this year.

The 191-country lending organisations which seek to promote global growth, financial stability and to reduce poverty, also sharply lowered its forecast for the United States.

It said the chances that the world’s biggest economy would fall into recession have risen from 25 per cent, to about 40 per cent.

Georgieva warned that the economic fallout from the trade conflict would fall most heavily on poor countries, which do not have the money to offset the damage.

Trump, since his second return to the White House on January 20, has aggressively imposed tariffs on American trading partners.

Among other things, he slapped 145 per cent import taxes on China and 10 per cent on almost every country in the world, raising U.S. tariffs to levels not seen in more than a century.

He has, however, repeatedly changed US policy, suddenly suspending or altering the tariffs.

This has reportedly left companies bewildered about what he is trying to accomplish and what his endgame might be.

Trump’s tariffs culminated in a sharp reversal of decades of U.S. policy in favour of free trade and the resulting uncertainty around them have caused a week-long rout in financial markets.

But stocks rallied Wednesday, after the Trump administration signaled that it was open to reducing the massive tariffs on China.

“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said Wednesday.

Business

Egbu Community That Powers South East Battles Months Of Darkness

Published

on

Egbu community in Owerri North Local Government Area of Imo State has endured months of crippling electricity outages, even as it hosts a Transmission Company of Nigeria (TCN) facility supplying and distributing power to the entire South-East.

Residents describe the situation as cruelly ironic: while electricity flows from their town to cities across five states, Egbu itself receives barely two hours of power daily.

The blackout has intensified amid a standoff between the Imo State government and the Enugu Electricity Distribution Company (EEDC) over the proposed Orashi Electricity Distribution Company.

Governor Hope Uzodimma announced at the recent Imo Economic Summit that Orashi Electricity Distribution Company would commence operations in December, promising improved supply and stability across the state.

Before this announcement, the Imo State government accused EEDC of deliberately shutting down power in retaliation for the creation of the new distribution company. Commissioner for Information and Strategy, Declan Emelumba, insisted the state’s intervention aims solely to improve electricity delivery and protect residents.

EEDC, through its Head of Communications, Emeka Eze, denied the claim, asserting the company has no intention to disrupt supply. It also noted that agents of the state government had previously interfered with its Egbu transmission facility, disrupting operations.

Caught in the crossfire, Egbu remains the worst affected, with prolonged blackouts crippling businesses and daily life. Residents say the 11KV Egbu feeder, which supplies electricity locally, has been in poor condition for years, severely limiting power availability.

Augustine Njoku, a youth leader in Mpana area, said, “That 11KV feeder has been bad for years. EEDC refuses to fix it, and that is why we are in darkness.”

Small businesses are struggling. Uche Onwuka, who runs a football viewing centre at Ishiuzor village, said unreliable power has driven away customers. “I spend everything on petrol; there’s no profit left,” he lamented.

Restaurant owner, Ms Augusta Igwe added, “Running my generator eats up all my profit. How could two hours of electricity supply improve my business. This is unacceptable. I can no longer cope.”

Am Electronics trader, Gibson Amuneke said he was forced to close his shop: “There is no business without electricity.. This is very insensitive. When you go to other parts of the State, there is reasonable power supply but here in Egbu, which hosts the Transmission. station, we hardly get supply”

Residents also complain of high estimated electricity bills despite scant supply, describing it as unfair for a community that hosts a major national power installation.

Efforts to reach EEDC officials about the 11KV feeder and residents’ claims went unanswered. With Orashi Electricity Distribution Company set to begin operations in December and the EEDC-Imo standoff unresolved, Egbu residents remain trapped in darkness, questioning how a community that powers the South-East can be left in such neglect.

 

Continue Reading

Business

Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

Published

on

Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

Continue Reading

Business

Dangote to Uzodimma: Just show me where to invest

Published

on

Dangote

By Emmanuel Iheaka, OWERRI

The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.

Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.

The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.

Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.

“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.

He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.

Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.

Continue Reading

Trending