By Adedapo Adesanya

The Chinese government has announced plans to grant Nigeria and 52 other African nations full duty-free access to its vast consumer market, as part of its policy shift set to reshape Africa-China trade relations.

The new trade initiative, disclosed by President Xi Jinping in a letter to African foreign ministers, will extend zero-tariff treatment to 100 per cent of tariff lines for all African countries maintaining diplomatic ties with the Asian giant.

The move builds on a previous policy that benefited only 33 least-developed African nations and is part of China’s broader strategy to deepen economic cooperation with the continent amid intensifying trade tensions with the United States.

The results are already being felt as Chinese exports to Africa surged 12.4 per cent in the first five months of the year, reaching a record 963 billion Yuan ($134 billion), according to China’s Foreign Ministry.

The implementation of this policy could allow all Nigerian goods, from agricultural produce and manufactured items to solid minerals, enter the Chinese market without the burden of import duties. It could also help drive Nigeria’s exports higher and drive revenue for the country.

The announcement comes at a critical time, as over 30 African countries, including Nigeria, face the risk of being excluded from the United States’ African Growth and Opportunity Act, a preferential trade agreement that once allowed eligible nations to export goods to the US duty-free.

For Nigeria, the proposed duty-free access could significantly boost non-oil exports, especially in sectors like agriculture, textiles, solid minerals, and manufactured goods, areas where the country has long sought to diversify.

China is also trying to boost its partnership with other regions as it faces increased scrutiny and a tariff war with President Donald Trump of the United States, who has alleged unfair trade practices. This led to hikes in tariffs between both countries until they were paused recently to allow for more negotiations.

By Aduragbemi Omiyale

An initiative to provide funding support to young Nigerians studying at private universities in Nigeria has been introduced by Sterling Bank.

The financial institution is offering N2 billion under a scheme known as Beyond Education.

Sterling Bank explained that it came up with this programme to build the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.

It reflects the lender’s advocacy for organisations to shift from short-term philanthropy to long-term ecosystem development.

The Sterling Beyond Education programme will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health.

It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.

Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.

The pilot scheme is in partnership with Miva University, founded by renowned tech entrepreneur, Mr Sim Shagaya.

Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the digital economy.

The chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Progress is not a spectator sport. While others talk about Nigeria’s potential, we are actively investing in it.

“These scholarships are direct investments in the architects of our future. We are funding the education of future leaders who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”

“We’re moving beyond charity. This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future those brilliant young minds will build for our country,” he added.

Also commenting, the Growth Executive for Retail and Consumer Banking Directorate at Sterling Bank, Obinna Ukachukwu, said, “This is what inclusive investment looks like.

“This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”

By Adedapo Adesanya

Crude oil prices, on Thursday, June 12, 2025, rose by a level last seen in March 2022, days after Russia invaded Ukraine.

Yesterday, concerns that worsening tensions in the Middle East could cause supply disruptions pushed the Brent crude higher by over 10 per cent to $74 per barrel, with the US West Texas Intermediate (WTI) crude also growing by the same figure to $72.97 per barrel.

US President Donald Trump on Thursday said an Israel strike on Iran could very well happen, but added that he would not call it imminent and prefers to avoid conflict.

This came after the board of governors of the International Atomic Energy Agency (IEAE), the United Nations nuclear watchdog, declared Iran in breach of its non-proliferation obligations as it announced counter-measures.

The 35-nation Board of Governors declared Iran in breach of its non-proliferation obligations for the first time in almost 20 years, raising the prospect of reporting it to the UN Security Council.

Meanwhile, US and Iranian officials are scheduled to hold a sixth round of talks on Iran’s escalating uranium enrichment programme in Oman on Sunday.

President Trump said on Wednesday that the American personnel were being moved out of the region because “it could be a dangerous place” and that Iran would not be allowed to develop a nuclear weapon.

He has repeatedly threatened strikes against Iran if the nuclear talks fail to reach an agreement.

He also expressed frustration that oil prices had risen amid supply concerns arising from potential conflict in the Middle East.

The United Kingdom’s maritime agency warned on Wednesday that increased tensions in the Middle East may escalate military activity and impact shipping in critical waterways.

Market analysts noted that if Iran blocks this Strait of Hormuz chokepoint, it could affect up to 20 per cent of global oil flows with JPMorgan warning that oil prices could surge to $120-$130 a barrel if the routes were to be shut, a scenario the bank considered to be severe but a low risk.