News
US, China schism bad for world economy, Okonjo-Iweala warns
Again, Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), has expressed displeasure at the US-China tariff war, warning, on Wednesday that it could reduce trade in goods between the two economic giants by 80 percent, pulling down the rest of the world economy.
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,” the former Minister of Finance and Coordinator of the Economy, warned, on Wednesday.
Noting, in a statement that 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,” she 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.
“I urge all WTO members to address this challenge through cooperation and dialogue. It is critical for the global community to work together to preserve the openness of the international trading system.
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she said.
Trump had dug in by slapping further tariffs on China, while pausing higher tariffs on the rest of the world for 90 days after dozens of countries reached out for negotiations, raising duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 percent.
In a social media post announcing the moves, Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the World’s Markets,” with the US stock markets, which had slumped around 10 per cent in the past week as trade tensions grew, surging after Trump announced his pause.
The Independent National Electoral Commission (INEC) has appealed the judgement of the federal high court in Abuja nullifying the timelines issued for the conduct of party primaries and the nomination of candidates.
Alex Izinyon SAN, leading a team of lawyers of the commission in a notice of appeal dated May 25, raised nine grounds it urged the appellate court to consider and vacate the judgment the Federal High Court in Abuja delivered on May 20.
Apart from raising the issue of jurisdiction, which it said the lower court did not determine, INEC also maintained that the legal action the Youth Party (YP) initiated against it was not only hypothetical but academic.
Arguing that failure of the trial court to make pronouncements on the issues, resulted in the denial of fair hearing to the Appellant, the commission also stressed the lower court misinterpreted the provisions of the electoral act.
It said: “The high court erred in law when it held that: ‘It is clear from the wordings of Sections 29(1), 82 and 84 of the Electoral Act, 2026, the following can be understood. Section 29(1) of the Electoral Act, 2026 mandates Political Parties to submit the names of candidates in prescribed forms of the candidates who emerged from its valid primaries which such a political party intends to sponsor at the elections, not later than 120 days before the date of the General Election.
“What is required of Political Parties to do under the Electoral Act, 2026 is to notify the Independent National Electoral Commission (INEC) 21 days before the holding of its primaries, congresses or conventions, days before the holding of its primaries, congresses or conventions, or any conference or meeting convened for the election of its executive committees, other governing bodies for nominating candidates.
“The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026.”
It was another day of misery in Kwara State, when daredevil terrorists reportedly stormed Yashikira Community in Baruten Local Government Area of Kwara State, and as has been the case in many of the attacks, abducting scores of residents including women and children.
But, apparently to register their authority, the gunmen, who were said to have operated for hours without challenge from the security operatives, were said to have torched the palace of the Emir.
The attackers, which reportedly occurred late Sunday night were said to have announced their presence through heavy firing and after storming the palace of the monarch during the period, set it on fire before whisking away their victims, but a similar attempt at the police station in the community, was repelled.
While some of the residents, narrated how the spent hours without resistance, leaving behind destruction and fear in the border community, another account said the villagers were caught unawares as the gunmen invaded the town under the cover of darkness.
However operatives made up of the police and military personnel, were said to have launched a manhunt immediately for the immediate rescue of the victims, including throwing a cordon in the area as part of the mission.
“The suspect offered ₦500 million to the SPU commander in an attempt to make the team stand down and allow him to contact his associates to move the consignment elsewhere. The offer was rejected immediately and properly documented for further investigation.”
These were the exact words of Olohundare Jimoh Assistant Inspector General of Police (AIG), with which he detailed how operatives of the Zone 2 Command of the Nigeria Police Force (NPF) scoffed at a N500million bribe to turn their eyes off the importation of a huge consignment of drugs imported into the country.
This was part of the details of a major breakthrough by the operatives after bursting a major drug trafficking syndicate in Lagos, which led to the seizure of suspected illicit drugs estimated at ₦7.8 billion and arresting several suspects, including the alleged kingpin.
In the operation, reportedly carried out by officers of the Special Protection Unit (SPU) in collaboration with divisional police detectives, the operatives, were said to have stormed a house in Mende, Maryland area of Lagos, following months of surveillance and intelligence gathering coordinated by the Zone 2 Headquarters.
The recovered drugs consisted of hundreds of bags of suspected Canadian Loud, allegedly stored in the residence of the prime suspect, Jimoh, said disclosing that the suspect was apprehended on May 19 after weeks of strategic monitoring by operatives.
Offering further details, he said the operation was executed with technical support and guidance from the Inspector-General of Police, IGP Olatunji Disu, alongside coordinated efforts between the SPU and divisional police teams.
Jimoh revealed that during the operation, the suspect allegedly attempted to bribe the SPU commander with ₦500 million to compromise the mission and allow the movement of the drug consignment.
The AIG described the development as a reflection of the renewed professionalism and operational discipline being entrenched in the Force under the current policing strategy.
He noted that the success of the operation underscored the importance of deploying specialized police units alongside conventional divisional teams in tackling organized crime.
According to him, the operation demonstrated the effectiveness of rapid containment strategies, intelligence-led policing, and professional conduct among the operatives involved in the raid.
“Rapid containment was achieved as the Special Protection Unit worked with divisional teams to secure the perimeter and prevent escape or interference with evidence.
“The operation was intelligence-driven, following months of surveillance and technical monitoring before the raid was carried out.
“The immediate rejection and documentation of the bribe attempt also reflect the standard expected from redeployed personnel at the divisional level,” Jimoh added.
Reacting to the development, the Inspector-General of Police, IGP Olatunji Disu, commended the operatives for their professionalism, saying the success of the operation validated the ongoing redeployment of personnel to divisions and units across Lagos and Ogun states.
The IGP noted: “Policing must be close to the people, and our specialized units must work side by side with divisional teams on the ground.
“The professionalism shown by the SPU commander in rejecting a ₦500 million bribe and following due procedure is the standard we expect. It shows that when you put your best foot forward at the grassroots, you get results and restore public trust.”
Disu further assured that the Force leadership would continue to reward integrity while holding officers accountable to the highest ethical standards.
Police authorities said exhibits recovered during the operation have been properly documented and will be tendered in court. The suspects are currently in custody while investigations continue to track down other members of the drug trafficking network.
-
News4 weeks agoBREAKING: Makinde, Turaki, lose! *S’Court affirms Wike’s PDP leadership
-
News2 weeks agoTinubu to African leaders: Copy Nigeria, produce your way out of poverty
-
Features4 weeks agoJim Nwobodo: The Sun shines, thrills, at ‘The Vanguard Awards’
-
News6 days agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
News2 weeks agoWhy we pegged presidential ticket forms at N60million – NDC
-
Columns3 days agoDear General Gowon: That apology you’re running from is your nemesis
-
News2 weeks agoGowon on civil war: My book is to put records straight, remove falsehood
-
News2 weeks agoBREAKING! Coast brightens for Obi, as NDC zones presidency to South