NCAA’s sanction threat, US tariffs… business stories to track this week

Here are the seven top business stories you need to track this week — April 7 to April 11.

NCAA’S THREAT TO SANCTION AIRLINES

The Nigeria Civil Aviation Authority (NCAA) says it will no longer condone airlines selling tickets to passengers, only to airlift them halfway to their destinations and deport them due to visa or travel restrictions.

In a statement on April 2 signed by Michael Achimugu, director of consumer protection and public affairs at NCAA, the agency said the situation is causing significant distress to passengers and tarnishing the image of Nigeria’s aviation industry.

Threatening to sanction culpable carriers, the NCAA said such practices are completely unacceptable, as it is the responsibility of airlines to notify passengers about any potential barriers to their admissibility at their destination before they commence their travel.

DOLLAR, US STOCK MARKETS TUMBLE AFTER TRUMP’S TARIFFS ANNOUNCEMENT

American stock markets, on April 3, tumbled significantly as investors reacted to President Donald Trump’s sweeping tariffs announcement, slamming 14 percent on Nigeria.

The market turmoil came less than 24 hours after Trump announced new tariffs on all goods imported into the US.

The tariffs, according to Trump, would create a hard reset on the US manufacturing industry, leading to a stronger economy and lower prices for consumers.

Following the announcement, the International Monetary Fund (IMF) asked the US and its trading partners to resolve their differences, warning that the global economy is at risk.

Also commenting on the development, Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation (WTO), said the tariffs would have significant implications for global trade and economic growth prospects.

AFDB TO LAUNCH SAPZ PHASE ONE PROJECT IN KADUNA, CROSS RIVER APRIL 8

The African Development Bank (AfDB) says it will launch phase one of the $538 million special agro-industrial processing zone (SAPZ) programme in Kaduna on April 8.

In a statement on April 6, the bank said a groundbreaking ceremony will also be held to kickstart the programme in Cross River on April 10.

WORLD BANK APPROVES NIGERIA’S $1.13BN LOAN REQUEST

The World Bank says a total of $1.13 billion loan request from Nigeria has been approved.

According to details from the bank’s website on April 2, three different financing requests were approved in March, for projects targeting quality education, household and community resilience, and improved nutrition.

The World Bank said $80 million was approved for the ‘Accelerating Nutrition Results in Nigeria 2.0’ project, and $552 million for the ‘HOPE for Quality Basic Education for All programme’, on March 31.

Further checks by TheCable showed that on March 28, the lender also approved a $500 million loan for Nigeria’s ‘Community Action for Resilience and Economic Stimulus Programme’.

OIL PRICE DROPS TO $65 PER BARREL — LOWEST LEVEL SINCE APRIL 2021

Brent crude oil price fell on Friday to $65.58 per barrel for the first time in four years.

During trading, Brent crude price, the global oil benchmark, depreciated by 7 percent to trade at $65.58 — the lowest since April 2021.

The US West Texas Intermediate (WTI) also dropped by 7.35 percent to 62.03 per barrel.

According to Reuters, the crude oil price dropped as China increased tariffs on US goods in a retaliatory move, sharply intensifying a global trade war that has investors worried about a recession.

PCNGI, ARETE SIGN $27.3MILLION DEAL TO CONSTRUCT 7MMSCFD LNG PLANT

The Presidential Compressed Natural Gas Initiative (PCNGi) and LNG Arete Limited have signed a $27.3 million memorandum of understanding (MoU) to construct a seven million standard cubic feet per day (mmscfd) liquefied natural gas (LNG) plant.

Michael Oluwagbemi, PCNGi chief executive officer (CEO), on April 5, said the project aims to boost investment in compressed natural gas (CNG) infrastructure, expand its availability, and create new opportunities in the sector.

Oluwagbemi said the project will provide jobs for over 100 Nigerians while accelerating the development of CNG infrastructure in the northern region, and secure a 25 percent equity stake in LNG Arete’s seven-thousand standard cubic feet per day (mscfd) mini LNG facility in Ajaokuta, Kogi state.

NNPC SHAKE-UP

President Bola Tinubu has removed Mele Kyari as the group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board.

The decision, effective April 2, 2025, was announced in a statement signed by Bayo Onanuga, special adviser to the president on information and strategy.

As part of the overhaul, Bayo Ojulari has taken over from Kyari as the new group CEO, while Ahmadu Musa Kida was appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure. Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).

Other appointments can be found here.