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The Chief of Mission for the International Organization for Migration (IOM) in Nigeria, Ms. Sharon Dimanche, has urged joint efforts to advance the validation of the revised National Migration Policy (NMP) 2025.

READ ALSO: IOM inaugurates migration response centre in Somalia

She made this appeal on Wednesday in Abuja during a high-level meeting focused on validating the updated NMP and its integrated implementation plan.

Dimanche described the policy as a call for stronger collaboration and a whole-of-society approach to enhance migration governance and ensure no migrant is left behind.

“This milestone reflects Nigeria’s dedication to building an inclusive, evidence-based migration governance framework that aligns with global best practices,” she stated, adding that the meeting marks the culmination of months of work by numerous stakeholders.

Dimanche noted that the revised National Migration Policy and its implementation plan build on previous achievements and are aligned with key international frameworks, including the Global Compact for Migration.

She highlighted that the updated policy addresses critical issues such as climate-induced displacement, migration governance, and diaspora engagement.

Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Prof. Nentawe Yilwatda—represented by Dr. Yusuf Sununu, Minister of State—emphasized the significance of the revised policy.

“Many of the migration challenges we face today are not solely economic but stem from the absence of systems that enable individuals to realize their full potential,” he stated.

The world’s big industrial-scale consumers of oil are flashing warning lights for demand as the tariff war causes the outlook for the global economy to deteriorate.

Several U.S. airlines withdrew earnings guidance for this year over the past several weeks, citing uncertainty in the global economic environment and a recent spate of soft domestic bookings.

In the freight market, more than 40% of container ship capacity between Asia and the U.S. has been canceled for some of the coming weeks and top liners are using smaller vessels to meet customer needs.

Collectively, they offer some of the first real-world reactions to a tariff war that’s meant to reset U.S. relations with the nation’s top trading partners. The aviation and marine fuel sectors account for more than 10% of global oil consumption combined, and there are potential knock-ons for the truckers transporting containers when goods arrive at their destinations, leading to a further threat to diesel consumption.

“The year started out very strong, however, that changed and we saw demand weakened as the quarter progressed, especially in leisure demand,” Bob Jordan, chief executive officer of Southwest Airlines Co., said in an earnings call this month. “We have seen softer booking trends continue into the second quarter.”

Data from the U.S. Bureau of Economic Analysis in the U.S. show that heavy truck sales fell to the lowest level since 2020 last month. Apollo Global Management said it expects trucking demand to grind to a halt in the U.S. next month, leading to layoffs across the industry.

Consultant FGE said this week that it now expects global diesel demand to decline versus a year earlier in the second and third quarters as consumption slows, citing burgeoning impact of the trade war.

“This reflects both worsening trade and reduced manufacturing and industrial activity,” it said.

Still, the picture isn’t uniformly doom and gloom.

United Airlines Holdings Inc. said that while there was a decline in bookings between the U.S. and Canada, its other international travel markets remained robust.

Outside the U.S., some European carriers said they’re yet to see a slowdown in forward bookings before summer. Still, Air France-KLM said it is seeing some softness in economy ticket sales, particularly for transatlantic flights.

Similarly, for come container shipping companies, while volumes to the U.S. from China have fallen, they’ve picked up from other southeast Asian nations.

Hapag Lloyd AG, the world’s fifth-largest container carrier, said about 30% of bookings from China to the U.S. have been canceled, though journeys from Cambodia, Vietnam and Thailand are all heavily up. Clarkson Plc, the world’s largest shipbroker, cut its 2025 profit outlook on Thursday, saying uncertainty from the potential of a trade war has escalated. A cruise shipping line warned Wednesday of softer forward bookings.

The Dow Jones Transportation Average index, which tracks an average of 20 U.S. transportation stocks, is down almost 15% so far this year, outpacing a decline in the S&P 500.

Push and pull

The push and pull means it’s far from the dark days of the early pandemic when global shutdowns crushed consumption by about a third at the same time that key producers were pumping as much as they could, ultimately pulling prices briefly below zero.

But an uncertain outlook and tentative signs of slowdown underscore why oil watchers have been quick to downgrade their forecasts for the year — so far reducing expectations for demand growth by a third. Alongside lower transport fuel consumption, there’s also a threat to petrochemical demand from lower trade — a sector that is expected to provide the majority of oil demand growth this year.

In China, factory activity slipped into the worst contraction since December 2023, revealing early damage from the trade war. South Korean chemical manufacturer LG Chem Ltd. warned that there could be a dampening of demand for its products as a result of tariffs, while the International Energy Agency has already cut its forecasts for the main petrochemical feedstocks.

United Parcel Service Inc. said on an earnings call that small and medium sized business — which make up a third of its total U.S. volumes — are expected to slow down their shipments in the second quarter.

The company added that many of those businesses are 100% single-sourced in China and don’t have the working capital to pull forward inventory of goods.

Japanese shipping giant Mitsui O.S.K. Lines Ltd. said on Wednesday that it expects slower cargo movements across the shipping industry this year and global economic stagnation as a result of U.S. tariffs. It said it was expecting lower rates in its container, car carrier and chemical tanker arms.

The warning adds to a picture of fewer products arriving in the U.S. in the coming weeks, with ramifications for the oil-consuming parts of the economy.

“Bookings and container loadings in Asia overall are down precipitously and will continue in that light for some time,” said Gene Seroka, executive director of the Port of Los Angeles said at a hearing last week. “If you’re a trucker and you’re hauling four or five containers today, you may haul two or three in the future.”

With assistance from Brendan Murray, Jack Wittels and Benedikt Kammel.

Alex Longley, Bloomberg News

The Trump administration is offering undocumented migrants $1,000 and paid travel if they agree to leave the US voluntarily, the latest effort to ramp up mass deportations and slash enforcement costs.

The Department of Homeland Security said migrants who self-deport using the CBP Home app will receive the stipend once it’s verified that they’ve returned to their home country. Officials called the program a more efficient alternative to costly arrests and removals.

BY Olasunkanmi Akinlotan

In a bid to increase Nigeria’s exports, the Lagos airport’s cargo terminal is being transformed, with nearly 90 per cent of the registration phase completed.

The Federal Airports Authority of Nigeria is spearheading this reform, which could enable the nation to increase its share in the global cargo work market.

The Global Market Insight had put the size of air cargo worldwide at $185bn, with Nigeria sharing a meagre portion of this market owing to various reasons.

The Head of the Cargo Department in FAAN at the Murtala Muhammad Airport, John Ogbe, explained that at the centre of the initiative is a plan to digitalise and control access to the cargo terminal, as well as confront the obvious bottleneck processes for exportation via the air means of transportation, particularly in an outward direction.

FAAN had commenced the clearing of the cargo village at the airport with significant advancement toward the actualisation of its dream cargo village.

Ogbe said very soon, every individual requiring entry would be registered and undergo biometric capture, creating a centralised database.

“This biometric access will determine who enters and exits, starting right from the main gate,” he said.

He added that the system aims to bring order and efficiency, “Trucks will only be allowed into the facility if they present verified cargo documents or an airway bill. Without these, entry is denied. It’s not just about control.”

The official emphasised that “it’s about streamlining trade facilitation. Right now, perishable goods often sit for one to three weeks before they’re shipped, sometimes they rot before they even leave.”

According to him, this disarray has long stifled Nigeria’s export potential.

But with the newly structured system, FAAN believes proper exports can finally take root.

“This is bigger than logistics. It’s about repositioning the country. The federal government wants to shift from oil dependence to non-oil exports. If we get this right, Nigeria can start earning real foreign exchange.

“Currently, Nigeria’s trade balance tells a troubling story. The import warehouse is so jam-packed, you won’t even find space to walk. The country imports everything, even toothpicks and, shockingly, sand.  I have seen someone bring in sand to build his house. Even meat is flown at night from South Africa,” the FAAN official said.

Meanwhile, cargo experts believe that FAAN’s move is not in the interest of trade but an attempt to take control of the village.

The Deputy President of Air and Logistics, National Association of Government Approved Freight Forwarders, Dr Segun Musa, dismissed the claim that the attempt to clear the aviation village was for economic benefit; rather, he said it was for FAAN’s benefit.

Musa recalled that the government had ceded the aviation terminal to the union at a time when the village was uninhabitable.

He accused FAAN of attempting to explore a disagreement between one of the existing associations at the cargo village to evict all the workers within the village.

He said, “For us, FAAN is only trying to play on the intelligence of Nigerians. The cargo village was not just granted, we requested and negotiated for it. And it took the intervention of the Federal Government for that place to be granted to us, and at that time, it was an environment that wasn’t habitable. We did a lot of work and spent hundreds of millions to make it what it is today.

“The reason they are trying to come out with this kind of action is because a particular association has an internal crisis, and that cargo village has about five associations. How do you want to evacuate everybody just because of one association? There is the possibility that some people are trying to take that place in exchange for money from FAAN. It is just about money, they just wanted to explore the little rancour to send us out of that place. That is not about development but the urge for money.”

BY Günay Caymaz

• The US dollar remains weak, driven by Trump’s rhetoric, Fed expectations, and rising Asian currencies.

• Trump’s trade comments sparked short-term optimism, but uncertainty over terms continues to undermine confidence.

• Strong employment data suggests steady Fed policy, but Powell’s guidance could influence market direction.

• Looking for actionable trade ideas to navigate the current market volatility? Subscribe here to unlock access to InvestingPro’s AI-selected stock winners.

The US Dollar began the week just below the 100 mark. While the dollar showed some resistance at the end of April, it remained weak throughout the month—reflecting a return to "uncertainty pricing" by investors.

Key factors behind the dollar's weakness included US-China trade talks, shifting Fed expectations, and Trump’s aggressive rhetoric. A rally in Asian currencies has also added new pressure on the dollar.

Trump’s Policies and Rising Asian Currencies Weigh on Dollar

President Trump’s remarks about a potential deal with China sparked brief market optimism, but ongoing uncertainty around the deal’s terms continues to erode investor confidence. His recent announcement of a 100% tariff on foreign-produced movies further complicates the outlook, with such symbolic moves making it harder for investors to take his trade policies seriously.

Meanwhile, several Asian currencies—most notably the USD/TWD—have been gaining sharply against the US dollar. This trend is seen as reducing the dollar’s appeal as a global liquidity anchor. Over the past two trading days alone, the Taiwan dollar has risen more than 6%, while the MSCI Emerging Markets Currency Index has reached an all-time high. These developments suggest growing doubts about the US dollar’s role as the world’s reserve currency.

Strong Pre-FOMC Employment Data: What’s the Market Expecting?

Last Friday’s employment data confirmed the continued strength of the US labor market. Payrolls rose by 177,000, well above the forecast of 138,000. Aside from a modest slowdown in wage growth, the unemployment rate aligned with expectations. This solid data reinforced expectations that the Fed will hold interest rates steady at Wednesday’s meeting, while dampening hopes for a near-term rate cut. The market’s probability for a rate cut has dropped from 64% last month to 37% now.

Although a rate change is not expected, the Fed’s guidance will be key. How Chair Powell balances growth and inflation in his messaging may shape market expectations for the rest of the year. Currently, markets are pricing in 80–90 basis points of cuts by year-end, so investors will be watching closely to see if Powell still supports the 50 basis point cut he suggested in March.

US Dollar Technical Outlook

The DXY began April with a drop from 104, driven partly by Trump’s comments on raising trade tariffs. The index is now hovering around 99, just below the key psychological threshold of 100. In the short term, 99 serves as the first support level, while 97 is the next major support.

Several factors could continue to weigh on the dollar: Trump’s softer tone on China, the Fed’s current stance, and the ongoing strength of Asian currencies. However, the most critical driver this week will be Powell’s remarks. If he adopts a hawkish tone or hints at further tightening, the dollar could reverse course.

In that case, despite the year-to-date downtrend, a rebound toward 100.5, 102.5, or even 104 could be possible. For now, though, technical indicators suggest the DXY remains under pressure, with limited room for upward movement.

In summary, the main driver for the dollar this week remains Trump's trade rhetoric. Alongside this, the Fed’s guidance and currency flows from Asia will be closely watched. Markets have mostly priced in the Fed’s decision to hold interest rates steady, but the lack of clear guidance leaves room for increased volatility in the dollar index.

If Powell delivers no surprises, the dollar is likely to continue consolidating within the 97–100 range. However, any hint of a policy shift could disrupt this balance and trigger a sharp move in either direction.

BY  Solomon Ekanem

The UK government is set to tighten visa rules for nationals from countries deemed high-risk for overstaying or making asylum claims.

• The UK government plans to tighten visa rules for nationals from high-risk countries to curb asylum claims.
• The move aims to prevent abuse of work and study visas, which are viewed as potential entry points into the asylum system.
• Pakistanis accounted for the largest number of asylum claims in the UK last year, followed by Sri Lankan and Nigerian nationals.

The proposed measure initiated by the UK government is part of a broader immigration crackdown which aims to restrict individuals from the affected countries to obtain work and study visas.

The development, which was first reported by The Times noted that as part of Labour’s plans to crackdown on abuse of the system, the UK government will reject visas from individuals who “fit the profile of someone who will go on to claim asylum and are from countries with high rates of asylum claims in the UK.”

With UK asylum, an individual automatically gains the opportunity to stay in the UK permanently whereas work and study visas are only temporary.

However, when an asylum request is rejected, the affected individuals can prolong their stay — sometimes indefinitely — by making repeated appeals to frustrate their deportation.

The UK government, by this development, aims to prevent the use of work and study visas as an entry point into Britain’s asylum system.

According to government sources, visa holders from Pakistan, Nigeria, and Sri Lanka have been flagged as the most likely to follow this trajectory.

Pakistan tops UK asylum seekers' list

Last year, there was a high number of recorded asylum claims in the UK with over 108,000 people seeking asylum, the highest since records began in 1979.

Pakistani nationals made up the largest group, with 10,542 claims, followed by Sri Lankan and Nigerian nationals with 2,862 and 2,841 claims, respectively.40,000 people who entered the UK on valid visas later claimed asylum—37% of all applications and more than those arriving by small boats

In contrast, the number of UK work and study visas dropped in 2024 compared to the previous year.

Meanwhile, the UK hosted 732,285 international students in 2023/24, with most coming from India and China.

Last year, 40,000 people who entered the UK on valid visas later claimed asylum—37% of all applications and more than those arriving by small boats. Nearly 10,000 of them, initially on work or study visas, were housed in taxpayer-funded accommodation, including hotels.

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This development has raised concerns for Home Secretary Yvette Cooper, who has highlighted the growing strain on the Home Office's accommodation system.

Following the update, the UK Home Office is also strengthening its intelligence capabilities to help caseworkers identify patterns among individuals who are most likely to exploit work and study visas as a route to claim asylum.

Nigeria’s UK population witnesses a surge

In a recent report, Business Insider Africa highlighted a dramatic surge in the number of Nigerian nationals migrating to the United Kingdom through its educational system, with the increase in student dependents sparking significant policy reforms.

Between 2019 and 2022, the number of Nigerian dependents accompanying students in the UK skyrocketed from approximately 1,500 to 52,000, a trend attributed to a policy lapse that went largely unchecked during the post-pandemic period.

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This exponential rise prompted the UK government to revise its immigration policies, particularly those concerning international students and their families.

The report quoted the British High Commissioner to Nigeria, Richard Montgomery, who noted that the sharp increase in Nigerian student dependents became most pronounced after the COVID-19 pandemic, as many families sought relocation in response to Nigeria’s deteriorating economic conditions.

The financial instability and currency depreciation in Nigeria have contributed to a recent decline in new student applications, with the tightening of UK visa rules exacerbating the situation.

This downturn has sent ripples across the UK’s higher education sector, which had grown increasingly reliant on foreign students—particularly Nigerians—for revenue.

By : Olayide Soaga

Citizens of Nigeria and Pakistan might be restricted from applying for United Kingdom (UK) visas, the UK Home Office has announced.

According to The Times, a UK-based publication, the UK is moving to prevent citizens of countries that are likely to stay in the region beyond the approved duration and eventually seek asylum.

Nigeria, Pakistan, and Sri Lanka were highlighted as countries in this category.

To prevent this, the UK Government has said citizens of these countries may face tougher restrictions when applying to work or study in the UK.

“Our upcoming Immigration White Paper will set out a comprehensive plan to restore order to our broken immigration system,” a Home Office spokesperson said.

“To tackle abuse by foreign nationals who arrive on work and study visas and go on to claim asylum, we are building intelligence on the profile of these individuals to identify them earlier and faster.”

The spokesperson added that an Immigration White Paper, which will set out a comprehensive plan to restore the immigration system, will be published later in May.

In the past few years, the UK has been a choice destination for Nigerian migrants.

In recent times, however, Nigerian visa rejection rates to the UK have risen.

This is not the first time Nigerians have faced tougher visa restrictions following the migration wave that has gained momentum.

The President of the United States, Donald Trump, also threatened to deport migrants with valid visas.

Britain faces a higher rate of US tariff than the European Union despite Donald Trump’s hatred of Brussels, new analysis shows.

The UK’s effective tariff rate – the average charged on British goods exported to the US – is 11.6pc, compared with 9.5pc for the EU, according to Capital Economics.

British imports also face a higher average rate than Mexico, Canada, India, Thailand and Vietnam.

The figures reflect the mix of products being exported to the US. Despite the UK facing just the minimum 10pc tariff introduced by Mr Trump, compared with 20pc for the EU, many British exports are subject to extra sector-specific levies.

Mr Trump has also introduced 25pc tariffs on steel and cars, which is particularly costly to Britain as cars are our largest single export to the US. UK car manufacturers, including brands such as Aston Martin and Jaguar Land Rover, sold £9bn worth of vehicles to the US last year.

By contrast, a larger share of the EU’s exports are shielded by a carve-out for pharmaceutical exports. The tariff-free status of drugs means the effective rate paid by EU exporters is well below the 20pc headline level.

Vietnam and India similarly benefit from a carve-out for electronic goods, while Mr Trump has issued exemptions for goods arriving from Canada and Mexico that comply with the terms of the pre-existing United States Mexico Canada Agreement (USMCA).

Higher charges are imposed on products from British companies despite the fact that Mr Trump is deeply critical of the EU, which he has claimed was “formed to screw the United States”.

By contrast, he has praised Sir Keir Starmer’s lobbying to try to secure a trade deal for the UK.

After the Prime Minister met with the president in February, Mr Trump said there was a good chance of a deal where “tariffs wouldn’t be necessary” and said Sir Keir had “earned whatever the hell they pay him over there”.

Mr Trump has threatened to make the tariff burden on Britain even higher after suggesting that he could impose a 100pc levy on foreign-made films in a bid to revive Hollywood.

Britain’s film industry is worth £1.4bn to the economy and employs more than 195,000 people. Hollywood giants – including Netflix, Amazon and Warner Bros – have all invested heavily in the UK in recent years.

Philippa Childs, head of the Broadcasting, Entertainment, Communications and Theatre Union, said the tariffs “could deal a knock-out blow to an industry that is only just recovering and will be really worrying news for tens of thousands of skilled freelancers who make films in the UK.”

Capital Economics’ analysis underlines the importance of striking a trade deal with America to protect Britain’s economy from the worst of Mr Trump’s tariffs. British officials are racing to negotiate an agreement, with Rachel Reeves, the Chancellor, meeting her counterpart Scott Bessent in Washington at the end of last month.

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However, reports suggest the Trump administration has made Britain a “second-order priority” – with Asian nations such as South Korea given greater focus.

Jonathan Reynolds, the Business Secretary, on Friday said “all options remain on the table” after the Government closed its consultation on the impact of US tariffs.

Mr Reynolds said: “We are now in a new era for trade and the economy, and that means going further and faster to strengthen the UK’s economy.

“While we analyse responses, this Government’s priority will be to build on the strength of our relationship with the US and continue talks to find a resolution for UK businesses.”

Paul Dans, the architect of Project 2025, the Right-wing policy blueprint that is now considered to be the US president’s play-book, said Britain should be able to strike a good deal with America.

Mr Dans, who served in the first Trump administration, said: “Long-term, President Trump ultimately wants to get to a yes on deals and now is the time. Now is the time [for the UK] to make a good deal.

“I think that Britons have suffered a lot of the same fate that we have, and there should be some recognition of the shared experience. The deindustrialisation, the mass immigration, the disorder in society – we feel that on this side of the pond as well.”

Project 2025 was a 900-page document drawn up by the Right-wing Heritage Foundation that made radical policy recommendations such as abolishing the department of education.

Many of its ideas have been taken on by the president and several of its authors now serve in his administration, including Peter Navarro, Mr Trump’s trade advisor.

By Favour Ulebor, ABUJA

The British High Commission in Nigeria has debunked recent speculation regarding changes to UK visa rules for Nigerians, stating that no new restrictions have been introduced.

In a statement issued on Wednesday, the Commission emphasised that the UK’s immigration system is constantly reviewed to balance legal migration with efforts to curb abuse.

The Commission reaffirmed the strength of bilateral ties between the United Kingdom and Nigeria, particularly in the area of people-to-people connections.

The statement reads, “We keep our immigration system under constant review to allow legal migration and legitimate travel while deterring those who may seek to abuse it.”

“Our UK and Nigeria people-to-people links are strong and enduring, and we continue to work closely with the Government of Nigeria to tackle irregular migration,” the statement added.

The Commission urged the public to disregard unverified reports suggesting a blanket ban or restriction on Nigerian visa applicants.

For further enquiries, the British High Commission advised the public to reach out to its Press and Public Affairs team.

This comes amid growing public concern on social media following reports that the UK government was tightening entry for Nigerian nationals.

BY Olasunkanmi Akinlotan

Manufacturers in Nigeria have reported a loss of N1.91bn due to foreign exchange volatility in the first quarter of 2025, as revealed by their unaudited financial statements for the period ended 31 March 2025.

Some of the companies include Nascon Allied Plc, BUA Cement, Nigerian Breweries, Dangote Cement, Vitafoam Nigeria, Beta Glass, and Berger Paints.

Nascon Allied reported a foreign exchange loss of N55.38m in the first quarter of 2025, a significant improvement from the N3.06bn loss recorded during the same period in 2024. The reduction in FX losses for Nascon Allied signals a positive shift amidst a volatile forex environment.

BUA Cement recorded a foreign exchange loss of N262.71m for the first three months of 2025, a notable contrast to the N1.11bn gain it posted in the same period last year. This marks a 123.6 per cent drop in forex gains for the company, reflecting the tough economic conditions impacting cement manufacturers.

At Nigerian Breweries, the company reported a foreign exchange loss of N178.01m, showing a 144.3 per cent improvement compared to a staggering loss of N72.85bn during the first quarter of 2024.

Dangote Cement recorded a forex loss of N11.84m for the first quarter of 2025, a stark contrast to the N410.36m gain posted in the same period last year. This represents a significant 102.9 per cent decline in foreign exchange gains, reflecting the broader challenges faced by the company in managing foreign currency volatility.

Vitafoam Nigeria experienced a foreign exchange loss of N1.31bn in the first quarter of 2025, marking a steep increase from the N47.18m loss recorded in the same period last year. This represents a 2,687.7 per cent rise in forex losses, a substantial impact on the company’s financial performance due to currency fluctuations.

Beta Glass reported a foreign exchange loss of N94.22m for the first quarter of 2025, compared to a much smaller loss of N21.98m in 2024. This shows an increase of 329.2 per cent in foreign exchange losses, indicating the challenges faced by the glass manufacturing sector amid currency instability.

Berger Paints posted a minor foreign exchange loss of N768, a slight deviation from the zero loss recorded in the first quarter of 2024.

The total foreign exchange loss for the listed manufacturing companies in the first quarter of 2025 stands at N1.91bn, a stark contrast to the N3.06bn loss recorded in the same period of 2024. This represents a 37.8 per cent reduction in the overall forex loss for the manufacturing sector.

The PUNCH reported that six companies listed on the Nigerian Exchange Limited recorded a combined foreign exchange loss of N255.72bn in their financial results for the year ended December 31, 2024.