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Markets React As Trump Revives Tariff Threats

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Asian stocks showed mixed performance on Monday after U.S. President Donald Trump revived global trade tensions by threatening the European Union with sweeping tariffs, before pausing their implementation.

Trump announced plans to impose 50 new tariffs on EU imports starting June 1, citing stalled trade talks.

“Talks were going nowhere,” he said. He also warned that smartphone manufacturers could face 25% tariffs if their devices weren’t produced in the U.S.

READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods

The announcement sent Wall Street and European markets tumbling on Friday.

However, sentiment in Asia partially recovered after Trump said Sunday that he would delay the EU tariffs until July 9, following a “very nice call” with EU Commission President Ursula von der Leyen.

He added that both sides would “rapidly get together and see if we can work something out.”

Tokyo, Shanghai, and Seoul rose on the news, while other key markets—Hong Kong, Sydney, Singapore, Wellington, Taipei, Manila, and Jakarta—remained in negative territory. The dollar also stayed under pressure following a drop on Friday.

Analysts say the White House’s abrupt moves are making it harder for investors to navigate policy direction.

“The consensus view was always that the 50 percent tariffs wouldn’t hold for long… most likely reduced towards 20 percent shortly after 1 June,” said Christ Weston of Pepperstone.

“But this action (Sunday) simply highlights that while tariffs will be helpful in keeping the US deficit in check, they are also a primary negotiation tool, where the initial gambit has been swiftly reduced.”

Ray Attrill of National Australia Bank added that “in what is an otherwise quiet week on the scheduled global data and events calendar… trade discussion look set to dominate the market landscape this week.”

Attention is now shifting to the release of minutes from the Federal Reserve’s latest policy meeting and Friday’s U.S. personal consumption expenditures (PCE) data — the Fed’s preferred inflation gauge.

According to Michael Hewson of MCH Market Insights, the Fed’s latest statement signaled growing concern: “Uncertainty about the economic outlook [is] increasing further, stating that the risks of higher unemployment and inflation have both risen.”

“This is a problem for the Fed’s dual mandate, given that these two items could move in the same direction when any policy response may well hinder one over the other,” Hewson explained.

“The biggest concern is likely to be the sharp drop in US consumer confidence levels in the last few months, however… this could quickly reverse if the US government begins to realise that its tendency to pick fights at every turn is doing more harm than good domestically.”

In corporate developments, Samsung shares rose over 1% in Seoul despite Trump’s tariff threat to smartphone makers.

In Tokyo, Nippon Steel rallied as much as 7.4% after Trump endorsed its $14.9 billion deal with U.S. Steel, calling it a “partnership” that would keep U.S. Steel headquartered in Pittsburgh and generate 70,000 new jobs along with $14 billion in economic value. U.S. Steel’s shares surged 21% on Friday, although details of the arrangement have yet to be released.

Market Snapshot (03:00 GMT)

  • Nikkei 225 (Tokyo): +0.5% to 37,329.22
  • Hang Seng (Hong Kong): –0.7% to 23,447.04
  • Shanghai Composite: +0.1% to 3,352.76
  • Dow Jones (New York): –0.6% to 41,603.07
  • FTSE 100 (London): –0.2% to 8,717.97

Currency and Commodities

  • Euro/Dollar: $1.1395 (from $1.1369)
  • Pound/Dollar: $1.3564 (from $1.3535)
  • Dollar/Yen: 142.55 (down from 142.57)
  • Euro/Pound: 84.00p (from 83.96p)
  • WTI Crude: +0.2% to $61.66/barrel
  • Brent Crude: +0.2% to $64.91/barrel
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NCDMB, Renaissance Build Oil, Gas Capacity for 300 Graduates

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NCDMB Emerges Best MDA In Ease Of Doing Business Ranking

The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Renaissance Africa Energy Company Limited, has launched a specialised 12-month capacity development programme to prepare 300 young Nigerian graduates for careers in the nation’s oil and gas industry

The NCDMB–Renaissance Oil and Gas Field Readiness Training Programme will provide participants with industry-relevant expertise in mechanical, electrical and instrumentation engineering, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner oil and gas service companies.

The programme has enrolled 300 beneficiaries, comprising 240 trainees in Lagos and 60 in Port Harcourt.

During the inauguration of the programme, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the initiative underscores the Board’s commitment to developing indigenous technical capacity, increasing Nigerian participation in the petroleum industry and supporting the country’s economic growth.

Represented by the Board’s Assistant Manager, Human Capacity Development, Tari Bufazi, Ogbe said the training would equip participants with practical experience and internationally recognised certifications needed to compete in the global energy industry.

“This is more than the commencement of a training programme. It is the beginning of a journey for young Nigerians who will acquire world-class skills in mechanical, instrumentation and electrical disciplines,” he said.

ALSO READ: Dangote Granite Mines Boosts Access to Education with Bursary Awards for Ogun Host Community Students

According to him, specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments in the oil and gas sector.

“Instrumentation, electrical and mechanical engineering are foundational to the survival, profitability and safety of the Nigerian oil and gas industry. This training is designed to close existing gaps and prepare participants for industry demands,” he added.

Ogbe urged the beneficiaries to seize the opportunity to develop themselves into innovators, problem-solvers and future leaders capable of driving the industry’s growth.

In the same vein, the General Manager, Nigerian Content Development at Renaissance Africa Energy Company Limited, Olarenwaju Lanre Olawuyi, reaffirmed the company’s commitment to building indigenous capabilities through sustained investments in human capital.

Represented by Funso Alabi, Olawuyi said the programme was deliberately structured to expose participants to both classroom learning and practical field experience across mechanical systems, electrical operations, instrumentation and control, software development, networking and cybersecurity.

He noted that the practical component would bridge the gap between academic knowledge and workplace expectations, enabling participants to acquire competencies increasingly sought after by employers.

“At Renaissance, we believe local content development must create real capability, strengthen indigenous expertise and empower Nigerians to lead,” he said.

He also reminded the trainees that technical competence alone would not guarantee success, stressing that professionalism, integrity, teamwork and a strong safety culture remain essential qualities in the oil and gas industry.

The Chief Executive Officer of Radial Circle, the programme’s lead training provider, Ranti Omole, disclosed that the beneficiaries emerged from a highly competitive selection process involving thousands of applicants drawn from the NCDMB database.

He said the objective of the initiative extends beyond issuing certificates, noting that the programme is designed to produce industry-ready professionals capable of making immediate contributions in operational environments.

“We are building competence and skills. By the time you complete this programme, you should be field-ready and able to fit seamlessly into industry operations,” Omole said.

He encouraged participants to remain disciplined, embrace continuous learning and leverage the opportunity to collaborate with colleagues from different parts of the country.

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Nigerian Navy Claims Credit for Raising Crude Oil Production to 1.7m bpd

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The operational successes of the Nigerian Navy’s sustained offensive against oil theft, illegal refining, pipeline vandalism, and militancy in the second quarter of 2026 have aided Nigeria’s crude oil production to reach 1,735 million barrels per day in June.

Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 1.735 million barrels per day represented 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) quota.

However, the Director of Naval Information, Capt. Abiodun Folorunsho, in a statement over the weekend, in Abuja, noted that the feat was the highest crude oil output recorded since April 2020.

According to Folorunsho, the offensive against crude oil theft, illegal refining, pipeline vandalism, militancy, and other forms of economic sabotage in the Niger Delta under Operation DELTA SENTINEL was intensified to consolidate first-quarter gains.

“Since April 2026, the Nigerian Navy has conducted over 580 intelligence-driven operations across Rivers, Bayelsa, Delta, Cross River, and Lagos State.

“These operations have resulted in the recovery of over 4.7 million litres of stolen crude oil and illegally refined petroleum products, as well as the arrest of over 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related crimes.

“It also led to the dismantling of over 48 illegal refining sites, interception of multiple vessels engaged in crude oil theft, and the destruction of criminal logistics networks supporting economic sabotage.”

ALSO READ: Concerned Northern Forum Call for Caution over NNPC Ltd Recruitment

Folorunsho said that one of the major operational successes recorded was the arrest of the motor tankers – MKPODU, WESTAF, and STELIOS K, which were linked to the theft of more than 900 metric tonnes of suspected stolen crude oil.

He said it resulted in the recovery of over 708,000 litres of illegally refined products and 310,000 litres of stolen crude oil from a single illegal refining site in Ndoni, Rivers.

“It also facilitated numerous intelligence-led operations that dismantled reactivated refining sites, intercepted illicit fuel consignments and prevented criminal syndicates from restoring illegal production capacity across the Niger Delta,” he said.

According to him, coordinated riverine operations led to the deactivation of scores of illegal refining sites, reservoirs, dugout pits, storage facilities, warehouses, concealed fuel caches, pipeline connections and militant hideouts.

The director of naval information also said that the operations exposed a growing trend of criminal syndicates attempting to reactivate previously dismantled refining camps, prompting sustained follow-up operations.

He said the follow-ups prevented the regeneration of illegal refining ecosystems and progressively disrupted the economic viability of crude oil theft networks.

“The Nigerian Navy notes that these sustained operational gains coincide with the recent announcement by the NUPRC of increased crude oil production, exceeding the OPEC production quota.

“This indicates improved security around critical oil and gas infrastructure and the collective efforts of security agencies in fighting crude oil theft.

“Persistent naval presence across the Niger Delta waterways has denied economic saboteurs the freedom of action, disrupted illicit petroleum supply chains, and enhanced the integrity of critical oil and gas infrastructure,” he said.

The naval spokesperson reaffirmed the Navy’s commitment to safeguarding Nigeria’s maritime domain, protecting vital national assets, and enhancing oil production to support the Federal Government’s goal of reaching 2.5 million barrels per day by 2027.

He added that the service would continue to conduct intelligence-led operations and strengthen inter-agency cooperation to further degrade oil theft networks within the Nigerian maritime environment in line with the vision of the Chief of the Naval Staff, Vice Admiral Idi Abbas.

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Lokpobiri Lures Investors with PIA

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The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured investors that Nigeria will continue to strengthen its legal and regulatory framework to provide certainty for investments in the country’s energy sector, building on the Petroleum Industry Act (PIA).

Lokpobiri gave the assurance at the just-concluded Lawyers in Energy International Conference 2026 organised by the Lawyers in Energy Network in Lagos.

He added that the Federal Government was committed to building a transparent, predictable and enforceable legal environment to support the country’s energy transition and sustain investor confidence.

Lokpobiri, represented by the Director of Legal Services in the Ministry of Petroleum Resources, Terlumun Tyendezwa, said Nigeria’s energy transition must be driven by laws and regulations that provide certainty for investors while supporting the country’s climate commitments.

ALSO READ: Dangote Refinery Shields Nigeria from Global Fuel Price Shock – S&P

He said the Federal Government was determined to shape Nigeria’s energy transition on its own terms by ensuring that the sector operates within a transparent, predictable and enforceable legal framework.

According to him, the Petroleum Industry Act (PIA) has laid a solid legal foundation for the sector, while regulators have continued to develop rules that provide greater clarity for both upstream and downstream operators.

Lokpobiri stressed that legal certainty was indispensable to investment decisions, noting that sound policies alone would not attract capital unless they were backed by effective implementation.

“The energy sector must be governed by a framework that is transparent, predictable and enforceable. What this means in practice is that there is clarity in our legal framework,” he said.

He added that investor confidence depends on certainty created by law and regulation.

The minister noted that Nigeria had already demonstrated its commitment to climate action through the Climate Change Act and the establishment of a carbon credit framework.

According to him, these initiatives provide incentives for investors and assure businesses that Nigeria remains a stable destination for long-term investments.

He warned that decisions taken today by lawmakers, regulators and legal practitioners would shape Nigeria’s energy future for generations.

Lokpobiri reaffirmed the ministry’s commitment to strengthening regulatory institutions, deepening stakeholder engagement and improving the country’s legal framework to protect investors, host communities and the public.

He urged participants at the conference to use the gathering to address difficult issues confronting the sector and contribute practical solutions for Nigeria’s energy future.

In his keynote address delivered virtually, the Secretary-General of the African Petroleum Producers’ Organisation, Farid Ghezali, said regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency had become as important as resource potential in attracting investment.

“The global energy transition has fundamentally changed how investors evaluate destinations, with regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency becoming as important as resource potential.

“In this new reality, geology is no longer enough,” said Ghezali, who described regulatory uncertainty as Africa’s biggest hidden tax and harmonisation as its biggest untapped incentive.

He said investors currently faced more than 50 different legal and regulatory systems across Africa’s petroleum industry, increasing transaction costs, delaying projects and diverting capital to regions with more predictable legal environments.

“Harmonisation does not remove sovereignty; it multiplies it. It turns individual efforts into continental strength,” he added.

The Chairman of the Board of Trustees of the Lawyers in Energy Network, George Etomi, said lawyers would play a decisive role in helping countries achieve their 2060 net-zero targets through stronger legal and regulatory frameworks.

“As lawyers and energy professionals, we have a vital role to play in shaping the legal and regulatory architecture that will support sustainable investment, encourage innovation, manage disputes and promote responsible energy development,” Etomi said.

Founder and Executive Secretary of the Lawyers in Energy Network, Raqueebah Oloko, said the conference examined the legal and regulatory reforms required to help African countries navigate the global energy transition without sacrificing their development priorities.

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