Headline
US, China Agree To Slash Tariffs In Trade War De-escalation
Published
2 months agoon
By
Editor
The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.
After their first talks since US President Donald Trump launched his trade war, the world’s two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.
US Treasury Secretary Scott Bessent described the weekend discussions with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as “productive” and “robust”.
“Both sides showed a great respect,” Bessent told reporters.
READ ALSO:US Ends Tariff Exemption On Small China Shipments
Trump had imposed duties of 145 percent on imports for China last month — compared to 10 percent for other countries in the global tariff blitz he launched last month.
Beijing hit back with duties of 125 percent on US goods.
The United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent.
China hailed the “substantial progress” made at the talks, which were held at the discreet villa residence of Switzerland’s ambassador to the United Nations in Geneva.
“This move… is in the interest of the two countries and the common interest of the world,” the Chinese commerce ministry said, adding that it hoped Washington would keep working with China “to correct the wrong practice of unilateral tariff rises”.
READ ALSO: U.S, China Tariff War Could Slash Trade By 80%, Okonjo-Iweala Warns
Stock markets and the dollar, which tumbled after Trump unleashed his global tariff blitz in April, rallied after the announcement.
– Fentanyl ‘cooperation’ –
The US tariff rate remains higher than China’s because it includes a 20-percent levy put in place over US complaints about Chinese exports of chemicals used to make fentanyl, US Trade Representative Jamieson Greer told reporters.
“Those remain unchanged for now,” he said, adding though that “both the Chinese and United States agreed to work constructively together on fentanyl and there is a positive path forward there as well”.
In their joint statement, the two sides agreed to “establish a mechanism to continue discussions about economic and trade relations”.
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Headline
10 African Countries With Highest Military Spending In 2025
Published
7 hours agoon
June 26, 2025By
Editor
The reality of African military spending in 2025 is shaped by geography, political dynamics, economic capability and regional threats.
Defence budgets across Africa are telling a story of evolving priorities. While some countries are pouring resources into modernising their armed forces, others are focusing on stabilising fragile internal structures or managing limited resources in the face of growing security threats. The top military spenders on the continent this year reflect this diversity in strategy and circumstance.
At the top of the list is Algeria, with a defence allocation of around $25 billion. This comes as little surprise given the country’s longstanding military tradition and its interest in maintaining regional dominance. Algeria has been particularly focused on modernising its air defence and acquiring advanced military hardware. With ongoing tensions involving its neighbour Morocco and instability in nearby Sahel countries, Algeria’s military investment is not only about deterrence but also about preparedness.
Morocco comes in second, spending approximately $13.4 billion on its defence sector. Much of Morocco’s budget is believed to go toward upgrading its air force and surveillance capabilities. The ongoing situation in Western Sahara continues to influence the country’s military posture, and Morocco has increasingly turned to Western suppliers for equipment. Its investment strategy also reflects a broader ambition to assert influence and ensure national security amid rising regional instability.
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Egypt remains a heavyweight in African military affairs, with nearly $6 billion dedicated to defence this year. The country maintains one of the largest and most experienced armed forces in Africa. Egypt’s strategic location and ties to global powers play a major role in shaping its military spending. Its focus areas include naval strength in the Red Sea, border protection, and counterterrorism operations in the Sinai region. A significant portion of Egypt’s budget also supports joint military exercises and maintaining long-term partnerships with Western allies.
Nigeria, Africa’s most populous country, is allocating around $3.1 billion to its military in 2025. Faced with persistent insurgencies in the northeast, rising cases of banditry, and threats to oil infrastructure, Nigeria is investing more in surveillance, tactical response, and mobility. However, despite the budget size, questions persist about how effectively these resources are managed. Internal inefficiencies and corruption have often limited the impact of military spending, although reforms are slowly gaining traction.
Libya, despite enduring years of political fragmentation and conflict, ranks fifth with $3 billion in defence expenditure. The country’s spending is shaped largely by the need to rebuild military institutions and secure borders that have long been porous. Though rival factions still hold sway in different regions, recent moves toward unification have led to increased central oversight of defence funding. Libya’s military priorities include stabilising key infrastructure, reducing foreign military involvement, and restoring national cohesion.
South Africa, with a budget of roughly $2.3 billion, is the highest spender in Sub-Saharan Africa after Nigeria. The country faces fewer direct security threats than others on this list, but it maintains a capable and relatively advanced defence sector. Budget limitations in recent years have led to ageing equipment and recruitment challenges. Even so, South Africa continues to contribute to regional peacekeeping missions and has been increasing its focus on cyber defence and modernisation through strategic planning.
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Ethiopia’s military spending stands at about $2.1 billion this year. Following recent internal conflicts, the country is focused on rebuilding and restructuring its military forces. Spending is expected to go toward restocking supplies, increasing professionalism in the ranks, and improving border security, particularly with Sudan and Eritrea. Given its geographic location and history of regional involvement, Ethiopia’s defence capabilities are considered crucial not only for internal stability but also for regional balance.
Tanzania is allocating approximately 1.4 billion dollars to its defence sector in 2025. Though not frequently in the headlines for security concerns, Tanzania quietly invests in protecting its borders, maintaining internal stability, and supporting African Union peacekeeping operations. Its military also contributes to anti-narcotics efforts and maritime safety, given its coastal location. Recent moves show a growing interest in enhancing training programs and building stronger ties with foreign partners for logistics and support.
Tunisia matches Tanzania’s budget with a similar figure of 1.4 billion dollars. In Tunisia’s case, much of the defence spending is directed toward counterterrorism and intelligence operations. The country has faced several security incidents over the past decade and has prioritised preventing extremist activities, particularly in remote border areas. Efforts have also been made to modernise internal security structures and improve cybersecurity, often with the support of international partners who view Tunisia as a strategic bridge between Africa and Europe.
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Kenya closes the list with a defence budget of $1.3 billion. The country has played a consistent role in regional peacekeeping, especially in Somalia. Its military priorities include border security, maritime surveillance, and improving response to terrorism-related threats in the northeastern regions. Kenya has been working to modernise its force structure, with growing investments in technology, training, and partnerships with countries that support its regional security mission.
Country Budget Military Rank in Africa
1 Algeria $25.0 billion 1st
2 Morocco $13.4 billion 4th
3 Egypt $5.9 billion 2nd
4 Nigeria $3.1 billion 3rd
5 Libya $3.0 billion 9th
6 South Africa $2.3 billion 5th
7 Ethiopia $2.1 billion 6th
8 Tanzania $1.4 billion 10th
9 Tunisia $1.4 billion 8th
10 Kenya $1.3 billion 7th
Headline
Africa Loses $7bn Annually On Medical Tourism – Afreximbank
Published
7 hours agoon
June 26, 2025By
Editor
The African Export-Import Bank (Afreximbank) says Nigeria and other African nations are losing billions of dollars annually to medical tourism.
Afreximbank’s Export Development Managing Director, Mrs Oluranti Doherty, made the assertion while speaking at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday.
Doherty said the trend was hindering economic development and local healthcare infrastructure.
She identified the soaring costs of medical tourism as a major drain on African economies.
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According to her, Nigeria alone loses an estimated $1.1 billion annually to medical tourism, while the entire African continent collectively forfeits approximately $7 billion yearly.
“We had our member countries losing a lot of foreign exchange to medical tourism.
“We just talked about Nigeria, where our medical tourism annually is about $1.1 billion.
“The entire continent is about $7 billion just because we can’t help ourselves with ourselves when we come up with chronic diseases.
“ That’s money that’s going to other economies, building up their institutions,” she said.
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She noted that the capital outflow diverts funds that could be invested in local healthcare.
Doherty added that the development contributes to a “brain drain” of skilled medical professionals from the continent.
“Another thing we noted was a great way we were losing a lot of our good talents.
“The best of talents in the health sector were going out of the continent, working in places such as India, Asia, Middle East, America, and that often was an issue,” she said.
Doherty said the bank launched its Health and Medical Tourism Programme in 2012 long before the broader recognition of healthcare’s connection to economic security in response to the challenge.
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“Afreximbank was innovative. I call us the innovative financier, innovative investors.
“We recognised this part since 2012 and we set about doing something about it.
“A key initiative borne from this foresight is the Africa Medical Center of Excellence (AMCE) in Abuja, a 170-bed facility boasting state-of-the-art equipment, including an 18 MeV cyclotron, a three-Tesla MRI, and a 20-bed ICU.
“Afreximbank has invested over $450 million to establish and scale up this project,” she said.
READ ALSO: FULL LIST: Nigeria Emerges As Africa’s Third Most Formidable Military Force
The official praised the leadership behind the AMCE, noting, “Afreximbank had to go where no one has gone before; Afreximbank’s leaders adhered to the dreamers.
“The AMCE aims to provide healthcare services comparable to global standards, not just African standards.
“I’m talking about global standard. I’m talking about Africans coming up with solutions to challenge,” she said.
She, however, stressed the need to build trust in local healthcare facilities and ensure access for all to stem medical tourism.
Headline
Court Remands Teacher Over Alleged Sexual Assault On 2 Pupils
Published
7 hours agoon
June 26, 2025By
Editor
An Ikeja Chief Magistrates’ Court on Thursday remanded a 27-year-old teacher, Wisdom Anokwuru, in Kirikiri Correctional Centre over alleged sexual assault on two pupils.
The Chief Magistrate, Mrs O.O Kushanu, who did not take Anokwuru’s plea, ordered that the file should be sent to the Director of Public Prosecutions for advice.
Kushanu adjourned the case until Sept. 15 for mention.
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The defendant, who resides at No. 5, Goodluck Avenue, Ibaranje, Ikotun, Lagos, is facing a charge of sexual assault.
Earlier, the Prosecutor, ASP Adegoke Ademigbuji, told the court that the defendant committed the offences on June 17 at a private school in Ikotun, Lagos.
Ademigbuji said that the defendant took the girls, both 8-year-old to the school library and touched their private parts.
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He said that the defendant also showed the girls a porn video on his phone.
Ademigbuji said the girls later informed the school administrator and the defendant was subsequently arrested.
The prosecutor said offences contravened Sections 135 and 171 of the Criminal Law of Lagos State, 2015.(
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