Global News: Nigeria signs ECOWAS tariff offers | PwC shuts operations in nine African countries
Here is what you need to know about this week's Global news review and how it affects you:
Nigerian News: Nigeria signs ECOWAS tariff offers, waives taxes on 90% of goods traded in Africa
Big news on the African trade scene: Nigeria has officially gazetted and transmitted its ECOWAS Tariff Schedule for Trade in Goods under the African Continental Free Trade Area (AfCFTA) agreement.
Our thoughts:
Wait —"gazetted”? What does that even mean? 🧐
Let’s break it down:
When something is gazetted, it’s been formally published in the government's official public journal (aka, the Federal Government Gazette).
It means the policy is no longer just talk, it’s official, enforceable, and ready for implementation. No more waiting or “coming soon” vibes.
🌍 What This Means for Africa
1. Real Progress Toward One African Market.
Nigeria putting its tariffs in ink sends a powerful signal: AfCFTA is not just a dream — it’s happening.
2. Stronger Regional Supply Chains.
From Lagos to Lusaka, Dakar to Nairobi — businesses can now source, sell, and collaborate more easily. That’s how you build *resilient, made-in-Africa supply chains.
3. More Intra-African Trade = More Intra-African Wealth.
We’re moving from exporting raw materials abroad to buying and selling from each other. That’s how economies grow — together.
4. Nigeria Steps Up as a Continental Trade Leader. As the largest economy in Africa, Nigeria’s action encourages others to follow through.
It’s a leadership move that strengthens the entire continent’s trade credibility. Better late than never! The AFCFTA is gradually taking shape.
A massive win for the continent!
African News: PwC pulls out of nine Sub-Saharan African countries
PricewaterhouseCoopers has withdrawn from nine Sub-Saharan African countries as part of a strategic review, the Big Four accounting firm confirmed, amid reports that it had exited a wider set of markets deemed high-risk or unprofitable.
Our thoughts
PwC operates as a network of affiliated partnerships — think of it as a global brand with local franchises. That structure works… until there’s friction.
And there’s been tension. Local offices were reportedly asked to sever ties with clients deemed “high-risk”. The goal? To de-risk the firm’s portfolio and protect the global brand’s reputation.
But this move didn’t come cheap — some African offices saw revenue drops of over 30%. PwC isn’t just shrinking in Africa. This comes at a time when the firm is under the microscope globally:
- Fined $62 million in China over audit lapses tied to the Evergrande scandal (yes, that Evergrande).
- Hit with a £5 million fine in the UK over its work for Wyelands Bank.
- Frozen out by Saudi Arabia’s Public Investment Fund over governance concerns.
This isn’t just bad PR — it's a signal that regulators worldwide are tired of lax audits, especially in the wake of financial scandals.
PwC’s restructuring in Africa may be part of a defensive strategy to clean house and reinforce standards across the board. PwC is not actually leaving the continent — it’s doubling down in key markets like Nigeria, Kenya, and South Africa.
That tells us: There’s still strong demand for high-end advisory and assurance services in leading economies. But in smaller or politically unstable markets, the risk-to-reward ratio may no longer be worth it — especially under today’s strict global scrutiny.
This could mark a shift where smaller economies may struggle to retain global service providers, unless they clean up business practices or offer clearer upside potential.
As big multinationals like PwC scale back, there’s a huge opportunity for local and regional accounting firms to step up. If PwC exits your market, someone still has to audit the banks, advise the corporations, and sign off on the deals.
Could this be the rise of Africa’s homegrown accounting giants? Firms that know the local terrain, are willing to take on the risk, and are agile enough to pivot fast?
This story is a mirror reflecting bigger themes in business today: Global firms are under pressure to tighten ethics, protect reputation, and manage risk, especially in complex emerging markets.
Africa continues to offer long-term growth, but not all countries are equally equipped to handle that growth responsibly — or profitably. And perhaps most importantly, this may be a wake-up call: relying on foreign firms for core professional services might no longer be sustainable.
The continent needs local champions — firms and talent ready to rise, build, and lead, not just follow global footsteps.
Global News: Retail sales spike as tariff threat sends consumers rushing to buy cars
U.S. retail sales rose substantially in March on a jump in car purchases and other goods such as electronics, suggesting consumers were scrambling to get ahead of tariffs.
Our thoughts:
Think of it like this: if you knew your favorite gadget, car, or even home gym equipment was going to cost a lot more in a few weeks, wouldn’t you buy it now?
That’s what’s happening. With 25% tariffs set to hit imported vehicles and parts, peeps have rushed to buy before prices shoot up. Electronics, building materials, and even sporting goods also saw a spike — many of these goods are made in China and now face up to 145% tariffs. Ouch.
Even restaurants and bars got a boost — maybe people squeezing in some nice meals while their dollars still stretch. But here’s the twist: while spending is up, consumer confidence is down.
Tariffs are making people nervous about prices, and the recent stock market wobble hasn’t helped either. So while some are buying ahead, others are bracing for what’s next.
Companies like Ford and Walmart are trying to soften the blow by absorbing some costs (bless them), but that can’t go on forever. Even luxury brands and brewers are side-eyeing the situation, unsure how long shoppers will keep it up.
What’s the point?
People aren’t just spending — they’re strategically spending. They're watching the headlines, understanding how policies hit their pockets, and making moves.
You can’t outsource your health and your finances, you have to engage.
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