JPMorgan Chase CEO Jamie Dimon is sounding the alarm over America’s direction, urging swift domestic reforms while challenging the logic behind President Donald Trump’s renewed threats against China.

Dimon’s warning—issued at the Reagan National Economic Forum on Friday—was not just a call for internal course correction but a sharp critique of the illusion that the U.S. can strong-arm its way through a complex global trade landscape.

“We have problems and we’ve got to deal with them,” Dimon said during a fireside chat at the summit. He spoke of “the enemy within”—America’s inability to modernize outdated systems, from permitting and taxation to education and healthcare.

“What I’m really worried about is us,” Dimon added. “Can we get our own act together? Our own values, our own capabilities, our own management?”

Dimon said the U.S. must fix its internal weaknesses and focus on preserving its military alliances and global influence.

“China is a potential adversary. They’re doing a lot of things well. They have a lot of problems,” he acknowledged. “But they’re not scared, folks. This notion that they’re going to come bow to America—I wouldn’t count on that.”

His observations echo a growing chorus of business leaders and analysts who say Washington’s posture of threats and economic pressure is unlikely to break China’s resolve. Executives across the financial, tech, and manufacturing sectors have expressed concern that America is misreading China’s willingness to withstand economic pain in the face of hostile trade policy.

Dimon’s blunt remarks came just hours after President Trump reignited tensions with Beijing, accusing China of breaching a temporary trade truce struck earlier this month.

“China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” Trump wrote on Truth Social, referring to a deal brokered in mid-May in Geneva. The 90-day agreement had seen both nations agree to ease triple-digit tariffs while broader negotiations resumed.

“So much for being Mr. NICE GUY!” Trump added.

As part of his retaliation, Trump announced plans during a rally near Pittsburgh to double tariffs on steel imports from 25% to 50%, claiming it was necessary to protect the American steel industry from what he called unfair Chinese practices. “Nobody’s going to get around that,” he said.

Trump continues to tout his aggressive tariff strategy as a victory. He maintains that his previous tariffs “devastated” China’s economy and claims he only agreed to the May deal to prevent civil unrest in the country—not to benefit the U.S.

But analysts are questioning that narrative, warning that the impact of such policies could boomerang. Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Capital dismissed Trump’s framing and warned that if the deal collapses and tariffs surge again, it won’t be China that suffers the most.

“Trump claims that his tariffs devastated China and he made a deal purely to save the Chinese from civil unrest, not to help us. He also claims that China is violating that agreement, and as a result, it’s no more Mr. Nice Guy,” Schiff said. “If so, it’s the U.S. economy that will be devastated.”

Economists have long warned that tariffs function as taxes on domestic consumers and businesses, with rising input costs, market uncertainty, and retaliatory measures from trading partners. Despite Trump’s claims, several studies conducted during his first term revealed that American importers bore the brunt of the levies, and industries ranging from agriculture to manufacturing suffered significant losses.

As the White House signals its readiness to return to full-blown tariff warfare, Dimon is serving a timely counterweight. Rather than blaming foreign adversaries, he is calling for introspection.

“If the United States is not the preeminent military and preeminent economy in 40 years, we will not be the reserve currency. That’s a fact,” Dimon warned, emphasizing that economic power must rest on strong foundations—not just threats.

His position is increasingly shared by others in the business world, many of whom see the current strategy as short-sighted. While China certainly faces its own headwinds, including debt concerns and a sluggish property market, the belief that Beijing will capitulate under pressure is proving flawed.

Ultimately, Dimon is urging the U.S. to shift focus—to invest in itself, reform what is broken, and lead by example rather than intimidation. His message is that the future won’t be secured by saber-rattling, but by rebuilding the domestic systems that underpin America’s global influence.

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to remit N500 billion in oil revenues to the Federation Account between October and December 2024.

The lawsuit, filed at the Federal High Court in Lagos and marked FHC/L/MSC/553/2025, seeks an order of mandamus compelling the NNPCL to explain the whereabouts of the missing funds, identify those responsible, and hand over suspects to relevant anti-corruption agencies. It also seeks a directive for the NNPCL to invite the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to investigate and recover the money.

SERAP, in a statement on Sunday, said it was acting on the heels of World Bank findings, which revealed that although the NNPCL generated N1.1 trillion from crude oil sales and related income in 2024, it remitted only N600 billion to the Federation Account. This leaves a gaping shortfall of N500 billion, which the national oil company has yet to explain.

The group also cited a recent Supreme Court judgment affirming that the Freedom of Information Act applies to all public records, including those held by the NNPCL, despite its transformation into a limited liability company in July 2022. According to SERAP, the ruling invalidates NNPCL’s persistent refusal to disclose key financial details under the guise of being a commercial entity.

“The NNPCL has a responsibility to comply with the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the country’s international human rights and anticorruption obligations in the exercise of its statutory functions,” SERAP said.

The missing N500 billion forms part of a longstanding pattern of financial opacity and unremitted funds by the NNPCL, which has been repeatedly flagged by federal audit reports, civil society, and international financial institutions.

“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” SERAP said.

Nigeria’s Auditor-General has repeatedly flagged the NNPC for non-remittance of significant oil revenues. In its 2016 audit report, the Auditor-General’s office revealed that the NNPC failed to remit over N3.2 trillion to the Federation Account between 2010 and 2015. Another 2019 report by the Nigeria Extractive Industries Transparency Initiative (NEITI) indicated that NNPC withheld N2.6 trillion in revenues that were due to the government.

1. In 2021, NEITI again reported that NNPC did not remit $4.07 billion and N620 billion in revenues from oil and gas sales in just one year. The agency raised concern over what it described as “deductions at source,” a controversial accounting practice used by NNPC to withhold revenues from the Federation Account before statutory remittances. NEITI demanded a forensic audit of NNPC’s revenue handling practices.

SERAP, in its May 17, 2025, Freedom of Information (FOI) request signed by Deputy Director Kolawole Oluwadare, demanded that NNPCL CEO Bayo Bashir Ojulari disclose how the funds were spent and identify those involved. It stressed that oil revenue is a public asset meant for national development and not for discretionary management by a single institution.

“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government and the country’s crippling debt crisis,” it said.

The World Bank and International Monetary Fund (IMF) have also expressed concern over the lack of transparency in how NNPC manages oil revenues. While welcoming the removal of fuel subsidies in 2023, they have cautioned that savings from the subsidy must be accounted for transparently. The IMF noted that unremitted oil proceeds continue to fuel Nigeria’s fiscal crisis, which has been worsened by growing debt obligations now estimated at over N101 trillion.

In 2023 alone, the Nigerian government paid N7.3 trillion in debt servicing, a record figure that dwarfs combined spending on education and health. Economists say failure to recover missing oil revenues is forcing the government to rely heavily on borrowing, worsening inflation and weakening the naira.

Despite its transition into a private company under the Petroleum Industry Act, the NNPCL still holds exclusive control over crude sales and upstream contracts, with little public oversight. The company’s opaque operations have persisted even after its corporate rebranding, raising doubts about the government’s sincerity in pursuing transparency in the oil and gas sector.

With no hearing date fixed yet, the court will now determine whether NNPCL can be compelled to account for the missing N500 billion and whether its commercial status shields it from the constitutional duty of accountability.

African airlines recorded a 4.7 percent year-on-year increase in air cargo demand in April 2025, according to new data from the International Air Transport Association (IATA).

The region also experienced a 9.7 percent year-on-year increase in cargo capacity, which, although signaling strong investment in logistics infrastructure, raises concerns about potential overcapacity and declining yields.

The data reflects a broader trend of recovery in global air freight, with IATA reporting a 5.8 percent global increase in demand for the month. This builds on the 4.5 percent growth recorded in March 2025, indicating a continued rebound after years of volatility in the cargo sector. For international cargo operations specifically, demand grew 6.5 percent while capacity expanded by 6.9 percent.

“Air cargo demand grew strongly in April, with volumes up 5.8 percent year-on-year, building on March’s solid performance,” the IATA report stated.

Willie Walsh, IATA’s Director General, attributed the rise in global volumes to several market forces. Key among them was a surge in seasonal shipments of fashion and consumer goods, driven by front-loading activities as companies braced for possible tariff hikes by the U.S. on Chinese imports. At the same time, a sharp decline in jet fuel prices helped carriers cut costs and boost margins. Jet fuel prices were down 21.2 percent compared to April 2024 and 4.1 percent lower than in March 2025, offering a crucial financial cushion for airlines amid lingering macroeconomic uncertainty.

However, Walsh also cautioned that while cargo volumes and capacity are both expanding, forward indicators such as export order volumes remain weak, raising questions about the sustainability of the current growth trend.

African airlines’ 4.7 percent gain in cargo demand in April placed them behind their Latin American and Asia-Pacific counterparts, which recorded 10.1 percent and 10.0 percent growth respectively. North American carriers saw a 4.2 percent increase, while Europe’s demand grew 2.9 percent. Middle Eastern carriers had the weakest growth at 2.3 percent.

While Africa’s performance appears respectable, the 9.7 percent rise in capacity signals that supply is growing faster than demand. This imbalance could pressure freight rates, especially if export volumes slow. Some trade routes involving Africa already experienced contraction in April. The Africa–Asia corridor, a key route for raw materials and electronics, saw traffic decline, a reversal from previous months of steady gains.

IATA’s data also noted that Africa’s freight sector has been gradually improving due to increased investment in logistics hubs such as Addis Ababa Bole International Airport and Johannesburg’s OR Tambo International Airport, both of which serve as strategic points for intra-African and intercontinental cargo operations.

In addition, several African governments have been modernizing customs and port logistics to reduce delays and cut trade costs. However, challenges remain, including infrastructure bottlenecks, high operating costs, and limited cold-chain facilities, especially for agricultural and pharmaceutical shipments.

Several macroeconomic conditions shaped cargo performance in April. World industrial production rose by 3.2 percent year-on-year in March 2025, pointing to improved manufacturing output. Global goods trade jumped 6.5 percent month-on-month, driven largely by Asia’s export activity and the recovery of consumer markets in the U.S. and Europe. The global manufacturing Purchasing Managers’ Index stood at 50.5—just above the expansion threshold. However, the PMI for new export orders dropped to 47.2, staying below the 50 mark for the fourth consecutive month, signaling ongoing softness in forward demand.

Trade performance across regions was mixed. IATA reported growth in North America–Asia and Europe–North America trade lanes, fueled by tech and consumer electronics shipments. But traffic declined on several corridors, notably Middle East–Europe, Africa–Asia, and intra-European routes. These declines highlight growing volatility in global trade, influenced by geopolitical tensions, supply chain reconfigurations, and continued disruptions in the Red Sea and Suez Canal zones.

While current demand growth is encouraging, the widening gap with capacity suggests a need for cautious fleet planning and route management. Experts have noted the need for Airlines to focus on improving efficiency and developing more diversified trade routes to hedge against shocks in any one corridor.

Furthermore, with competition intensifying from Middle Eastern and Asian mega-hubs offering lower handling costs and faster turnaround times, African carriers are expected to double down on operational improvements and public-private partnerships to remain competitive.

However, with the African Continental Free Trade Area slowly taking shape and cargo-friendly initiatives such as the Single African Air Transport Market gaining traction, the long-term fundamentals remain strong—if they are matched with timely investment and policy reforms.

Governor Alex Otti of Abia State says his administration has paid full compensation to landowners affected by the Abia Airport project in Nsulu, Isiala Ngwa North Local Government Area, reaffirming his government’s commitment to transparency in infrastructure development.

Otti spoke at Okpuala-Ngwa on Saturday during a grand civic reception organized by stakeholders from Isiala Ngwa North and South. According to the News Agency of Nigeria (NAN), the governor said the compensation process was concluded before any construction began and assured that unresolved issues were mainly due to disputed ownership or inaccurate bank details.

“Before any construction began, we ensured that 100% compensation was paid to all landowners. If there is anyone yet to receive payment, it is likely due to issues like incorrect account details or disputes over ownership, not government negligence,” the governor was quoted as saying.

The Abia Airport is designed to be more than just a landing strip. Otti says the government is transforming the site into a full-fledged “airport city,” complete with hotels, shopping plazas, a market, and a Nigerian Air Force base. The state government chose Nsulu based on expert assessments that identified the area’s central location and proximity to Umuahia and Aba as key advantages.

A Tale of Two Airports: The Ebonyi Example

However, the decision to embark on the project — which commenced in December 2024 — has faced sustained criticism from analysts, economists, and civil society actors. Many argue that what Abia urgently needs is investment in human development, basic infrastructure like roads and public schools, and a functional rail network to support trade and mobility across the Southeast.

“Governor Otti’s decision to prioritize an airport seems to contradict all the global developmental indices. Basic needs such as healthcare, education, and infrastructure should take precedence over such high capital ventures,” said Chiechefulam Ikebuiro, a social commentator.

Among the most frequently cited concerns is the cautionary tale of Ebonyi State, where an airport built by the David Umahi administration in Onueke, near Abakaliki, has struggled to attract regular commercial operations. Although commissioned in 2023, the airport has remained largely inactive. Observers say the sparse flight activity stems from the economic reality in Ebonyi — one of Nigeria’s poorest states — where the vast majority of residents cannot afford air travel.

Critics say Abia risks repeating the same mistake.

“The majority of Abia’s population comprises civil servants whose wages barely cover basic needs, let alone the luxury of air travel,” he added.

Abia State, before now, was the only South-East state without an airport. Enugu, Anambra, Ebonyi, and Imo all host airports — yet none have emerged as aviation powerhouses. The Akanu Ibiam International Airport in Enugu, the oldest in the region, still records low passenger traffic compared to airports in the South-West and North-Central zones. The airport in Imo State survives mainly on traffic from neighboring states, while Anambra International Cargo Airport, completed under Governor Willie Obiano, is yet to realize its commercial vision fully.

Otti, however, argues that Abia’s position as the commercial heartbeat of the region — with Aba as a key trading hub — gives the state a better chance at making the airport viable. He insists the facility will catalyze trade, tourism, and investment.

But What About Rail?

Many have noted that the South-East needs rail connectivity far more urgently than more airports. The region lacks a modern intra-regional rail system, making the movement of goods and people slow and expensive. Traders in Aba and Onitsha have long demanded freight rail access to Lagos ports, but those demands remain unmet.

“Before considering an airport, shouldn’t the government priorities essential infrastructure like good roads, healthcare facilities, schools, and maybe rail systems? These are projects that directly impact the daily lives of the hoi polloi,” Ikebuiro added.

Community Grievances Still Simmer

While the government insists on compliance with compensation procedures, tensions remain in parts of the host communities. In May 2025, leaders of the Umuezeukwu community in Isiala Ngwa North renewed calls for a 500-meter buffer zone between their homes and the airport site. They argued that previous pleas were ignored and that their ancestral lands were taken without proper relief or environmental safeguards.

According to community records, the original land acquisition for the airport was 1,850 hectares, later reduced to about 1,000 hectares following community pushback. However, Umuezeukwu claims it was excluded from the land concessions granted to other communities like Ikputu, Umule, and Umuode.

The governor’s Special Adviser on Land Matters, Okor Aji, dismissed the complaints, saying the land size was already scaled down after consultations. He emphasized that the project is legally grounded in the Land Use Act and that community interests were taken into account.

Access Bank has expressed interest in supporting the project, but no detailed breakdown of funding arrangements has been made public. Construction officially began in late 2024, with the government targeting December 2025 for completion of major access roads.