Nvidia CEO Jensen Huang has lauded President Donald Trump’s tech and trade policies as “very visionary,” aligning himself with the administration’s push to re-industrialize the U.S. economy and dominate the global technology race.

Speaking in Norrköping, Sweden, on Saturday, where he received an honorary doctorate from Linköping University, Huang applauded Trump’s sweeping effort to support U.S. technology firms, which has included scrapping Biden-era restrictions on AI chip exports to countries like Saudi Arabia, the UAE, and Sweden.

“The President would like American technology to win with Nvidia and American companies to sell chips all over the world and to generate revenues, tax revenues, invest and build in the United States,” Huang said.

Earlier, the CEO had called the Biden administration restrictions a “failure.”

“American technology companies were very successful in China four years ago. We have lost about 50% of the market share and competitors have grown,” he added, describing past restrictions as “a failure.”

Nvidia, the world’s most valuable chipmaker, announced it would be supplying its latest-generation AI data center platform to a consortium of Swedish companies, including telecom giant Ericsson and pharmaceutical firm AstraZeneca. This comes on the heels of similar partnerships in the Middle East after Trump rescinded a policy that would have limited the sale of advanced chips to certain regions.

“Manufacturing in the United States, securing our supply chain, having real resilience, redundancy and diversity in our manufacturing supply chain—all of that is excellent,” Huang said, aligning himself with Trump’s broader industrial strategy.

Dissent Within the Business Community

However, while Huang expressed confidence in the president’s approach, many others in the business community remain deeply skeptical. Many have noted that Trump’s escalating use of tariffs and threats—particularly his recent post suggesting a 60% tariff on all Chinese goods and a 50% tariff on European imports—risks destabilizing markets and dragging the U.S. and global economies into a downturn.

Although Trump’s tech policy has reopened the global supply chain for Nvidia, prompting Huang to embrace the ‘pro-industry’ posture, other business leaders have warned that his tariffs and trade disruptions may cause lasting damage. The U.S. Chamber of Commerce and the National Foreign Trade Council have repeatedly cautioned that high tariffs could backfire, raising consumer prices, damaging diplomatic relations, and cutting off U.S. companies from global markets.

Corporate leaders across industries—especially those heavily reliant on global supply chains—are also raising red flags.

“By definition, Trump’s tariffs will raise less money than expected. Tariffs increase costs for importers, which result in higher prices for the tariffed goods. Lower demand means fewer goods are imported, reducing tariff revenue. The higher the tariff, the larger the reduction,” said Peter Schiff, Chief Economist & Global Strategist at Euro
Pacific.

Auto manufacturers, semiconductor firms, and retailers warn that ongoing tariff threats are eroding long-term planning and destabilizing trade relationships painstakingly built over decades.

Even allies of Trump’s past economic policy, like former General Electric CEO Jeffrey Immelt, have expressed concern over the growing unpredictability.

“Business hates uncertainty, and that’s exactly what the current approach is feeding,” Immelt told CNBC last week. “You can’t operate global businesses with one eye on the stock ticker and the other on a presidential tweet.”

Nvidia’s Tightrope Walk

Nvidia has already suffered major setbacks in China, where its market share has plunged amid U.S. export restrictions and Beijing’s effort to build local alternatives. Now, with the easing of some restrictions under Trump, the company is trying to walk a geopolitical tightrope—keeping Western allies close while not losing access to vast overseas markets.

In China, where restrictions still apply, Nvidia is reportedly developing a stripped-down AI chip based on its new Blackwell architecture to maintain some market presence.

The company is also continuing its expansion in regions where Trump’s policies have opened doors, like the Middle East and Europe. However, even Huang has acknowledged that global trade tensions remain a significant risk to long-term growth.

This means that while Huang may see President Trump’s tech policies as a revival of American industrial power, the broader business community is increasingly divided. Though Nvidia looks to capitalize on Washington’s changing stance, others warn that Trump’s zero-sum tactics could provoke economic blowback of historic proportions.

Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) has urged Nigerian companies to urgently position themselves to take advantage of a growing wave of opportunities in the country’s offshore and shallow water oil and gas projects.

With massive deepwater projects such as Bonga Southwest Aparo, Bonga North, and the Bonga Main Life Extension on the horizon, SNEPCo says the time has come for indigenous firms to expand their capacity and move up the value chain — or risk being left behind.

The call was made by Ronald Adams, Managing Director of SNEPCo, while addressing stakeholders at the 5th Nigerian Oil and Gas Opportunity Fair (NOGOF), held Thursday in Yenagoa, Bayelsa State.

“Projects like Bonga Southwest Aparo, Bonga North, and Bonga Main Life Extension are not just investments in oil production — they are investments in Nigeria’s industrial future,” Adams said. “Nigerian companies must demonstrate that they are ready, not just in ambition but in technical depth and delivery capability.”

At the heart of Adams’ message is billions of dollars of Nigeria’s deepwater. Nigeria’s oil industry, long battered by pipeline sabotage, underinvestment, and policy inconsistency, is slowly clawing its way back, and the deepwater sector is leading that resurgence.

The $5 billion Bonga North project, a major expansion of the iconic Bonga field, reached the Final Investment Decision (FID) in 2025, giving it the green light to proceed into full development. Together with Bonga Southwest Aparo and the Life Extension project on Bonga Main, these projects are expected to inject significant capital into Nigeria’s oil sector, boost daily production, and create thousands of direct and indirect jobs.

Adams noted that if local companies can rise to the challenge, they stand to benefit immensely not just in revenue but also in technological advancement and international credibility.

He pointed to key service areas such as subsea systems fabrication, gas processing infrastructure, drilling support, FPSO maintenance, and mooring systems as avenues where Nigerian firms can expand their role — if they invest in the required competence and infrastructure.

SNEPCo’s optimism is grounded in what it sees as a proven track record. Since launching Nigeria’s first deepwater oil project in 2005 with the original Bonga field, SNEPCo has worked closely with Nigerian firms to build local capacity — from engineering design to fabrication and project execution.

According to Adams, this partnership has paid off. The Bonga Floating, Production, Storage, and Offloading (FPSO) vessel — a massive floating facility central to Shell’s operations — reached a historic milestone in February 2023 when it produced its one-billionth barrel of oil. Crucially, Nigerian companies played key roles in managing and maintaining this facility.

However, there is still a large gap to fill. Despite years of local content promotion, Nigerian companies continue to struggle to break into high-value segments of offshore oil operations, which are still dominated by international contractors. Industry insiders say this is due to both technical limitations and a lack of financial muscle.

A Regional Opportunity Beyond Nigeria

It’s not just Nigeria that’s on the cusp of a deepwater renaissance. According to a recent report, Nigeria, Ivory Coast, and Mozambique are projected to launch at least 10 offshore oil projects between 2026 and 2027. This broader regional boom offers even more incentive for Nigerian firms to build exportable skills and compete beyond the local market.

Shell sees Nigeria as a potential hub for deepwater oil services in West Africa — but only if its companies act fast.

It is believed that if Nigerian companies can meet the standards required, they won’t just execute Nigerian projects — they’ll be eligible to participate in projects across the continent.

Structural Gaps and Policy Challenges

Nigeria’s offshore oil development is often delayed by regulatory uncertainty, contract disputes, and lengthy approval timelines. Although the enactment of the Petroleum Industry Act (PIA) in 2021 was meant to bring clarity, its implementation has been uneven, creating investor anxiety.

Local contractors also face barriers related to financing, insurance, and equipment procurement — problems that international players are better positioned to navigate.

Several Nigerian oil executives at the event quietly expressed concern that unless government agencies fast-track project approvals and reduce bureaucratic red tape, the opportunity being highlighted may once again be squandered.

A Bigger Vision of Raising National Output

Shell’s renewed emphasis on local participation is also tied to a broader national goal. In February 2025, SNEPCo projected that Nigeria could exceed 2.4 million barrels per day in oil production — but only if deepwater investments are fast-tracked and local capacity is scaled up to match project needs.

With most onshore and shallow water fields declining or compromised by theft and vandalism, offshore fields are now seen as Nigeria’s best shot at reversing years of production decline and revenue shortfalls.

The Nigerian government appears to agree. The Nigerian Content Development and Monitoring Board (NCDMB), which organized NOGOF, has repeatedly stressed that deepwater expansion must be accompanied by deeper local involvement, warning that outsourcing key contracts to foreign firms would amount to another missed opportunity.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that the Port Harcourt Refining Company (PHRC) will undergo yet another shutdown — this time for “scheduled maintenance and sustainability assessment” starting May 24, 2025.

In a statement released Saturday by Chief Corporate Communications Officer, Femi Soneye, the NNPC explained the shutdown as part of its broader plan to ensure long-term reliability of the facility.

“We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the maintenance and assessment activities are carried out efficiently and transparently,” the statement read.

“NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security.”

However, the phrase “sustainable energy security” is beginning to ring hollow for Nigerians who have seen years of similar pledges lead to dead ends.

A Refinery That Produces No Fuel

The Port Harcourt refinery — comprising the older 60,000 bpd and newer 150,000 bpd units — was supposed to be a crown jewel in Nigeria’s bid to revive local refining. In August 2021, the Federal Executive Council approved a sweeping rehabilitation plan across four government-owned refineries: Port Harcourt (210,000 bpd), Warri (125,000 bpd), and Kaduna (110,000 bpd), giving a combined nameplate capacity of 445,000 barrels per day — the basis for the crude intervention stock allocated to the NNPC.

The cost was staggering:

• $1.48 billion for Port Harcourt
• $897.7 million for Warri
• $586.9 million for Kaduna

That’s a total of nearly $3 billion, in a country plagued by budget deficits, currency instability, and widespread poverty. Because the federal government couldn’t cough up the full sum at once, it granted the NNPC leeway, just nine days before the Petroleum Industry Act (PIA) was signed into law on August 21, 2021, to source funds externally.

NNPC structured a series of forward-sale agreements, pledging Nigeria’s future crude oil output in exchange for immediate cash from multilateral development banks and oil trading companies. These traders were granted preferential creditor status — meaning repayment was prioritized, regardless of Nigeria’s domestic needs.

“$1.04 billion came from a multilateral development bank, while $450 million came from a trader that has been collecting 67,000 barrels per day as repayment for a few years,” energy expert Kelvin Emmanuel said.

“The crude that should have been sold to earn FX for stabilizing the naira and funding the budget deficit has been swept down the drain. And the EFCC is quiet — but when it’s yahoo boys, you’ll see their erection.”

The NNPC has never denied these arrangements. The company once described the forward sale as a creative financing model. But nearly four years later, the refinery is still yet to produce any refined fuel for the Nigerian market — only official statements, ribbon-cutting ceremonies, and now, recurring shutdowns.

A Pattern of Dysfunction and Secrecy

The PHRC reportedly resumed operations briefly in late 2024 after years of inactivity, a milestone celebrated by government officials who framed it as a turning point for local refining. But just weeks later, in December, the refinery was again shut down — quietly. No official reason was provided at the time, and the public was left to guess whether the plant had ever truly come online.

Now, with this new shutdown announced as “planned maintenance,” analysts are questioning the logic of spending billions on a facility that has yet to show functional output. The opacity surrounding the true status of the refinery’s performance only deepens suspicions.

Despite the enormous cost of refinery rehabilitation, Nigeria still relies largely on imported fuel. This continues to drain foreign reserves and deepen inflationary pressures, with petrol prices frequently adjusted upward since the removal of the fuel subsidy in 2023.

While NNPC insists that the latest shutdown is routine, the optics are damning. The refinery’s inability to produce despite billions of dollars pumped into rehabilitation has sparked criticism, with many believing that it’s just another plot to embezzle public funds.

Tekedia Capital is excited to welcome PAX, a crypto exchange on a chip, faster and smaller than a datacenter. PAX is the first – in all capital markets – to operate from a single chip rather than an entire datacenter. PAX moves traders to within nanometers of the exchange – closer than ever before possible!

Such proximity unlocks unprecedented value to high frequency customers and PAX shares this value by offering zero-fee with cash-back to every other market participant on every trade. PAX is to exchange as Robinhood was to retail brokerage: the first in the industry to “go to zero” and a complete game changer across every asset and geography.

Tekedia Capital understands great business models when we see them. PAX is inventing a new one. Yes, how can we do trading without fees? How can we shrink datacenters into microprocessors to eliminate latency and offer a new generation exchange market?

To learn more about PAX co-location on a single silicon chip, visit https://pax.markets/ . For Tekedia Capital, go here capital.tekedia.com