Business
MAN Tells FG: “Don’t Reduce Tariffs on U.S. Goods”
” While the U.S. may frame this as a step toward “fair trade,” the reality is that lowering tariffs on U.S. imports could flood the Nigerian market with subsidized goods, thereby undermining local producers.”
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government not to bow to potential pressure to reciprocate by reducing its own tariffs on U.S. goods entering the Nigerian market.
MAN, in its position document on the new U.S. tariff imposed on Nigeria by President Donald Trump’s administration, said :
” While the U.S. may frame this as a step toward “fair trade,” the reality is that lowering tariffs on U.S. imports could flood the Nigerian market with subsidized goods, thereby undermining local producers.
Segun Ajayi-Kadir, the MAN Director-General, emphasized that this is especially troubling given the weak state of Nigeria’s infrastructure, logistics, and energy supply—all of which already place local manufacturers at a disadvantage.
He said: ” Another key concern is the risk of policy diversion.
Nigeria has, in recent years, made commendable strides toward achieving self-sufficiency in several manufacturing segments and diversifying away from oil. However, succumbing to external pressures to liberalize trade prematurely would reverse these gains.
Instead of supporting domestic production, such actions would signal to investors and industrialists that Nigeria lacks a coherent long-term trade and industrial policy.”
Projects Fall in Export Revenue by N1 to N2 Trillion
Commenting on the broader impacts of Trump’s tariff on the domestic industries, he referenced the National Bureau of Statistics:” Agricultural exports accounted for over N4.42 trillion in 2024, with the U.S. being one of the top destinations.
The tariff could potentially wipe out N1 to N2 trillion of that figure annually.
As export revenues fall, many companies may reduce their production scale or downsize their workforce to cut costs.
Contract manufacturers, small-scale industrialists, and firms operating in special economic zones targeting the U.S. market are likely to be worst hit.
Nigerian firms that are part of regional or global supply chains—particularly in pharmaceuticals, chemicals, foods, beverages, and motor vehicle assembly—stand to lose their competitive edge as their products become less attractive to U.S. companies seeking sourcing partners.”
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N30.00, from N850 to N820 per litre, effective from 12th August 2025.
According to a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, they assure the public of a consistent and uninterrupted supply of petroleum products as part of its unwavering commitment to national development”.
He said, “In line with their dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025.
The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable.
In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads.
The refinery also clarified that the intermittent sale of Residual Catalytic Oil (RCO) is part of normal business operations, often involving large parcel sales, which explains the recent fuel oil tender.
According to the management, Dangote Petroleum Refinery consistently supplies over 40 million litres of PMS daily, alongside steady volumes of Automotive Gas Oil (diesel). These supplies continue unabated, despite speculation suggesting otherwise.
“As the world’s largest single-train petroleum refinery, the facility employs advanced predictive and preventive maintenance protocols to ensure uninterrupted operations. Routine maintenance activities are standard and do not impact the overall fuel supply” the statement further clarified.
In response to speculation about potential supply shortages and price increases, the refinery challenged those sponsoring the rumour to place orders for daily deliveries of up to 40 million litres of PMS and 15 million litres of diesel for the next 90 days.
“To those who believe this misinformation and anticipate a bullish market, we extend a challenge: We invite interested buyers to place immediate orders for up to 40 million litres of PMS daily and 15 million litres of AGO daily, for the next 90 days, with full upfront payment. Should any supposed supply shortage occur, these buyers would be well-positioned to benefit from the predicted market rise,” it added.
The refinery reaffirmed its commitment to transparency and Nigeria’s energy security, urging the public to disregard unfounded rumours sponsored by unscrupulous and unpatriotic individuals seeking to undermine the country’s energy independence for their own selfish interests, including the importation of substandard fuels under the false pretext of domestic supply shortages.
Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.
The revised rates were announced on the disco’s official X account on Friday.
The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50, while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.
“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.
“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.
“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”
The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.
The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.
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