Business

BACITI Advocates Market Shift for Nigerian Exporters

Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.

Published

1 year ago

April 23, 2025

OCHEFA

386 Views

The Bashir Adeniyi Centre for International Trade and Investment (BACITI) says that Nigerian fertilizers manufacturers and industrial goods had better consider exporting regionally under the AfCFTA .

BACITI also urges the Nigerian Export Promotion Council (NEPC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to help exporters cope with the tariff’s cost through rebates, tax breaks, or low-interest loans to affected exporters.

BACITI , in its Economic Insight April 2025, noted that the U.S. tariff will hit Nigeria’s non-oil export sector hardest.

Said the report: ” Many African countries rely on preferential access to the U.S.market under AGOA (African Growth and Opportunity Act), which granted duty-free treatment to thousands of African exports.African manufacturers who invested with AGOA preferences in mind are now at risk.

Textiles, leather, and agro-processing exports from countries like Kenya,Ethiopia, Ghana, Lesotho, and Nigeria may now face 10–14%tariffs, rendering the uncompetitive.

This could lead to job losses in export zones and industrial park.

Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.

Niche products like Nigerian cocoa butter, dried fruits, or textiles and apparels which entered the U.S. duty-free will become costlier and uncompetitive.

Fertilizer makes up 2–3% of Nigeria’s exports to the U.S. A 10-14% tariff on fertilizer could lead U.S. buyers to seek cheaper suppliers, thus Nigerian producers might lose that market or have to accept lower net prices.

While crude oil is less likely to be directly impacted by the new tariffs, the broader uncertainty stemming from the ongoing trade war is likely to exert downward pressure on global oil prices, thereby affecting Nigeria’s export revenues and fiscal stability.

Indirect macro impact via oil prices: fallin oil prices due to slow global trade and economic uncertainty.

This would further reduce Nigeria’s export earnings and government revenue. A $10 drop in oil price, for example, costs Nigeria billions in export earnings.

Fiscal and FX pressures: A decline inNigeria’s export earnings would reduce dollar inflows, placing pressure on the naira.

In times of global uncertainty or trade wars, investors often retreat from riskier markets. As a result, Nigeria could face capital outflows, further currency depreciation, and rising inflationary pressure.”

Related Topics:BACITI Economic Insights Featured Trump's Tariffs on Nigeria

Up Next

Uber, Bolt, inDrive workers to down tools in Lagos on May 1

Don't Miss

CPPE Spots Flaws in RMRDC Raw Materials Bill, Calling for its Withdrawal

Click to comment

Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

6 hours ago

June 30, 2026

Charles Flames

22 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

10 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”