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.”
Business
Wema Bank Announces Grand Event for International Women’s Day 2026 on March 4
Wema Bank, Nigeria’s oldest indigenous financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced it will host its highly anticipated 2026 International Women’s Day (IWD) Grand Event on Tuesday, March 4, 2026.
The event, described by the bank as the industry’s biggest celebration of its kind, aligns with the global IWD 2026 theme “Give To Gain.” Wema Bank has adopted the sub-theme “When Women Gain, We Grow,” emphasizing the transformative impact of supporting and investing in women across personal, professional, and societal levels.
According to Managing Director/CEO Moruf Oseni, the initiative underscores the bank’s long-standing commitment to women’s empowerment and gender inclusion, in line with United Nations Sustainable Development Goal 5.
Through its women-focused proposition, SARA by Wema (launched in 2019), the institution has consistently championed programs like SARA Gives and the Big Sister Graduation Challenge to uplift women at every stage.
The March 4 event is expected to feature keynote addresses, fireside chats, panel discussions, networking sessions, and opportunities to convene top women leaders from diverse industries alongside everyday women navigating their paths to success.
It aims to foster actionable conversations on empowerment, leadership, and collective growth.
Registration is now open via the official portal at wemabank.com/iwd, with the bank encouraging early participation to secure spots.
This announcement builds on Wema Bank’s history of impactful IWD celebrations and reinforces its dedication to promoting gender equality and women’s advancement in Nigeria and beyond.
Further details on the venue, speakers, and full agenda are expected to be released in the coming weeks.
Business
Dangote expands daughters’ roles as succession plan accelerates
Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.
• Aliko Dangote and his daughters
Aliko Dangote, Africa’s richest man, has assigned expanded leadership roles to his three daughters as part of preparations for the future of his industrial conglomerate, which he aims to grow into a $100 billion business within the next four years.
According to Business Day, an internal memo confirmed by a company spokesperson, Halima, Fatima and Mariya Dangote will take on broader responsibilities across key divisions of the Dangote Group, signalling a deliberate shift towards the next generation.
Fatima Dangote, the youngest, will assume a senior commercial role within the group’s energy division, which includes its Lagos-based oil refinery.
She will continue to oversee corporate communications and administration for the wider group.
Halima Dangote, who currently manages the family office in Dubai, will extend her oversight to its London operations while supporting the company’s international expansion efforts.
Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.
She will also take on responsibility for shaping strategy across the group’s food operations in all markets.
In the memo, the company said that the appointments were intended to “empower a new generation to take on expanded responsibilities in shaping our future.
”The changes mark a clear step in Dangote’s succession planning, transferring more operational authority to his daughters while he retains overall strategic control.
Business
Dangote Forecasts Major Naira Appreciation to ₦1,100 per Dollar in 2026
Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, on Tuesday projected a significant strengthening of the Nigerian naira, forecasting it could rally to as low as ₦1,100 per US dollar within 2026, driven by government reforms, import restrictions, and increased local production.
Speaking at the official launch of the National Industrial Policy 2025 in Abuja, attended by Vice President Kashim Shettima and other dignitaries, Dangote expressed optimism about the currency’s trajectory amid ongoing economic measures.
“Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation and so on, the naira this year will be as low as N1,100 if we are lucky,” Dangote stated, according to multiple reports from the event.
He attributed the potential appreciation to reduced foreign exchange demand from imports, as local manufacturing ramps up including contributions from his own Dangote Petroleum Refinery, which is scaling toward full capacity. Dangote praised recent policy directions for beginning to yield positive results, noting that manufacturers are increasingly optimistic.
The forecast comes as the naira has shown signs of stabilization in recent weeks, trading around ₦1,300–₦1,340 to the dollar in official and parallel markets, a marked improvement from higher levels earlier in the year.
Dangote suggested that sustained import controls and industrial growth could push the currency even further, potentially toward ₦1,000 per dollar under ideal conditions, though he cautioned that policy consistency would be key.
The remarks align with broader optimism in some quarters, including from billionaire Femi Otedola, who recently projected the naira could trade below ₦1,000/$ before year-end, largely crediting the Dangote Refinery’s role in cutting dollar outflows for fuel imports.
Dangote also highlighted challenges, emphasizing the need for reliable power supply and continued government incentives to support industrial expansion and sustain the projected currency rally.
Analysts view the prediction as bullish but contingent on factors like forex policy enforcement, oil revenues, and global commodity prices.
The naira’s performance has been volatile in recent years due to external pressures and domestic structural issues, but recent CBN interventions and refinery developments have fueled renewed confidence among investors.
The statement has sparked discussions on social media and economic forums, with many welcoming the positive outlook while others call for concrete actions to realize such gains for everyday Nigerians facing inflation and import costs.
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