Business

MAN Tells FG: “Don’t Reduce Tariffs on U.S. Goods”

Published

1 year ago

April 15, 2025

OCHEFA

374 Views

” 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.”

Related Topics:Featured Trump's Tariffs on Nigeria U.S. tariff

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Business

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

Published

7 hours ago

June 30, 2026

Charles Flames

23 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

11 hours ago

June 30, 2026

OCHEFA

19 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.”