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NESG Urges Diversion of Nigeria’s Trade Amidst U.S and China Tariffs War

Given Nigeria’s heavy reliance on imported manufactured goods and raw materials, NESG warns that the country could face significant economic challenges if these trade tensions escalate further

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▪︎Dr Jumoke Oduwole, Minister of Industry, Trade and Investment.

The Nigerian Economic Summit Group (NESG) has stressed the need for Nigeria to divert its trade pattern towards countries that are unaffected by the U.S. tariffs.

The NESG made the call in its latest Foreign Trade Alert: 2024Q4 & Full Year 2024.

The report highlighted Nigeria’s vulnerability to global trade disruptions, particularly in its import-dependent industrial sector.

“The trade war between the U.S. and China needs to be hedged against.  This would reduce tariff-induced increases in import bills, considering that the country’s import-dependent non-oil industrial sector is highly vulnerable,” the report noted.

The United States imposed a 10% tariff on Chinese imports in February 2025, with plans to increase it by another 10% in April.

In retaliation, China announced additional tariffs of 10-15% on certain U.S. imports starting March 10, 2025, along with a series of export restrictions targeting designated U.S. entities.

These measures are expected to disrupt global supply chains, slow world trade growth, and drive up the prices of globally traded commodities.

Given Nigeria’s heavy reliance on imported manufactured goods and raw materials, NESG warns that the country could face significant economic challenges if these trade tensions escalate further.

China remained Nigeria’s largest trading partner in Q4 2024, followed by India, Belgium, the U.S., and France.

The most imported commodities during the period included refined petroleum products, sugar cane, and spare parts.

However, Nigeria’s reliance on imports, particularly from China, makes it susceptible to price fluctuations and supply chain disruptions stemming from the U.S.-China trade conflict.

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Business

Investors Rush For Airtel Money IPO on LSE

Airtel Money is proving popular among retail investors ahead of full admission next week.

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Airtel Money began conditional trading on the London Stock Exchange this morning in a £5.3 billion market debut, dubbed Africa’s Revolut.

Shares, which were open only to investors allocated stock in the offer, were trading flat at around 194p.

But armchair investors are rushing to sign up to the City’s largest IPO in five years ahead of full admission on October 14.

It is the ninth most popular initial public offering on AJ Bell’s investment platform based on the number of customers applying to take part in the offer, it said.

Airtel Money is proving popular among retail investors ahead of full admission next week

Airtel Money, a subsidiary of Airtel Africa, which offers mobile payment services in 13 countries across Africa, is a subsidiary of FTSE 100 telecoms group Airtel Africa, whose shares have trebled in less than two years.

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JUST IN: NNPC Clarifies Petrol Discount: Relief Initiative, Not Subsidy Restoration

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that its ongoing petrol discount is a temporary customer relief measure and does not amount to a restoration of the petroleum subsidy abolished in 2023.

In a statement issued on Friday by Chief Corporate Communications Officer Andy Odeh, the company said the N66-per-litre sales discount, first introduced on 1 October 2026 to mark Nigeria’s 66th Independence Anniversary, will continue until 31 October 2026 at NNPC Retail stations nationwide.

NNPC stressed that the initiative is designed to ease the burden of rising fuel prices linked to elevated global crude oil costs and the Middle East conflict. It applies only to NNPC Retail outlets and does not set a uniform national pump price or change the market-based pricing framework for petroleum products.

“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” the statement said. The company urged the public to disregard any interpretation of the measure as a return to the subsidy regime.

The clarification followed comments by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, who explained that the discount is funded solely from NNPC Retail’s own profit margin and involves no public funds from the federal budget or Federation Account.

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Manufacturers sitting on N40trn untapped opportunities, says report

The Nigerian Manufacturing Opportunity Report 2026 provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

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SEID, a marketing communications and market intelligence firm in Lagos, has estimated that the Manufacturing industries in Nigeria is sitting on more than N40 trillion in untapped manufacturing opportunities.

The Managing Partner at SEID, Tubosun Akeju, disclosed this in a report -The Nigerian Manufacturing Opportunity Report 2026 launched by the during the 54th Annual General Meeting of the Manufacturers Association of Nigeria, held at the Oriental Hotel.

Akeju emphasised that the report provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

“The opportunity is to understand where those strengths exist, deepen them, and build the competitiveness required to capture more value locally and compete beyond our borders,” he said .

The report examines manufacturing opportunities across Nigeria’s subsectors, states, value chains and industrial clusters, while identifying areas where existing strengths can be deepened and competitiveness improved.

It said that Nigeria’s manufacturing landscape was shaped by distinct areas of industrial strength, with different states, regions and value chains demonstrating varying levels of scale, specialisation and competitiveness.

The report noted that this created an opportunity to build on existing capabilities rather than adopt a one-size-fits-all approach to industrial development.

Manufacturing activity is spread across states with different levels of scale, specialisation and growth.

The South-West remains the country’s largest manufacturing zone, while other regions are developing strengths in areas ranging from food and agro-processing to textiles, chemicals, pharmaceuticals, cement, steel and light manufacturing.

The report maps these differences to show where investment and industrial development can build on existing capabilities.

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