The Manufacturers Association of Nigeria (MAN) has revealed that the United States’ 14 per cent tariff imposed on Nigeria has triggered widespread concern across Nigeria’s trade and industrial landscape, saying it is expected to disrupt the N9.59 trillion achieved last year from bilateral trade between both countries.
Similarly, MAN stated that the new tariff regime directly threatened trade dynamics, particularly in a year Nigeria is projecting an ambitious N55 trillion budget and facing downward trend in global crude oil prices, which have already fallen below the government’s benchmark of $75 per barrel.
In addition to this, MAN disclosed that the country’s agricultural exports, which accounted for over N4.42 trillion in 2024, is expected to potentially see a wipe out of between N1 trillion to N2 trillion of that figure annually to the US new tariff with the U.S. being one of the top destinations.
The Director-General of MAN, Mr. Segun Ajayi-Kadir, who made this known in Lagos yesterday, said the tariff hike came at a vulnerable moment when the country is just recovering from the impact of the government policy mix that has had negative effects on the manufacturing sector.
In addition to revenue losses, Ajayi-Kadir also added that the new tariff posed a significant disincentive to firms investing in value-added manufacturing.
He said: “The announcement of a 14 per cent tariff on Nigerian products entering the United States, as part of President Donald Trump’s ongoing global tariff policy has triggered widespread concern across Nigeria’s trade and industrial landscape.
“While the broader rationale behind this trade action is grounded in the U.S. administration’s claim that many countries impose disproportionately high tariffs on American products, the consequences for developing nations like Nigeria are profound and far-reaching.
“The decision appears to be a strategic move to pressurise trade partners into renegotiating tariff regimes in favour of US manufacturers. “Undoubtedly, the United States remains one of Nigeria’s most significant trade partners, accounting for approximately 7 per cent of its non-oil exports.
“In 2024, bilateral trade between Nigeria and the US stood at N9.59 trillion, representing 6.9 per cent of Nigeria’s total trade volume. Of this, Nigerian exports to the U.S. amounted to N5.52 trillion, while imports from the U.S. stood at N4.07 trillion.
