Economy
Nigeria Can Take Advantage Of 14% US Tariff Or Negotiate: NACC
Nigeria Can Take Advantage Of 14% US Tariff Or Negotiate: NACC
Nigeria can take advantage of 14% US tariff or negotiate: NACC. The Nigeria-American Chamber of Commerce (NACC) says the 14 percent tariff the United States placed on imports from Nigeria presents opportunities for the country’s solid minerals and agricultural sectors.
Sheriff Balogun, president of the NACC, spoke on Friday during an interview aired on Channels Television.
On April 3, US President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
Commenting on the development, Balogun said the trade tariff is an opportunity for Nigeria, especially in sectors where the country has an advantage.
“We have a lot of energy minerals, minerals like lithium, cobalt, tantalum, manganese. And these are critical minerals that are needed in the energy sector, we call them energy minerals,” Balogun said.
“So it provides an opportunity for us to look at our tariff levels at 14 percent. So if we add value to what we have and are able to export this, we’ll have an advantage over countries whose tariffs are much higher than what we have.
“And those are some of the countries that are exporting these critical minerals to the US, so that gives us a comparative advantage.
“Agriculture for one, which provides a larger employment for us, and we’re blessed with arable land that we have a lot of agricultural products that are needed.
“What we need to do is to add value to this, get them into finished products and semi-finished products and take advantage of that.”
‘NIGERIA CAN NEGOTIATE 14% US TARIFF’
Balogun said Nigeria can negotiate the 14 percent tariff just like other countries are making the approach to negotiate.
He further said gaps in other countries with higher US imposed tariffs on imports could be covered by Nigeria.
“Our trade deficit with the US is not so much, so it gives us room to be able to negotiate and have a balanced and win-win trade situation,” he said.
“We can also collaborate in setting up cross-border processing for some of the products that we have here. We can send them in there, process, re-export and then take advantage of that.
“Mexico supplies a lot of agricultural products to the US, and you can see the tariff level that is pretty high, very high.
“So with what we have now, all we need to do is step up our game and be able to move into that gap that we created as a result of what is happening between the US and Mexico.
“You look at Vietnam, where the imposed tariff is as high as 68 per cent; there are products there that Nigeria has, that Vietnam has, that we can take advantage of and enter into the markets.
“But generally, it’s a wake-up call for us also to look at what we are doing holistically, and see how we’ll be able to make export more competitive, provide the right infrastructure, and if that is in place—power, good roads, logistics, our port services, ensuring that we can get our products into the ports at the right time to be able to meet shipments, the deadlines, and all of that.
“So those are some of the areas that we need to improve on and then take advantage of what this tariff regime presents to us.”
‘14% TARIFF PRESENTS OPPORTUNITY FOR NIGERIA TO PROCESS GOODS’
The NACC president said the trade tariff also tells Nigeria that it needs to look at processing some of the goods it exports and developing internal consumption.
He said if Nigeria is exporting goods and faces barriers, those goods are hindered, while noting the need to develop internal consumption.
“Nigeria is a huge market in itself, and some of these products, and I can give a specific example of cocoa,” Balogun said.
“The cocoa sector is huge, several billions in terms of the complete value chain. But what Nigeria is earning from it by exporting just raw cocoa beans is insignificant compared to the whole value chain of the export.
US Tariff
“If we have a culture of consumption in Nigeria, which other countries have done, you probably even have to have a reversed situation, or probably we need to even import cocoa pods to be able to process and provide cocoa.
“Cocoa powder, cocoa drink can be integrated into the school feeding programmes, which provide nutrition, the valued and needed nutrition to our children and the population.”
He said Nigeria needs to focus on both exports and developing internal capacity to consume, adding that the country must have purchasing power to take full advantage of opportunities, requiring a holistic approach.
The NACC had announced plans to celebrate its 65th anniversary on April 12, with Balogun’s inauguration as 20th president as the highlight.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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