Ajayi-Kadir: MAN, Trade Ministry talks focused on possible negotiations with U.S.
The Director General of the Manufacturing Association of Nigeria, Segun Ajayi- Kadir says the Association is in talks with the Minister of Industry, Trade and Investment on possible negotiations with the United States amid the ongoing tariff wars. In a chat with CNBC Africa, he highlights the need to revise Nigeria's strategy around the utilization of the Export Expansion Grant to reduce the cost of production, build resilience and diversify the country’s export spectrum.
Tue, 22 Apr 2025 12:08:52 GMT
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AI Generated Summary
- The implications of tariff increases by the U.S. on Nigeria's manufacturing sector
- Recommendations for revising Nigeria's trade strategy to counter shocks and enhance competitiveness
- Importance of diversifying export spectrum to mitigate risks and build resilience
The Director General of the Manufacturing Association of Nigeria, Segun Ajayi-Kadir, is leading discussions with the Minister of Industry, Trade and Investment to navigate potential negotiations with the United States amidst the ongoing tariff wars. Ajayi-Kadir emphasized the importance of revising Nigeria's strategy surrounding the utilization of the Export Expansion Grant to reduce production costs, enhance resilience, and diversify the country's exports. The United States accounts for nearly 7% of Nigeria's total exports, and any disruptions in this trade relationship could have significant implications for the country's manufacturing sector. With the current tariff increases imposed by the U.S., Nigerian exporters are at risk of losing their competitive edge and facing challenges in capacity utilization and the ability to effectively compete in the American market. Furthermore, the potential for dumping in other markets due to restrictions in the U.S. poses additional threats to Nigeria's manufacturing industry.
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