Business
Corruption Hinders Trade and Investment Growth in Nigeria — US Report
The United States government has stated that corruption continues to pose a major obstacle to trade and investment in Nigeria.
In its latest 2025 National Trade Estimate Report on Foreign Trade Barriers, the Office of the United States Trade Representative said corruption and lack of transparency in tender processes are of great concern to U.S. companies.
“U.S. firms experience difficulties in day-to-day operations as a result of inappropriate demands from officials for ‘facilitative’ payments.
“Efforts to strengthen anticorruption measures have been hampered by inter-ministerial infighting and partisan politics.
“Questions also remain regarding the Nigerian justice system’s capacity to achieve convictions and appropriate sentencing for corruption-related crimes.”
It also faulted Nigeria for the continued delay in approving import permits for American agricultural products, describing the situation as a longstanding trade barrier that has hindered access to the Nigerian market.
It said that despite repeated efforts to secure market access, Nigeria had not acted on several pending requests concerning food and agricultural imports from the US.
The US National Trade Estimate Report on Foreign Trade Barriers stated, “Since 2019, the United States has sought to negotiate import permits for the export of several categories of US food and agricultural products. Nigeria has been slow to approve these requests.” Festival, Nigeria, Ghana facing brain drain, others
The USTR noted that Nigeria’s weak capacity to review certificates, inspect goods, and conduct testing had contributed to long clearance delays, forcing many traders to rely on informal channels.
It also criticised Nigeria’s lack of consistency in applying sanitary and phytosanitary rules, saying this had created confusion among exporters.
“Nigeria is not consistent in the implementation of technical regulations and sanitary and phytosanitary measures, which can create confusion and undermine compliance,” it said.
The US government also took issue with Nigeria’s complex and restrictive import regime. It noted that while the country’s average Most-Favoured Nation applied tariff rate stood at 12 per cent in 2023, agricultural products attracted 15.9 per cent, and non-agricultural goods 11.4 per cent.
The report added that Nigeria imposes several supplementary charges that significantly raise the effective rate paid by importers.
“Nigeria maintains a combined duty plus other associated import fees of 50 per cent or more on 79 tariff lines. These include 17 tariff lines on which the combined duty plus other associated import fees reach or surpass the 70 per cent limit set by ECOWAS,” the report said.
It also criticised Nigeria’s continued import bans on 25 product categories, including poultry, beef, spaghetti, fruit juice in retail packs, used vehicles over 12 years old, soaps, and certain alcohols, describing them as barriers to trade.
“The Nigeria Customs Service continues to ban the import of 25 different product categories,” it added.
The report pointed to systemic problems in Nigeria’s customs administration, including corruption, manual processes, and inconsistent interpretation of trade rules.
“Importers report inconsistent application of customs regulations; lengthy clearance procedures, often due to outdated manual processing systems; and corruption,” the USTR stated.
It noted that although the Federal Government approved a $3.1bn customs modernisation project in 2020 to automate processes, the project had suffered delays and was now the subject of legal disputes.
On public procurement, the USTR said US companies face difficulties accessing government contracts due to a lack of transparency and contract payment issues.
It added that agencies often failed to comply with procurement guidelines, despite the requirement for a “Certificate of ‘No Objection’ to Contract Award” from the Bureau of Public Procurement.
“Nigerian Government agencies do not always follow procurement guidelines,” the report said. “Foreign government-subsidised financing arrangements appear in some cases to be a crucial factor in the award of government procurements.”
While acknowledging the passage of the Copyright Act, 2022, and other intellectual property reforms, the report said enforcement remained poor.
“Counterfeit goods, including pharmaceuticals, automotive parts, and other consumer goods, remain widely available in Nigeria and often threaten the health and safety of consumers,” it stated.
The USTR also raised concerns over digital trade restrictions, noting that the National Information Technology Development Agency Guidelines require all data concerning Nigerian citizens to be stored within the country.
It said these localisation rules, though not rigorously enforced, created uncertainty for businesses.
It noted that the Finance Acts of 2020 and 2021 introduced new taxes on digital services provided by foreign companies to Nigerian consumers.
“US companies have expressed concerns about the impact of the tax,” the report said.
It further criticised restrictions in Nigeria’s reinsurance and advertising sectors, including prohibitions on foreign participation in oil and gas risk reinsurance, and mandatory advertising registration with the Advertising Regulatory Council of Nigeria.
On foreign exchange, the report stated that despite the Central Bank of Nigeria’s move to unify exchange rates in 2023 and lift restrictions on access to forex for 43 previously barred items, challenges remained.
“Companies report that the approval process for the repatriation of funds remains a significant barrier to investment by US entities, as it is frequently subject to delays and denials,” it said.
It disclosed that out of an estimated $7bn in forex backlogs, only $4.6bn had been cleared by the CBN as of March 2024, while $2.4bn was still under review.
The USTR described Nigeria’s main ports, particularly Apapa in Lagos, as some of the most expensive globally, citing congestion, infrastructure issues, and maritime insecurity.
“The 30-day average delay to clear a container ship makes Apapa in Lagos among the most expensive ports for shipments from the United States,” it noted.
“While acknowledging the Federal Government’s establishment of the Ministry of Marine and Blue Economy and its efforts to enhance port efficiency, the report concluded that trade barriers and investment restrictions remain widespread in Nigeria.”
Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.
The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.
“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.
The promotion will be from November 6th to december 6th, 2026.
During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.
“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.
According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.
“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.
For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.
“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.
To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.
“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”
He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.
“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.
“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient
“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.
“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.
”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.
“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.
Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.
The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.
The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.
Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.
He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.
The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.
Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.
The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.
Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.
He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.
“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”
“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”
He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.
Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.
The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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