The Nigerian economy isn’t dying quietly—it’s being strangled in plain sight. This isn’t journalism. It’s a battle cry. And it’s not some random global catastrophe. It’s not “the Russians” or “economic headwinds” or whatever limp excuse the state cooks up next.
The Nigerian economy is caught in a vice grip. On one side: punitive tariffs and multiple taxations weaponized by the state. On the other: global shocks like the U.S.’s recent 25% tariff on Nigerian aluminum and steel exports. Squeezed between them? A populace battling hyperinflation in essentials (food, energy) and suffocating costs for big-ticket items (vehicles, electronics). For the average Nigerian or SME owner, survival now feels like running a marathon with ankle weights.
The Brutal Arithmetic:
The federal government’s current strategy—layering tariffs atop existing taxes—is economic self-sabotage. Tariffs on imports (e.g., vehicles, electronics) aim to “protect local industries” but ignore the stark reality: Nigeria lacks the infrastructure, credit access, or energy stability to replace imports at that scale. Worse, tariffs are inherently inflationary when applied to essentials Nigerians cannot avoid—fuel, food, transport.
Midday, Onitsha Market – Beneath corrugated roofs and the cacophony of haggling traders, Chinedu, a spare parts dealer, slams his ledger shut. Page after page of red ink stares back—no sales, no clients, just rage. “Last year, I imported 20 containers a month. Now? I can’t afford two” he snarls, gesturing at unsold shock absorbers gathering dust. “The taxes, the tariffs—it’s like the government’s trying to finish us.”
He’s not exaggerating.
Nigeria’s economy isn’t dying quietly—it’s being strangled in plain sight. Not by global shocks or shadowy foreign actors. By domestic policy. Brutal, tone-deaf, economically suicidal policies.
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Lagos Port, 5:17 a.m. – Emeka Nwankwo, a factory owner, stares at his stranded shipping containers. Inside: six tonnes of machinery parts, rotting under a ₦2.4 million ($1,600) tariff notice. “They tax the air we breathe,” he mutters. “But what they’ are really doing is killing hope.”
Hope, indeed, is on life support. While the world fights inflation with stimulus, Nigeria accelerates it—with 53 taxes and tariffs, from vehicle parts to life-saving medicines. The result? A cost-of-living crisis so severe, it reeks of sabotage:
For Amina Bello, 34, a Kaduna textile trader, tariffs are a death sentence. Her crime? Importing Chinese lace to offset local cotton shortages. Customs slapped her with a 45% levy—after seven “processing fees.” Now, her shop gathers dust. “They call us smugglers for wanting to survive,” she scoffs.
President Tinubu promised an economic reboot. What Nigerians got was a policy blitzkrieg—bold on paper, blind in practice. Yes, subsidy removal was necessary. Yes, the naira needed to float. But executed without shock absorbers, these reforms have hurled Nigeria off a cliff.
The claim that these tariffs “protect local industries behoves one to ask.” Which industries? The ones crippled by epileptic power, gutted roads, and loan sharks? Nigeria’s manufacturing sector operates at 54% capacity. Tariffs don’t build factories—they inflate prices. And without domestic production, it’s economic friendly fire!
Nigeria’s survival hinges on four non-negotiable reforms:
1. Tariff Triage – Operate, Don’t Amputate
Tax Overhaul – Simplify, Digitize, Humanize**
2. Tax Overhaul - Simplify, Digitize, Humanise – Burn the Racket
3. Energy & Food – Crisis-Level Intervention – Solar or Surrender
4. Fight Washington – With Fists, Not Flowers
The stakes? 1.3 million SMEs—Nigeria’s backbone—are one tariff hike from extinction. The middle class? They are boarding planes to Canada.
But there’s a flicker of hope: Dangote’s refinery now produces 650,000 barrels/day. Kwara’s lithium could power 50 million EVs. Yet without power, without policy, these become monuments to waste.
Tinubu’s choice is stark: It's a national emergency.
As Chinedu’s shop shuts, he texts his broker: “Find me a warehouse in Accra.” Abuja’s response? A new tariff on Ghanaian imports.
Your move, Mr. President. Tick-tock. 🔥
This article doesn’t just demand a reaction—it deserves one. The comments will rage. The shares will spike. And Nigeria? She’ll be fought for. As she should be.
