The Broadcasting Organisation of Nigeria (BON) said it cannot afford to pay the $4.4 million rights fee for the tournament, which starts in two weeks' time in Ghana.
The group said itcould only afford to pay $1.8million for the rights.
BON chairman, Abubakar Jijiwa, told the BBC Focus on Africa programme, "They said our offer was not acceptable, so we said: 'Fine, you can go and set up a TV channel in two weeks, we won't deal with you'. If you want to ignore Nigeria, good luck to you".
According to BON more than 30 per cent of Africa's TV audience for football is in Nigeria.
