Trump’s Tariff: Look Towards Asia, Latin America, Use Diplomacy

The Lagos Chamber of Commerce and Industry (LCCI) has urged President Bola Tinubu to be strategic and diplomatic in addressing President Donald Trump‘s tariff imposed on the country.

Naija News reports that the President of LCCI, Gabriel Idahosa, stated this at a news conference on the chamber’s quarterly state of the economy, on Thursday, in Lagos.

Idahosa stated that Nigeria’s ₦323.96 billion from exports of non-oil and non-energy products, in 2024, were threatened by the 14 percent, Trump’s tariff increase.

“With Trump’s tariffs threatening Nigeria’s N323.96 billion in 2024 non-oil, non-energy exports to the U.S., we believe a strategic, measured, and proactive response from the Nigerian government is imperative,” he said.

The LCCI President advised the government to look towards emerging markets in Asia, Latin America and Africa.

“Nigeria must reduce overdependence on a few trade partners by expanding bilateral trade agreements with emerging economies in Asia, Latin America, and Africa.

“Intra-African trade under the African Continental Free Trade Area (AfCFTA) should be aggressively promoted,” he stated.

Idahosa further urged the government to incentivise local production and value addition in agriculture, mining, and manufacturing.

He stressed that the country’s trade, tax, and customs regimes must be modernised to align with World Trade Organisation (WTO) rules and safeguard Nigerian interests.

Speaking on inflation, Idahosa said in spite of the rebasing of the Consumer Price Index (CPI), inflation remained significantly high.

He urged government and monetary authorities to intensify efforts at controlling inflation through a mix of fiscal, monetary and trade policies.