The Lagos Chamber of Commerce (LCCI) has urged President Bra Tinub to be strategic and diplomatic when levied on President Donald Trump.
Naija News Reported to LCCI President Gabriel Idaha, This was said at a press conference on the economic situation of the conference hall in Lagos on Thursday.
Idaho said that in 2024, Nigeria’s $323.96 billion exports from non-oil and non-energy products were threatened by 14%, and Trump’s tariffs increased by 14%.
“As Trump’s tariffs threaten Nigeria’s non-oil, non-energy exports to the U.S. in 2024, we believe the Nigerian government’s strategy, measuring and proactive response is necessary.” He said.
The LCCI chairperson advised the government to look for emerging markets in Asia, Latin America and Africa.
“Nigeria must reduce its over-reliance on a few trading partners by expanding bilateral trade agreements with emerging economies in Asia, Latin America and Africa.
“Intra-Africa trade under the African Continental Free Trade Area (AFCFTA) should be actively promoted,” he said.
Idaho further urges the government to incentivize local production and value-added in agriculture, mining and manufacturing.
He stressed that the country’s trade, taxation and customary systems must be modernized to align with World Trade Organization (WTO) rules and protect Nigeria’s interests.
Idaho said of inflation that despite re-estimation of the Consumer Price Index (CPI), inflation remains high.
He urged the government and monetary authorities to strengthen efforts to control inflation through a mix of fiscal, monetary and trade policies.
