In response to the United States’ 14 per cent tariff slam on Nigeria, the federal government, through the Ministry of Trade and Investment is setting its sights on expanding Nigeria’s export footprint to 250 global markets.
Also on the cards is a strategic plan to empower exporters and position them to harness the potential of the African Continental Free Trade Area (AfCFTA), so that ultimately, new opportunities are unlocked and trade horizons diversified.
The minister, Jumoke Oduwole, assured that the ministry was working with businesses that are US-focused, to cultivate new terrains that hold tremendous value.
Recognising that the tariff may pose challenges for Nigerian exports and affect the country’s international competitiveness, she emphasized that the federal government is proactively developing strategic responses, rather than resorting to reactionary measures or retaliation.
“The good thing is that we’re responding. We’re not reacting or retaliating to the tariff slammed on Nigeria when it comes to positioning Nigeria in the best possible way.
“However, this disruption affects the entire world, the entire trading system, and therein lies the danger. We don’t want the global economy to go into a recession, and we don’t want retaliation.”
