Nigeria's Trade Strategy Shields It from US Tariffs
(MENAFN) Nigeria has been less impacted by US tariffs in comparison to other nations, thanks to its diversified trade approach, according to the country’s Foreign Minister, Yusuf Tuggar.
In an interview with Reuters, Tuggar emphasized the importance of wealthy nations engaging with Africa in a spirit of "mutual respect" rather than following what he referred to as a "Minecraft approach."
Tuggar's comments came during a discussion on the sidelines of the Reuters NEXT Gulf summit in Abu Dhabi, UAE, on Wednesday.
He compared the current trade dealings with Africa to the game Minecraft, saying, “Sometimes it’s like the game Minecraft: There’s oil, there’s gas, there’s critical minerals, rare earths. We put a bit of this, we invest in this. No, that’s not the way it goes.”
In July, the US imposed “reciprocal” tariffs on several trading partners, including countries in Africa.
This move, according to former President Donald Trump, was aimed at correcting long-standing trade imbalances. South Africa, which ranks as the second-largest trade partner of the US, faced a 30% tariff and has since been in negotiations with Washington for a "fair" deal.
Nigeria, on the other hand, is subject to a 15% tariff. Tuggar has previously suggested that the US is using tactics such as visa restrictions and tariff increases to pressure African nations into accepting deported migrants from third countries.
However, the Nigerian government has made it clear that, despite some neighboring countries agreeing to such arrangements with the US, it will not comply, as Nigeria faces its own set of challenges.
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