Oluwatoyin Akomolafe
The Nigerian-American Chamber of Commerce (NACC) says it would engage the United States authorities in conferences and memoranda to create favourable trade deals for Nigeria.Mr Oluwatoyin Akomolafe, President of NACC, made the assertion in an interview with the NAN in Lagos.He acknowledged that securing favourable trade tariffs for Nigeria would improve financial cooperation, promote enterprise and companies and shared prosperity between each international locations.
“In order to do this, we are going to mobilise to push the United States authorities to create higher trade deals for Nigeria immediately, so as to scale back our dependence on oil, in addition to our growing engagement with China.“Here in Nigeria, now we have seen an improve in Chinese investments in infrastructure, growth and with the current forex swap.
“It is our desire to reduce our importation of goods and dependence on oil, and therefore it is imperative to work to shape memoranda that will push the United States to create favourable tariffs for Nigeria.“To that end, we will begin talks and plans to create the types of tariffs we will like to see here in Nigeria,” he mentioned.
To obtain this, Akomolafe acknowledged that the chamber would organise extra trade delegations to US and likewise encourage its sector teams to embark on trade missions to promote Nigeria’s pursuits. Moreover, he famous that the tariffs instituted by President Donald Trump concerning trade would have a rippling impact throughout the globe, particularly the tariffs imposed on China.
“In response to these tariffs, China has suspended tariff concessions on 128 gadgets of US merchandise together with pork and fruits.“A trade conflict between these financial giants will push African nations together with our expensive nation, Nigeria, into harsh monetary climates.“Here in Nigeria, we import virtually every part from China; if the Chinese have to pay extra to trade with the United States, these additional bills shall be handed on to Nigerian customers which can lead to imported inflation.
“To combat this and its potential ripple effects on the global stage, we must work together to make sure we are not casualties in any impeding trade war,” he mentioned.He harassed that the chamber would collaborate and strategise on concepts that could possibly be pitched to US towards influencing favourable trade insurance policies.