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Unless Nigeria enhances its export capacity, the tariffs could stifle economic growth
The Nigerian government has expressed concern over the potential negative impact of U.S. tariffs imposed by the Trump administration on the country’s exports.
According to a statement from the Federal Ministry of Industry, Trade and Investment, the tariffs could hinder Nigeria’s trade growth and competitiveness in international markets. “The tariffs will make it difficult for Nigerian exporters to compete,” said the Minister, who highlighted that the imposition of these tariffs may lead to reduced market access for Nigerian goods.
The government is urging stakeholders to adapt to the new trade environment to mitigate adverse effects. Experts warn that unless Nigeria enhances its export capacity, the tariffs could stifle economic growth and worsen the already challenging trade landscape. The FG is actively seeking alternative markets to safeguard its export interests amidst these challenges.