Nigerian businesses fault US tariff, seek urgent government action

The US announced the tariff on July 23 as part of a new trade measure targeting countries that have not prohibited the importation of goods produced with forced labor. While the President of the Nigerian-American Chamber of Commerce, Sheriff Balogun, acknowledged that some non-oil exporters would be affected, he noted that exemptions for key raw materials would cushion the impact. He emphasized that the chamber supports global efforts against forced labor and views the tariff as an invitation for engagement rather than a hostile act, believing the tariff could be reviewed if Nigeria strengthens measures against forced-labor imports.

The Director-General of the Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, stated that the tariff would increase the landed cost of Nigerian goods, potentially weakening their competitiveness in the US market. She called for an urgent product- and sector-level assessment and urged the Federal Government to engage the United States Trade Representative, review Nigeria's trade framework, and accelerate export diversification. Dr. Segun Musa, CEO of Widescope Group, echoed concerns about reduced competitiveness and called for diplomatic engagement and support for exporters.

Dr. Muda Yusuf, CEO