Nigerian Businesses Urge Action Against US Tariff Impact

Members of the organized private sector in Nigeria have warned that the United States' decision to impose a 12.5% tariff on certain Nigerian exports will negatively impact some exporters, despite exemptions for key raw materials. The tariff was announced on July 23 as part of a trade measure targeting countries that have not prohibited the importation of goods produced with forced labor.

The Nigerian-American Chamber of Commerce President, Sheriff Balogun, stated that while the chamber supports efforts to eliminate forced labor, engagement with the US is crucial for resolution. Balogun acknowledged that some exporters would be affected, particularly non-oil exporters like agro-processors, but noted that exemptions would help mitigate the impact.

He expressed optimism that the tariff could be reviewed, as countries that have strengthened measures against forced-labor imports received lower rates. Balogun emphasized the resilience of Nigerian exporters and the importance of maintaining trade with the US.