The Sea Empowerment & Research Centre has stated that the increase in import tariffs from 10 per cent to 12.5 per cent on goods originating from Nigeria and several other countries by the United States Government may reduce dollar inflows into Nigeria and could intensify pressure on exchange-rate stability.
The group, in a recent policy X-ray obtained by The PUNCH on Monday and signed by its Head of Research, Eugene Nweke, stressed that the decision by the US to increase import tariffs on goods originating from Nigeria and several other countries marks another significant shift in global trade policy.
The group stated that the measure, which the United States said was necessary due to alleged insufficient safeguards against forced labour in supply chains, replaces the earlier temporary tariff arrangement and is now being implemented under a more permanent legal framework.
SEREC maintained that although Nigeria was not singled out, its inclusion in the higher tariff band raises important questions about the country’s export competitiveness, foreign exchange earnings, industrialisation agenda, and long-term trade relations with the US.
According to SEREC, the US remains one of Nigeria’s strategic export destinations, adding that crude petroleum, liquefied natural gas, fertilisers, agricultural commodities, cocoa products, sesame seeds, solid minerals, and a growing portfolio of non-oil manufactured products have historically dominated bilateral trade.
