By Providence Ayanfeoluwa
The Sea Empowerment & Research Center, SEREC, has warned that the United States’ decision to impose a 12.5 per cent tariff on Nigerian exports could undermine the country’s non-oil export drive, weaken foreign exchange earnings and further expose the fragility of the nation’s economy if urgent countermeasures are not adopted. In a policy analysis titled, “The U.S. 12.5per cent Tariff on Nigerian Exports: Implications for Nigeria’s External Trade and Fragile Economy”, the research centre said the tariff increase, which replaces an earlier temporary 10 per cent regime, would erode the competitiveness of Nigerian goods in the American market.
According to SEREC, although Nigeria was not specifically targeted, its inclusion among countries affected by the higher tariff raises concerns over export performance, industrial growth and long-term trade relations with the United States.
The organisation noted that the United States remains one of Nigeria’s major export destinations, with bilateral trade dominated by crude oil, liquefied natural gas, fertilisers, cocoa products, sesame seeds, solid minerals and a growing range of non-oil manufactured goods. It added that while crude oil exports may suffer limited impact because of existing exemptions, non-oil exports would bear the brunt of the tariff increase.
