The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has urged the Nigerian Government to accelerate export diversification, following the United States’ 12.5 per cent tariff on selected Nigerian exports.
Dr Yusuf said in a policy brief released on Sunday in Lagos that the new U.S. tariff underscored the need for Nigeria to build a more resilient and competitive export sector.
He said that the Nigerian government should place greater emphasis on expanding non-oil exports to reduce dependence on crude oil earnings.
According to him, stronger manufacturing competitiveness is critical to improving Nigeria’s position in global export markets.
He also called for increased domestic value addition to improve the competitiveness of Nigerian products and create more jobs.
Yusuf urged the Nigerian government to deepen regional trade under the African Continental Free Trade Area to widen market opportunities for local exporters.
He also advised the Nigerian government to strengthen labour standards and improve supply chain transparency to align with evolving global trade requirements.
The CPPE boss said that the Nigerian Government should engage the United States through diplomatic and trade channels to clarify the implementation of the new tariff measures.
Yusuf noted that a proactive engagement could minimise potential adverse effects on Nigerian exporters, particularly those in agriculture and manufacturing.
He explained that crude oil, liquefied natural gas and other petroleum products accounted for over 80 per cent of Nigeria’s exports to the United States.
Yusuf stated that sustained reforms will diversify exports and strengthen domestic production and remained the country’s best response to changing global trade policies.
He noted that the latest tariff reflects a growing global trend toward protectionism and strategic use of trade policies and that Nigeria must prepare for such changes by improving productivity and expanding the competitiveness of locally produced goods.
GIK/APA