US has criticised Nigeria’s import ban on 25 products, citing significant trade barriers and lost revenue for American businesses.
Gatekeepers News reports that the banned items include agriculture, pharmaceuticals, beverages, and consumer goods.
The US Trade Representative stated, “These policies create significant trade barriers that lead to lost revenue for US businesses looking to expand in the Nigerian market.” This development comes amid rising tensions over Nigeria’s tariffs imposed on several countries, including a 14% tariff on Nigerian exports to the US.
The news led to a significant decline in the Nigerian stock market, with the All Share Index (ASI) dropping by 1.23% and the market losing approximately N659 billion. Major stocks like Oando and Honeywell Flour Mills saw substantial losses.
Nigeria’s Minister of Finance, Walle Edun, announced plans to boost non-oil revenues and mitigate the adverse effects of the US tariffs. He assured that the Economic Management Team (EMT) will assess the impact of the 14% tariff on Nigerian exports to the US and provide recommendations to cushion its effects.
The US tariffs have sparked concerns of a trade war, with countries like China vowing to “fight to the end” against the imposed tariffs. The global market has already seen significant losses, with trillions wiped off its value.
