FG Speaks on Alternative After US Govt Reacts to Import Bans on 25 Products by Nigerian government
- FG stated that by encouraging intra-African trade and local value addition, U.S. tariffs may benefit African economies
- Alake advised African countries to turn inward while speaking at the 14th Annual Investment Meeting Congress in Abu Dhabi
- The "pit-to-port" approach, which exports African resources unprocessed, was criticized by Alake
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
U.S. tariffs may help African economies by promoting intra-African trade and local value addition, Dr. Dele Alake, Nigeria's Minister of Solid Minerals Development has said.
Source: Getty Images
In a Fireside Chat session titled "The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets" at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates, Alake advised African countries to turn inward.
“We need to organise our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now,” Daily Sun in a statement by his Special Assistant on Media, Segun Tomori.
Alake criticised the “pit-to-port” model, where African minerals are exported without processing.
He said,
“Interested investors who wish to come into Africa are welcome to set up their factories in Africa, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores.”
In his capacity as head of the African Minerals Strategic Group (AMSG), Alake pointed out that Nigeria's emphasis on value addition-driven job creation and local economic growth is a common practice across many mineral-producing African nations. Russia's Vadim Tretyakov, Portugal's Goncalo Terenas, and Jordan's Zaher Al Qatarneh were among the other speakers.
Accompanying private organizations such as the Women Enterprise Alliance and Ghana's Jant's Fashion Collection, Alake visited the Solid Minerals Development Ministry, Solid Minerals Development Fund, and Zamfara State's booths at the Nigerian show.
The AIM Congress, held at the Abu Dhabi National Exhibition Centre, aimed to foster global investment under the theme “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure”.
Source: Getty Images
Nigeria imposes import ban on 25 products
Legit.ng reported that the United States Trade Representative (USTR), an agency of the United States government earlier slammed Nigeria for imposing an import ban on 25 product categories.
The USTR raised concerns that the restrictions were hurting US exporters and undermining trade relations.
In a post shared on X, the USTR listed Nigeria’s import policy among the top 10 unfair trade practices by foreign governments.
The latest move was part of President Donald Trump's scrutiny of trade relations between the country and the world.
The USTR argued that such restrictions denied US companies access to a growing consumer base in Africa’s largest economy.
The post read:
"Nigeria's import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
"Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities.
"These policies create significant trade barriers that lead to lost revenue for US businesses looking to expand in the Nigerian market."
China calls on US to 'completely cancel' reciprocal tariffs
Legit.ng reported that China on Sunday called on the United States to "completely cancel" its reciprocal tariffs after Washington announced exemptions for consumer electronics and key chipmaking equipment.
"We urge the US to... take a big step to correct its mistakes, completely cancel the wrong practice of 'reciprocal tariffs' and return to the right path of mutual respect," a commerce ministry spokesperson said in a statement.
The world's two largest economies have been engaged in a tit-for-tat tariff war since US President Donald Trump announced this month sweeping global tariffs -- since escalating the blanket duty on Chinese goods to 145 percent.
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Source: Legit.ng
