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NACC seeks better tariffs

NACC seeks better tariffs

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The Nigerian-American Chamber of Commerce (NACC) is pushing for favourable tariffs.

Its President, Toyin Akomolafe, said there was the need to create better trade deals for the country to reduce dependency on oil as well as increasing engagement with China.

He noted that in Nigeria, there is an increase in Chinese investments in infrastructure, and the recent currency swap.

Akomolafe, who spoke during the chmber’s Annual General Meeting (AGM) in Lagos, observed that the tariffs instituted by the United States President on trade, would have a rippling effect across the globe, especially the tariffs imposed on China.

He added that a trade war between these economic giants would push African nations, including Nigeria, into harsh financial climates.

He said: “In Nigeria, we import almost everything from China, if the Chinese have to pay more to trade with the US, those extra expenses would be passed on to Nigerian consumers which would result in imported inflation.”

According to the Organisation for Economic Development and Cooperation, the global trade volumes would drop by six percent and global real Gross Domestic Product (GDP) would fall by 1.4percent, if the US government insists on a 10 percent negotiating position across the board tariff on most things entering the country instead of the average level of two percent

Akomolafe noted that though influencing trade laws and policy would not be easy, the chamber was working out modalities that would overcome any challenges.

It is time, he said, to collaborate and draw up ideas that could persuade our trade companions in the US.

He said Nigeria had been fairly active in the African Growth and Opportunity Act (AGOA) implementation, seeking more action.

He expressed the commitment to ensuring that non-oil commodities were exported through AGOA.

‘’We are committed to making NACC become the key institution for AGOA and partnering leaders and leading institutions that will move us into a more economical sound future,’’ he said.

He stressed the need to work together to build capacity for expertise, obtain more sources for financing, providing better networking opportunities and paths to international trade along with expanding our footprint in Nigeria and America.

He said the chamber would participate in all economic fora and partner leaders and leading organisations that could drive the economy of the country a successful future adding the chamber is committed to providing more networking and business opportunities. This, he believed, would, in effect, raise the country’s profile among American businesses in Nigeria and overseas.

NACC Membership Committee Chairman, Olufemi Adesanya, said the chamber assists members.

He said the chamber had created sectoral groups where members could engage, share ideas and knowledge, partner and collaborate. These included the property and construction sector, oil and gas services sector, financial services sector, professional services sector, and the agribusiness services sector.

According to him, while the property and construction sector is already in place, others would be inaugurated.





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