NACC to push for favourable Nigeria-US trade policies, tariffs
The Nigeria America Chamber of Commerce (NACC) has stated that it would open talks with the United States government to push for favourable trade policies and tariffs in a bid to improve bilateral ties between the two countries.
Indeed, the chamber stated that influencing trade laws and policies will not be easy, stating that it is time to sit and collaborate to create ideas that can be pitched to Nigeria’s trade comrades in the United States.
According to the new president, NACC, Otunba Toyin Akomolafe, plans are underway to push the government of the United States to create better trade deals for Nigeria directly in order to reduce its dependency on oil as well as Nigeria’s increasing engagement with China.
The NACC boss at its 57th yearly general meeting said: “It is our desire to reduce our importation of goods and dependence on oil and therefore it is imperative to work to shape memoranda that will push the United State to create favourable tariffs for Nigeria.
“To that end, we will begin talks and plans to create the types of tariffs we would like to see here in Nigeria. We will organise more trade delegations to the United States to promote our interests. Sectoral groups will also be encouraged to embark on trade missions.”He pointed out that the tariffs instituted by President Donald Trump regarding trade would have a rippling effect across the globe, especially the tariffs imposed on China, stressing that a trade war between the two economic giants will push African nation including Nigeria into harsh financial climates.
“Here in Nigeria, we import almost everything from China, if the Chinese have to pay more to trade with the United States, those extra expenses will be passed on to Nigerian consumers which would result in import inflation,” he said.He stated that Nigeria has been somewhat active in the African Growth Opportunity Act (AGOA), but stated that the nation must fully immerse itself in policy implementation, compliance and growth for Nigeria.
He said in his term as president of the chamber, he has plans to undertake an aggressive membership drive to attract new members doing business with the United States to join the chamber, adding that he would encourage more chapters to be established for the chamber in Nigeria and the United States to create the critical mass that underscores the eminence of NACC among the pack.
Also speaking at the event, the Director-General, NACC, Joyce Akpata, said the chamber would be leading a delegation of over 20 Nigerian companies across all sectors of the economy on a trade mission which will hold from 20th-27th June, 2018 to Washington DC, United States, adding that the 6-day trade and investment mission will see delegates participating in the Africa Trade and Investment Global Summit (ATIGS) which will feature over 2,000 participants, 70 countries, 16 economic sectors, 150 speakers and 350 global investors.She stated that the trade mission is an annual commitment of the chamber in promoting the development of trade, commerce, investment and industrial technological between the public and private sectors of Nigeria and the United States in a bid to further drive socio-economic growth and development for both countries
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