US tariff: FG speaks on alternative amid import ban on 25 products

• FG stated that by encouraging intra-African commercialized and section worth addition, U.S. tariffs whitethorn payment African economies
• Alake advised African countries to crook inward portion speaking astatine the 14th Annual Investment Meeting Congress successful Abu Dhabi
• The "pit-to-port" approach, which exports African resources unprocessed, was criticized by Alake

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

U.S. tariffs whitethorn assistance African economies by promoting intra-African commercialized and section worth addition, Dr. Dele Alake, Nigeria's Minister of Solid Minerals Development has said.

Photo Credit: @NigerianGov, US Govt
Source: Getty Images

In a Fireside Chat league titled "The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets" astatine the 14th Annual Investment Meeting (AIM) Congress successful Abu Dhabi, United Arab Emirates, Alake advised African countries to crook inward.

“We request to organise our economical imperatives to guarantee a equilibrium of commercialized and fortify intra-African commercialized among ourselves. The clip is now,” Daily Sun successful a connection by his Special Assistant connected Media, Segun Tomori.

Alake criticised the “pit-to-port” model, wherever African minerals are exported without processing.

He said,

“Interested investors who privation to travel into Africa are invited to acceptable up their factories successful Africa, adhd worth to our mineral resources and make jobs here, alternatively than conscionable shipping our wealthiness retired of our shores.”

In his capableness arsenic caput of the African Minerals Strategic Group (AMSG), Alake pointed retired that Nigeria's accent connected worth addition-driven occupation instauration and local economical maturation is a communal signifier crossed galore mineral-producing African nations. Russia's Vadim Tretyakov, Portugal's Goncalo Terenas, and Jordan's Zaher Al Qatarneh were among the different speakers.

Accompanying backstage organizations specified arsenic 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 astatine the Nigerian show.

The AIM Congress, held astatine the Abu Dhabi National Exhibition Centre, aimed to foster planetary concern nether the taxable “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure”.

Photo Credit: FG
Source: Getty Images

Nigeria imposes import prohibition connected 25 products

Legit.ng reported that the United States Trade Representative (USTR), an bureau of the United States authorities earlier slammed Nigeria for imposing an import ban connected 25 merchandise categories.

The USTR raised concerns that the restrictions were hurting US exporters and undermining commercialized relations.

In a station shared connected X, the USTR listed Nigeria’s import argumentation among the apical 10 unfair commercialized practices by overseas governments.

The latest determination was portion of President Donald Trump's scrutiny of commercialized relations betwixt the state and the world.

The USTR argued that specified restrictions denied US companies entree to a increasing user basal successful Africa’s largest economy.

The station read:

"Nigeria's import prohibition connected 25 antithetic merchandise categories impacts U.S. exporters, peculiarly successful agriculture, pharmaceuticals, beverages, and user goods. "Restrictions connected items similar beef, pork, poultry, effect juices, medicaments, and spirits bounds U.S. marketplace entree and trim export opportunities. "These policies make important commercialized barriers that pb to mislaid gross for US businesses looking to grow successful the Nigerian market."

China calls connected US to 'completely cancel' reciprocal tariffs

Legit.ng reported that China connected Sunday called connected the United States to "completely cancel" its reciprocal tariffs aft Washington announced exemptions for user electronics and cardinal chipmaking equipment.

"We impulse the US to... instrumentality a large measurement to close its mistakes, wholly cancel the incorrect signifier of 'reciprocal tariffs' and instrumentality to the close way of communal respect," a commerce ministry spokesperson said successful a statement.

The world's 2 largest economies person been engaged successful a tit-for-tat tariff warfare since US President Donald Trump announced this period sweeping planetary tariffs -- since escalating the broad work connected Chinese goods to 145 percent.

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Source: Legit.ng