‘Expanded Trade Within ECOWAS, AfCFTA To Reduce Dependence On Western Markets’

The Lagos Chamber of Commerce and Industry (LCCI) has urged Nigeria to strengthen its regional and South-South trade by expanding trade within ECOWAS and the African Continental Free Trade Area (AfCFTA), reducing its overdependence on Western markets.

The president of LCCI, Gabriel Idahosa stated this at the third press conference of 2025 on the state of the economy held in Lagos.

He said that “we should also negotiate preferential trade terms within BRICS (especially with China, India, and Brazil) to offset losses from U.S. tariffs.

He explained that “with Trump’s extra 10 per cent tariff on Nigeria due to its alignment with BRICS, we believe that the country should adopt a multi-pronged policy response that safeguards its national interest, asserts its development priorities, while avoiding being caught in great power rivalries.

RELATED

Customs Grants 223 Importers 21-day Ultimatum Over N379.6bn Duty Violations

6 hours ago

Nigeria, UK Strengthen Relations On Trade, Standards

6 hours ago

“We recommend that the government engage in bilateral dialogue with the U.S. to discuss concerns and reaffirm Nigeria’s strategic importance as a West African leader and key partner. The negotiation should focus on sector-specific exemptions from the tariff, emphasising non-oil sector exports.”

Idahosa noted that Nigeria must pursue a non-aligned, interest-driven foreign policy by positioning BRICS membership as a vehicle for economic cooperation and not political alignment, saying that emphasis should be on Nigeria’s sovereign right to pursue partnerships that address its development needs, especially in areas like infrastructure, energy transition, and digital inclusion.

He urged, “the federal government to deliberately implement a strategic trade diversification plan. Accelerate reforms to improve the business environment, attract non-aligned investors, and incentivise local industries most affected by U.S. tariffs to find alternative markets.

“We recommend that the government strengthen domestic capacity and industrial policy by pursuing a national industrialisation strategy, invest in manufacturing, agro-processing, and local value chains, and reduce the country’s over-reliance on oil exports (which may face decreased demand in the U.S. under the tariff regime).

“We should also leverage multilateral platforms like the WTO, UNCTAD, and AU to raise concerns over punitive economic measures targeting developing countries’ sovereign alliances.”