The Lagos Chamber of Commerce and Industry, LCCI, has urged the Federal Government to reconsider the country’s foreign policy mix to ensure Nigeria was not left behind in international trade and global affairs.
LCCI President, Mr Gabriel Idahosa, gave the advice at the LCCI 2025 third quarter news conference on Wednesday in Lagos.
He said that the call was pertinent in the light of recent global trade and geopolitical dynamics.
Idahosa noted that with Nigeria’s recent alignment with BRICS, the country must wisely choose its trade partners and global alignments to avoid negative consequences.
BRICS is an intergovernmental organisation comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
The LCCI president said that in the second quarter of 2025, the global economy was weakened by the United States’ tariffs, trade tensions, geopolitical unrest, and uncertainty.
He said with the current escalating tariff wars between the United States and the European Union, and the U.S. and BRICS member countries and partners, global trade was expected to reach an all-time low.
“In the face of continued tariff crises and uncertainty, we must pay more attention to seriously supporting non-oil exports to more favourable destinations as we recalibrate our trade partnerships.
“With about 3000 products now permitted to enter the United Kingdom at very favourable terms in a new policy shift, and just as the U.S. continues to announce more tariffs on Nigerian exports to the USA, it is time to support targeted exporters to increase our foreign earnings,” he said.
ALSO READ: LCCI warns new tax laws may raise inflation
Idahosa advised that with President Donald Trump’s extra 10 per cent tariff on Nigeria due to its alignment with BRICS, the country should adopt a multi-pronged policy response that would safeguard its national interest.
He said the approach must also assert the country’s development priorities, while avoiding being caught in great power rivalries.
“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.
“Nigeria must pursue a non-aligned, interest-driven foreign policy by positioning BRICS membership as a vehicle for economic cooperation and not political alignment.
“Also, 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 said.
Idahosa projected that global economic outlook for the quarter showed a range of risks.
He said that further trade fragmentation, including new tariff hikes and retaliatory actions, could intensify the growth slowdown and trigger significant disruptions in cross-border supply chains.
He said in the period under review, global spending on defence was expected to rise to meet contemporary security concerns.
Idahosa added that the outlook for inflation remained vulnerable to external shocks, including spillovers from trade tensions and heightened financial and commodity price volatility.
According to him, central banks will be pressured to slow, pause, or reverse their monetary easing cycles.
He said that near-term budget pressures from debt service costs and military spending would be compounded in the long run by persistent costs associated with climate mitigation, adaptation, and population ageing.
Domestically, the LCCI president urged Nigeria to strengthen regional and South-South trade by expanding trade within the Economic Community of West African States and Africa Continental Free Trade Area.
This, he said, would reduce overdependence on Western markets.
He added that the country should negotiate preferential trade terms within BRICS (especially with China, India, and Brazil) to offset losses from U.S. tariffs.
“We urge the Federal Government to deliberately implement a strategic trade diversification plan.
“Nigeria must 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 should also leverage multilateral platforms like the World Trade Organisation and others to raise concerns over punitive economic measures targeting developing countries’ sovereign alliances,” he said.
NAN
