The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government of Nigeria to reassess the country’s foreign policy strategy to prevent marginalisation in global trade and international affairs.
Speaking at the LCCI’s third-quarter 2025 press conference held in Lagos, the Chamber’s President, Mr Gabriel Idahosa, said the recommendation was crucial in light of evolving global trade patterns and geopolitical tensions.
Idahosa noted that following Nigeria’s recent alignment with BRICS, the country must exercise caution in selecting trade partners and international alignments to avoid adverse outcomes.
BRICS is an intergovernmental organisation comprising ten nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
According to Idahosa, the global economy in the second quarter of 2025 was undermined by US-imposed tariffs, intensifying trade disputes, geopolitical instability, and widespread uncertainty.
He stated that escalating tariff wars between the United States and both the European Union and BRICS nations were expected to push global trade volumes to historic lows.
“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 3,000 products now allowed into the United Kingdom under very favourable terms due to a new policy shift — and as the US continues to impose more tariffs on Nigerian exports — it is time to support targeted exporters to increase our foreign earnings,” he said.
Idahosa further advised that following President Donald Trump’s additional 10 per cent tariff on Nigeria due to its BRICS affiliation, the nation should implement a comprehensive policy response to protect its economic interests.
He said this strategy must reinforce Nigeria’s development priorities while steering clear of being entangled in great power rivalries.
“We recommend that the government engage in bilateral dialogue with the US 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.
Looking ahead, Idahosa warned that the global economic outlook remained fragile, with significant risks.
He said the potential for further trade fragmentation — through new tariffs and retaliatory measures — could deepen the current slowdown and disrupt international supply chains.
He also noted that global defence spending was expected to increase in response to evolving security threats, while inflation would remain vulnerable to external shocks stemming from trade conflicts and financial volatility.
Idahosa added that central banks might be forced to slow down, halt, or reverse monetary easing efforts due to these pressures.
He said Nigeria’s long-term fiscal burden would be exacerbated by growing debt servicing obligations, rising defence budgets, and the ongoing costs of climate adaptation and an ageing population.
On domestic strategy, the LCCI president urged the government to boost regional and South-South trade by strengthening economic ties within the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), thereby reducing overreliance on Western markets.
He also encouraged Nigeria to negotiate favourable trade terms within BRICS, particularly with China, India, and Brazil, to cushion the impact of US-imposed 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 US tariffs to find alternative markets.
“We should also leverage multilateral platforms like the World Trade Organisation (WTO) and others to raise concerns over punitive economic measures targeting developing countries’ sovereign alliances,” he said.
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