By Ahunna Eziakonwa, has stated that the recent tariffs imposed by the United States should serve as a critical “wake-up call” for African nations to move beyond a reliance on foreign aid for their development.
Speaking during an exclusive interview at Channels Television’s Headquarters in Lagos, Eziakonwa emphasized that the complexities and conditionalities often associated with foreign aid have hindered countries like Nigeria in their pursuit of the Sustainable Development Goals (SDGs). She suggested that a strategic and urgent shift towards prioritizing the non-oil sector is essential for Africa’s long-term economic stability and growth.
Eziakonwa elaborated on her perspective, saying, “What is happening now globally is a wake-up call for Africa because what is making the achievement of the SDG that much more difficult, yes there has been covid, yes there has been a lot of financial turbulence, but the fact that we have not been able to go beyond aide to really prioritise things like structured transformation that allows us to add value to our raw materials so that our Africa is not just exporting raw materials rather than creating industries that will create jobs, that is the one that needs to be addressed urgently.”
She further explained how the current global tariff landscape underscores the necessity for this economic transformation. “And the current tariff situation pushes us even harder because you can’t just be an oil economy anymore, the volatility is too much, you can crash at any moment when the prices go down. So, you have to be forced to look at the non-oil sector, that forces you as a country to now say, ‘where are the investments that we need to industrialise, to do a little bit more manufacturing?’”
The backdrop to these comments includes the United States’ recent significant increase in tariffs on Chinese imports in early April 2025, escalating trade tensions between the two global economic powers. President Donald Trump announced a substantial 125% tariff on Chinese goods, citing China’s perceived “lack of respect” in trade relations. Additionally, a specific 20% “fentanyl tariff” was introduced on certain imports, bringing the total tariffs on some Chinese products to a staggering 145%.
In direct retaliation to these US actions, China announced its decision to raise tariffs on imports from the United States from 84% to 125%, with these retaliatory measures taking effect on April 12, 2025. This mirroring of tariff rates has further intensified the ongoing trade conflict between the two nations.
Notably, the United States also imposed a 14% tariff on the majority of imports from Nigeria, a move that Washington stated was part of a broader strategy aimed at addressing existing trade imbalances. However, this particular tariff on Nigerian goods has been temporarily paused. On April 9, President Donald Trump announced a 90-day suspension of the reciprocal tariffs affecting a total of 60 countries, which included Nigeria in the temporary reprieve.
