onomies, is not immune to the impact of the escalating trade battle between the US and China, with both countries levying tariffs on each other’s imports.
The International Monetary Fund, in its assessment of the global economy in October last year, warned that the trade war risked making the world a “poorer and more dangerous place,” saying a full-blown trade war between the two countries would put a significant dent in economic recovery.
“So, if being in China will create a problem for access to the US market, some of them will be forced to relocate. So, if we have the right kind of environment, and given the AGOA opportunity that we have which we have not tapped into, it is an opportunity for us to attract investors, to come to Nigeria and, through Nigeria, export.
He said, “China will now manipulate its currency to a lower value so that their exports become cheaper. And if they do that, they will undercut products from other countries and that will lead to a global slowdown, which could lead to a recession. So, a trade war, if not arrested initially – and it will be arrested – then it will lead to a currency war. And a currency war will also affect Nigeria.
The professor of Economics and Public Policy, University of Uyo, stressed the need for the Nigeria economy to be “diversified so that we can also export other commodities apart from crude oil.” Ling cautioned that there would be no winners from the trade war in the short term, but added some African nations could gain in the long term.
“So, we are likely to see a drop in crude oil price and it will affect Nigeria because we are heavily dependent on oil.” newsflash mr. man. the exact goal of the present administration in aso rock is to alleviate that dependency on oil.
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