A university lecturer has urged the Federal Government of Nigeria to explore trade investments outside the United States of America (USA) and look inwards to diversify
By Dorathy Aninge
A university lecturer has urged the Federal Government of Nigeria to explore trade investments outside the United States of America (USA) and look inwards to diversify the economy.
Prof. Kenneth Azaigba, who lectures at the Federal University Dutsinma, Katsina State, made the call in an interview with the News Agency of Nigeria (NAN) on Tuesday in Makurdi.
The lecturer said that Donald Trump’s “America First” policy has significant implications for Nigeria, affecting various aspects of the country’s economy, politics, and social dynamics.
“Trump’s protectionist policies, aimed at reducing foreign trade imbalances, may lead to a decrease in U.S. investment and trade agreements with Nigeria.
“This could negatively impact Nigeria’s oil and gas sector, which has traditionally relied on U.S. investment.
“Additionally, Trump’s emphasis on domestic energy production may reduce U.S. demand for Nigerian oil.” He said
The don also reiterated Trump’s stance on foreign aid, as this may lead to a reduction in U.S. assistance to Nigeria, which would potentially have an impact on economic development, healthcare, and infrastructural projects.
He further stated that the stance could lead to a decrease in foreign investment in Nigerian markets, as U.S. companies may prioritise domestic expansion over international opportunities.
On Trump’s immigration policies, he said there was a travel ban that was imposed in 2020, which restricted the issuance of visas to Nigerians, as the policy may be reinstated and maybe expanded by the US government.
“This could disrupt the aspirations of many Nigerians who seek educational, employment, or business opportunities in the U.S.
“Despite the challenges, Trump’s administration has contributed positively to trade relations with Nigeria in the past by encouraging fair trade practices and lowering barriers to certain African exports, including Nigerian oil.
“Trump’s policies indirectly bolstered Nigeria’s economy.
“The flurry of executive orders issued by President Trump, especially the one on aid and grants, very clearly indicates how overarching he can be with his America First Policy,”he stated.
Azaigba called on the Nigerian government not to lament like a jilted lover but to rethink development strategies using an indigenous framework. (NAN)
