Africa not heavily impacted by US tariffs — Okonjo-Iweala

The Director-General of World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala has stated that Africa is not that impacted by the tariffs from the United States of America.

She stated this in a brief chat with some Nigerian journalists at the Spring Meetings of the World Bank in Washington D.C on Friday.

She explained that 6.5 percent of Africa’s exports only go to the United States and 4.4 percent of its imports come from the US, adding that the impact on the continent as a whole is not that bad.

“The trade of the continent is very limited with the United States, stating that the continent as a whole is not that impacted. We have done the analysis.

“6.5 percent of Africa’s exports only go to the US and 4.4 percent of its imports come from the US. So, the impact on the continent as a whole is not that bad.

“However, it is both good news and bad news. The good news is that it is limited and the bad news is that we are not trading that much which is not a good thing.

Meanwhile, The DG emphasised that Africa needs to rely more on its own resources in order to live up to its full potential.

Ngozi pointed out that aid is disappearing even though little; Hence, the continent needs more investments.

She explained that Africa must learn to trade internally, citing that Lesotho exports 200 million dollars worth of textiles to the United States yet lamenting the market will be taken away.

The DG added that Africa spent seven billion dollars importing textiles despite Lesotho’s strength on textiles.

“The message to Africans is to be more self reliant. We have to do more in Africa to rely more on our own resources. It is very clear aid is disappearing. We need investments.

“African must learn to trade internally. For instance, Lesotho exports 200 million dollars worth of textiles to the United States and we are lamenting this market will be taking away.

“Africa spent seven billion dollars importing textiles. So, why can’t Lesotho sell its textiles in the african markets.” She said.

In the same vein, She expressed the Agency’s efforts at urging the United States to look at the effect on the east developed countries.

“We are asking the United States to look at the least developed countries and to try to weigh these reciprocal tariffs to remove them in the poorest countries.” She said.