Indian businesses are looking to expand production in Nigeria and other African countries for exporting to the US, after President Donald Trump hit the South Asian nation with one of the steepest levies globally as punishment for purchases of Russian oil.
A report by Bloomberg at the weekend said that GAP Inc., supplier Gokaldas Exports Ltd.,and premium garments maker, Raymond Lifestyle Ltd., are among the companies already planning to leverage tariffs of as low as 10 per cent in some African countries.
According to the report this 10 per cent is in comparison to the 50 per cent levy on Indian exports. Diamond and jewelry exporters, the report said, are also looking into expanding on the continent.