By Dele Ogbodo
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has acknowledged the recent tariff measures announced by the President of the United States (U.S), Mr. Donald Trump, on the imposition of 14% tariff on Nigerian exports.
The Minister in a statement made available to the media on Sunday, said while these developments potentially impact global trade negatively, under the President Bola Tinubu and the Renewed Hope Agenda, Nigeria remains firmly committed to building economic resilience and accelerating export diversification.
She said: “The Federal Government of Nigeria considers the United States a valued trade and investment partner, bound by shared values and mutual economic interests.
“The U.S. Ambassador’s visit to the Minister of Industry, Trade and Investment on March 26, 2025 reaffirmed our joint commitment to strengthening economic ties that benefit both economies.”
In response to the recent tariff announcements, she added that Nigeria remains actively engaged in consultations with U.S. counterparts and the WTO, approaching evolving trade dynamics with pragmatism and a commitment to mutually beneficial solutions.
The Minister however acknowledged that since May 2023, President Tinuu has remained actively committed to attracting and retaining much-needed investments from old and new friends of Nigeria.
“The FGN is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes, including expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.
“Nigeria’s exports to the United States over the last 2 years has consistently ranged between $5 to 6 billion annually.
“A significant portion of over 90% which comprises crude petroleum, mineral fuels, oils, and gas products. The second-largest export category, accounting for approximately 2–3%, includes fertilizers and urea, followed by lead, representing around 1% of total exports (valued at approx $82 million).
“Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than 2% of our total exports to the U.S.
“While oil has long dominated Nigeria’s exports to the US, non-oil products—many previously exempt under AGOA—now face potential disruption.” She said.
According to her, a new 10% tariff on key categories may impact the competitiveness of Nigerian goods in the U.S, adding that for businesses in the non-oil sector, these measures present destabilizing challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda.
SMEs building their business models around AGOA exemptions, she said will face the pressures of rising costs and uncertain buyer commitments. This development strengthens Nigeria’s resolve to boost its non-oil exports by strengthening quality assurance, control, and traceability in Nigerian exports to meet global standards and improve market acceptance into more economies across the globe.
Oduwole, said: “It also signals for Africa and Nigeria in particular the urgent need to enhance intra-African trade through the African Continental Free Trade Area (AfCFTA), reinforcing the case for Nigeria’s accelerated implementation of the AfCFTA, deepening regional integration, and leveraging frameworks like the Pan-African Payment and Settlement System (PAPSS) to lower trade costs and promote intra-African trade.
She said the Ministry is approaching this moment with pragmatism and purpose, turning global and regional trade policy challenges into opportunities to grow our non-oil export footprint and build a more resilient economy.
