Nigeria has said that it is approaching the recent increase in tariffs imposed on Nigerian exports by the US government with pragmatism and purpose.
It also revealed that it is turning global and regional trade policy challenges into opportunities to grow the country`s non-oil export footprint and build a more resilient economy.
The Minister of Industry Trade and Investment, Jumoke Oduwole, on Wednesday in Abuja, explained that the federal government in view of the regional and global tariff hikes, with the recent 14% tariff imposed on Nigerian exports by the Donald Trump`s administration, government is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive.
In a statement in response to the action taken by the US, Oduwole said these interventions include expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.
The statement explained that while the tariffs, especially those imposed by the US impact negatively on global trade, Nigeria under the Renewed Hope Agenda, Nigeria remains committed to building economic resilience and accelerating export diversification.
It also revealed that it “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 Honourable 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, 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.”
According to the Minister of Industry Trade and Investment, “Since May 2023, Mr President has remained actively committed to attracting and retaining much-needed investments from old and new friends of Nigeria.
“Nigeria’s exports to the United States over the last 2 years have consistently ranged between $5–6 billion annually. A significant portion—over 90%—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.
“A new 10% tariff on key categories may impact the competitiveness of Nigerian goods in the U.S. For businesses in the non-oil sector, these measures present distabilising 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 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.
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.”
