Nigeria will focus on economic resilience and accelerating export diversification, the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, said in response to the United States’ new 14 per cent reciprocal tariff on the country’s exports.
In a statement on Sunday, the Trade Minister said the nation would tackle this challenge with pragmatism, aiming to boost non-oil exports and strengthen economic resilience under President Bola Tinubu’s Renewed Hope Agenda.
Recall that last week, President Donald Trump slammed a 10 per cent baseline tariff on countries trading with the US. Nigeria received a 14 per cent levy and experts say this could affect its foreign exchange earnings as well as importation of wheat and cars.
Addressing the matter, Mrs Oduwole said the US remains a key partner, with bilateral trade reaching N31.1 trillion from 2015 to 2024.
“The Federal Government of Nigeria acknowledges the recent tariff measures announced by the Government of the United States of America, including imposing a 14% tariff on Nigerian exports,” she said.
“While these developments potentially impact global trade negatively, Nigeria remains firmly committed to building economic resilience and accelerating export diversification,” the Minister stated.
She highlighted the hurdles for non-oil exports.
“A new 10 per cent tariff on key categories may impact the competitiveness of Nigerian goods in the US.
“For businesses in the non-oil sector, these measures present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda,” the minister explained.
“Government is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes,” Mrs Oduwole said as she outlined Nigeria’s response.
This includes seeking alternative markets and diversifying off-take to cut trade risks.
She detailed export trends, noting that, “Nigeria’s exports to the United States over the last 2 years has consistently ranged between $5–$6 billion annually.
“A significant portion—over 90 per cent—comprises crude petroleum, mineral fuels, oils, and gas products,” she said.
Non-oil items like fertilisers (2–3 per cent), lead (1 per cent, valued at $82 million), and agricultural goods (<2 per cent) face new pressures, especially those once exempt under the African Growth and Opportunity Act (AGOA), which was signed into law in 2000.
The Minister said Nigeria is also exploring ongoing diplomacy including consulting with US counterparts and the World Trade Organisation (WTO) to find mutually beneficial solutions.
“The US 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,” she said.